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Acctg. Terms
The Accounting Equation
Types of Business
Busi. Activities
Acctg. Concepts
100
The resources owned by a business
What is assets.
100
Assets = Liabilities + ?
What is Stockholders' Equity?
100
Sell products they purchase from other businesses to customers.
What are merchandising businesses?
100
Used to obtain assets such as buildings and equipment to begin and operate the company.
What is investing activities?
100
Accounting rules
What are Generally Accepted Accounting Principles
200
Distributions of the earnings of a corporation to its stockholders.
What is dividends.
200
Assets - ? = Stockholders' Equity
What is Liabilities?
200
The Walt Disney Company
What is a service business?
200
Use capital markets by borrowing or issuing shares of ownership.
What is financing activities?
200
Economic data is recorded in an accounting system as it relates to the activities of that company.
What is the business entity concept?
300
The excess of revenues over expenses.
What is net income?
300
The statement that is prepared using the accounting equation.
What is the balance sheet?
300
General Motors Corporation
What is a manufacturing business
300
Use necessary assets to earn revenues and profits.
What is operating activities?
300
Assumes a company will continue in business indefinitely.
What is the going concern concept?
400
A business owned by one individual.
What is a proprietorship?
400
True or False: Assets = Claims (Rights to the Assets)
What is true?
400
Organized under state or federal statutes as a separate legal entity.
What is a corporation.
400
A business engages in investing activities to obtain patents, goodwill, and copyrights.
What are intangible assets?
400
Initially records assets in the accounting records at their cost or purchase price.
What is the cost concept?
500
The stockholders' rights to the assets of a business.
What is stockholders' equity?
500
The rights of creditors.
What are liabilities?
500
Many professional practices such as lawyers, doctors, and accountants are organized as this type of business.
What is a limited liability company (LLC)?
500
A financing activity that involves selling ? to investors and requiring repayment normally with interest.
What is a bond?
500
Requires that all economic data be recorded in dollars.
What is the unit of measure concept?