Business Organizations
this business has only one owner
sole proprietorship
What are the 3 types of business operations?
service, merchandising, manufacturing.
This business assumptions assumes business exists independently of it owner's personal holdings.
Business Entity.
_______ is a person who transforms ideas for products or services into real-world businesses.
An Entrepreneur.
Bought supplies for $250 cash.
+supplies - cash
This type of organization is formed when a business needs more capital than one person can invest.
partnership
A real estate office would be an example of.....
service business
Accounting Period
This "system" allows people the freedom to produce the goods and services they choose.
Free enterprise system.
Purchased a new computer on account.
+computer equipment +accounts payable
This form of business organization must get permission from the state to operate
Corporation
A bakery would be considered what type of business operation?
Manufacturing
Accountants assume a business has the ability to survive and operate indefinitely. What accounting assumption is this?
Going Concern.
This type of accounting focuses on reporting information to external users.....
Financial Accounting
Phone bill for my business arrived but unpaid.
+Phone expense +Accounts Payable
This is the oldest form of business organization.
Sole proprietorship
Money that investors, banks, or business owners supply is called?
capital
All businesses follow what principles set forth by the Financial Accounting Standards Board in the USA?
This type of accounting focuses on reporting information to management.
Management Accounting
Collected cash on accounts from clients, $1000.
+cash -accounts receivable