Show:
Business Entities
Terms
Accounting Careers
Financial Information
Miscellaneous
100
A business entity owned by two or more people.
What is a partnership?
100
Also called private accounting, this involves working for a single business in an industry.
What is managerial accounting?
100
This person is responsible for recording business transactions and not much else.
What is a bookkeeper?
100
These users of financial information use financial statements to see how much credit to extend to your business.
Why are suppliers and banks?
100
Accountants can practice in these areas.
What are public accounting, managerial accounting, governmental accounting?
200
A business entity owned by one person.
What is a sole proprietorship?
200
The scandal involving this company helped usher in the Sarbanes-Oxley Act.
What is Enron Corporation?
200
This job requires a couple of accounting courses and very little experience.
What is an accounting clerk?
200
These groups of people use financial information from a company.
What are owners, managers, suppliers, banks, tax authorities, regulatory agencies and investors, customers, employees, and unions?
200
This business structure is common in businesses that offer professional services.
What is a partnership?
300
A business entity that is separate from its owners.
What is a corporation?
300
People, companies, or government entities that a company owes money to.
What are creditors?
300
The people who perform these are accountants who are CPA's.
Who performs financial audits?
300
This entity oversees the financial information provided by publicly owned corporations to their investors and potential investors.
What is the SEC?
300
This is issued in the form of stock certificates, and represents the ownership of the corporation.
What is stock?
400
A corporation can have one of these or even thousands.
What are owners?
400
This involves tax compliance and tax planning.
What is tax accounting?
400
This is also referred to as private accounting.
What is managerial accounting?
400
They are users of financial information outside the business.
What are owners, managers, and employees?
400
This acronym stands for generally accepted accounting principles.
What is GAAP?
500
Stockholders can only lose the amount they have invested.
What is the limit of the stockholder's liability in a corporation?
500
This is also known as a closely held corporation.
What is a privately owned corporation?
500
These agencies hire large numbers of accountants to audit other businesses.
What is the IRS, the FBI, the SEC, and Homeland Security?
500
These users of financial information are outside the business.
What are Tax Authorities, Suppliers, Regulatory Agencies, Unions, Investors and Potential Investors, Customers, and Banks.
500
This is the concept of keeping the firm's financial records separate from the owner's personal financial records.
What does the term 'separate entity assumption' mean?