Difference between revisions of "College Accounting: A Practical Approach by Slater (13th edition)"
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*[[Accounting]]. A system that measures the business' activities in financial terms, provides written reports and financial statements about those activities, and communicates these reports to decision makers and others. | *[[Accounting]]. A system that measures the business' activities in financial terms, provides written reports and financial statements about those activities, and communicates these reports to decision makers and others. | ||
*[[Sole proprietorship]]. A type of business organization that has one owner. This owner is personally liable for paying the business' debt. | *[[Sole proprietorship]]. A type of business organization that has one owner. This owner is personally liable for paying the business' debt. | ||
− | *[[Partnership]]. | + | *[[Partnership]]. A form of business organization that has at least two owners. The partners usually are generally liable for the partnership's debts. |
− | *[[Corporation]]. | + | *[[Corporation]]. A form of business organization that is owned by stockholders. Stockholders usually are not personally liable for the corporation's debts. |
− | *[[Limited Liability Company]]. | + | *[[Limited Liability Company]]. A form of business organization that is owned by one or more members. Members are only liable to the extent of their investments. |
− | *[[Service company]]. | + | *[[Service company]]. An [[enterprise]] that provides one or more [[service]]s. |
*[[Merchandise company]]. | *[[Merchandise company]]. | ||
*[[Manufacturer]]. | *[[Manufacturer]]. |
Revision as of 17:32, 13 November 2018
Chapter 1. Accounting Concepts and Procedures
- Accounting. A system that measures the business' activities in financial terms, provides written reports and financial statements about those activities, and communicates these reports to decision makers and others.
- Sole proprietorship. A type of business organization that has one owner. This owner is personally liable for paying the business' debt.
- Partnership. A form of business organization that has at least two owners. The partners usually are generally liable for the partnership's debts.
- Corporation. A form of business organization that is owned by stockholders. Stockholders usually are not personally liable for the corporation's debts.
- Limited Liability Company. A form of business organization that is owned by one or more members. Members are only liable to the extent of their investments.
- Service company. An enterprise that provides one or more services.
- Merchandise company.
- Manufacturer.
- Generally accepted accounting principles.
- International Financial Reporting Standards.
- Bookkeeping.
- Assets.
- Liabilities.
- Creditor.
- Owner's equity.
- Basic accounting equation.
- Capital.
- Supplies.
- Shift in assets.
- Account payable.
- Balance sheet.
- Cash basis.
- Accrual basis.
- Revenue.
- Account receivable.
- Expense.
- Net income.
- Net loss.
- Withdrawal.
- Expanded accounting equation.
- Income statement.
- Statement of owner's equity.
- Ending capital.