Difference between revisions of "College Accounting: A Practical Approach by Slater (13th edition)"
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*[[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. | *[[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 [[service]]s. | *[[Service company]]. An [[enterprise]] that provides one or more [[service]]s. | ||
| − | *[[Merchandise company]]. | + | *[[Merchandise company]]. An [[enterprise]] that makes its own products or buys a product from a [[manufacturer]] to sell to customers. |
| − | *[[Manufacturer]]. | + | *[[Manufacturer]]. An [[enterprise]] that makes a product and sells it to its customers. |
| − | *[[Generally | + | *[[Generally Accepted Accounting Principles]]. |
*[[International Financial Reporting Standards]]. | *[[International Financial Reporting Standards]]. | ||
*[[Bookkeeping]]. | *[[Bookkeeping]]. | ||
Revision as of 17:35, 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. An enterprise that makes its own products or buys a product from a manufacturer to sell to customers.
- Manufacturer. An enterprise that makes a product and sells it to its customers.
- 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.
