CHAPTER 1 Flashcards
rules that business must follow when preparing financial statements are called
generally accepted accounting principles
telling the results of the financial information
reporting
business that makes products to sell
manufacturing business
Telling the result of the financial information
Reporting
Tax planning, tax returns
Tax accountant
Generally supervises the task of accounting clerks with daily accounting work and summaries accounting information
bookkeeper
The owners of A corporation are called
Stockholders shareholders
Partnership
Is owned by two or more people WHO assume the risks for the business and whose assets may be taken to pay creditors
Business that provide A Service
Service business
Aggregation of similar events to provide information easy to understand
Summarizing
entering financial information about events into the system
recording
type of ownership in which more one person owns the business
partnership
examining a transaction or event to determine its fundamental significance to the business so that the relevant information may be properly processed is called
analyzing
type of ownership structure in which one person owns the business
sole proprietorship
the process in which helps managers develop a financial plan
budgeting
