Types of business Activity Flashcards by Charlene Dilig | Brainscape

Q

Seller services, no inventory account

A

Service activity

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Q

Buy and sell business, with inventory account

A

Merchandising business

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Q

Involves factories and machineries

A

Manufacturing business

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Q

Financial report of 3 months

A

Quarterly

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Q

Financial report of 6 months

A

Semi-annual

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Q

Financial report of 1 month

A

Monthly

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Q

Financial report of 12 months

A

Annually

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Q

Statement if financial position

A

Balance sheet

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Q

Statement of comprehensive income

A

income statement/profit & loss report

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Q

Assets = Liabilities + Owner’s Equity

A

Sole proprietorship

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Q

Assets = Liabilities + Partner’s Capital

A

Partnership

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Q

Assets = Liabilities + Share holder’s equity

A

Corporations

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