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Accounting Lee U
Lee University Accounting 1
Question | Answer |
---|---|
Sole partnership | One owner |
Partnership | Two or more owners |
Corporation | Many owners |
Merchandising | Buy and sell products |
Service | Sell a specific service |
Manufactoring | Make and sell products |
Business entity | Separate business and personal records |
Monetary unit | Maintain business records in currency |
Going concern | Business will continue to make money past the current period |
Periodicity | Determine profits/losses periodically |
Asset | Right to use resource |
Liability | Obligation to transfer resources in the future to suppliers of goods and services |
Owners Equity | Net assets or net liabilities belong to owners |