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Accounting Lee U

Lee University Accounting 1

QuestionAnswer
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
Created by: woottont
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