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ACC 201 ch 1

QuestionAnswer
Sole Proprietorship A business owned by one person.
Partnership Business owned by two or more persons.
Corporation An entity that is legally separate from its owners.
Accounting A system of maintaining records of a company's operations and communicating that information to decision makers.
Assets Economic resources of a company. This includes cash, supplies, furniture and equipment.
Liabilities Amounts owed to creditors or the economic obligations of a company. This includes accounts payable and notes payable.
Stockholders' Equity Owners' claims to resources, which arise primarily from contributions by the owners and company operations. Typically in common stock or retained earnings.
Revenues Amounts recognized when the company sells products or services to customers.
Expenses Costs of providing products and services and other business activities during the current period, including wages to employees, advertising, insurance, utilities, and the supplies used in the office.
Dividends Distributions to stockholders, typically in the form of cash.
Income Statement A financial statement that reports the company's revenues and expenses over an interval of time.
Statement of Stockholders' Equity A financial statement that summarizes the changes in stockholders' equity over an interval of time.
Balance Sheet A financial statement that presents the financial position of the company on a particular date.
Statement of Cash Flows A financial statement that measures activities involving cash receipts and cash payments over an interval of time.
Investors Decide whether to invest in stock
Creditors Decide whether to lend money
Customers Decide whether to purchase products
Suppliers Decide the customer's ability to pay for supplies
Managers Decide production and expansion
Employees Decide employment opportunities
Competitors Decide market share and profitability
Regulators Decide on social welfare.
Tax Authorities Decide on taxation policies
Local Communities Decide on environmental issues
Created by: bluepenguin10
 

 



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