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AACT 110 A&B

TermDefinition
Assets? What you own, generates revenue.
Liability? What you owe.
Owner's Equity? What's left, ownership after everything has been paid off.
Accounting Equation? Assets = Liability + Owner's Equity
What are 3 types of businesses? Service, Corporate, Manufacturing
What are 4 types of businesses? Proprietorship, Partnership, Corporation, Limited Liability Company (LLC)
Examples of Decision Makers? Banks, IRS, Investors, Competitors, Employees
What is Revenue? Amount made from goods/services
What is Expense? Amount used to generate revenue
Created by: Emily Gue
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