5 at University Of Southern Mindanao | Flashcards & Summaries

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Lernmaterialien für 5 an der University of Southern Mindanao

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is the process of IDENTIFYING, RECORDING, and COMMUNICATING economic events of an organization to interested users 

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Accounting

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A form of business owned by two or more persons. The details of the arrangement between the partners are outlined in a written document called articles of partnership. Profits are divided among partners based on their agreed sharing. The owner is called a partner. 

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Partnership  

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A corporation is a business organized as a separate legal entity (artificial person) under the corporation law with ownership divided into transferable shares of stocks. The corporation begins its existence from the date the Articles of Incorporation is approved by the Securities and Exchange Commission (SEC). 


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Corporation 

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TYPES OF BUSINESS ACCORDING TO ACTIVITIES 


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Service Business 

Merchandising Business 

Manufacturing Business 


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This type of business offers professional skills, advice and consultations 


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Service Business 

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This type of business buys at wholesale and later sells the products at retail. They make a profit by selling the merchandise or products at prices that are higher than their purchase costs 

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Merchandising Business  

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This type of business buys raw materials and uses them in making a new product, therefore combining raw materials, labour and expenses into a product for sale later on 

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Manufacturing Business 


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ACCOUNTING CONCEPTS AND PRINCIPLES 


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11

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  a business enterprise is separate and distinct from its owner or investor. 

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Business entity principle 

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business is expected to continue indefinitely 

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Going concern principle 

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TESTE DEIN WISSEN

financial statements are to be divided into specific time intervals. 

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Time period principle 

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amounts are stated into a single monetary unit 



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Monetary unit principle 

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Beispielhafte Karteikarten für deinen 5 Kurs an der University of Southern Mindanao - von Kommilitonen auf StudySmarter erstellt!

Q:

is the process of IDENTIFYING, RECORDING, and COMMUNICATING economic events of an organization to interested users 

A:

Accounting

Q:

A form of business owned by two or more persons. The details of the arrangement between the partners are outlined in a written document called articles of partnership. Profits are divided among partners based on their agreed sharing. The owner is called a partner. 

A:

Partnership  

Q:

A corporation is a business organized as a separate legal entity (artificial person) under the corporation law with ownership divided into transferable shares of stocks. The corporation begins its existence from the date the Articles of Incorporation is approved by the Securities and Exchange Commission (SEC). 


A:

Corporation 

Q:

TYPES OF BUSINESS ACCORDING TO ACTIVITIES 


A:

Service Business 

Merchandising Business 

Manufacturing Business 


Q:

This type of business offers professional skills, advice and consultations 


A:

Service Business 

Mehr Karteikarten anzeigen
Q:

This type of business buys at wholesale and later sells the products at retail. They make a profit by selling the merchandise or products at prices that are higher than their purchase costs 

A:

Merchandising Business  

Q:

This type of business buys raw materials and uses them in making a new product, therefore combining raw materials, labour and expenses into a product for sale later on 

A:

Manufacturing Business 


Q:

ACCOUNTING CONCEPTS AND PRINCIPLES 


A:

11

Q:

  a business enterprise is separate and distinct from its owner or investor. 

A:

Business entity principle 

Q:

business is expected to continue indefinitely 

A:

Going concern principle 

Q:

financial statements are to be divided into specific time intervals. 

A:

Time period principle 

Q:

amounts are stated into a single monetary unit 



A:

Monetary unit principle 

5

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