Flashcards
BA 211 Week 1 Vocab
Cards in this deck (10)
- 1ProprietorshipOne owner entity
- 2Faithful representationAsserts that data are (sic) complete, neutral, and free from material error
- 3PartnershipHas unlimited liability
- 4StockIndividual units are referred to as shares
- 5Limited Liability CompanyType of entity that is designed to limit personal liability exposure
- 6Limited liabilityOne of the chief advantages of a corporation
- 7FASBFinancial Accounting Standards Board; Main promulgator of accounting rules
- 8Cost principleStates transactions should be recorded at the price that was paid.
- 9Revenues of $80k and expenses of $105k results in?Net loss of $25k
- 10CreditorsPerson or business extending credit