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BUS 101 - final Today's world, accounting intro,
Terms in this set (18)
how many people live in the US?
how many people are there in the world?
What country currently has the largest population in the world?
What country is projected to have the largest population in 2020?
what is the private enterprise system?
System that rewards companies for their ability to recognize and meet the needs of consumers
the private enterprise system is also known as ____
Industries with _____ tend to have _____
high product demand
Competition helps keep prices low but can result in _____
what is the competition in a private enterprise system?
battle for customer acceptance
what are the four basic rights of the social enterprise system
private property - Right to own, use, buy, sell, and bequeath most forms of property
competition - Fairness ensured by rules and laws set in public sphere
freedom of choice - Citizen choice in employment, purchases, and investments
profits - Owner legally and ethically entitled to income in excess of costs, after taxes paid
what is the basic accounting equation?
Assets = Liabilities + Owners' Equity
Assets = Claims of Creditors + Claims of Owners
Stuff = Claims to Stuff
what are the three basic financial statements?
Statement of Cash Flows
The main purpose of a financial statement audit by a CPA firm is:
Verify that financial statements are in accordance with GAAP
what is revenue (sales)
amounts earned by providing goods or services
when is revenue recorded?
when the goods or services are delivered (not when cash is received)
what are expenses?
costs incurred in order to earn the revenue
when are expenses recorded?
when incurred (not when cash is paid)
This Revenue and Expense recognition principle is known as _____
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