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Accounting Chapter 2 Flashcards | StudBud
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Accounting Chapter 2
Accounting Chapter 2
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Flashcards
15 cards
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Questions
15
Answers
1
What type of business is Walmart considered?
The best store ever created
.........🤷♀️🤷♀️
Service
Merchandising
2
What are the three basic accounting assumptions?
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Accounting period and concern
Business entity, Accounting period, and Going concern
Food, Money, and Loveee
3
what is a service business?
A store
a business owned by one person
provides a needed service for a fee
Something taken for granted as true
4
What type of accounting focuses on reporting information to internal users?
Management Accounting
I have no clue
Service accounting
Accounting
5
what is one measure of the success of a business?
Charter
Profit
GAAP
Business entity
6
An example of an accounting assumptions is an ___________ ?
computerized accounting
Accounting statements
going concern
Accounting System
7
What is meant by the term assumptions?
Accounting jobs
Money
UMMMM....IDK
Something taken for granted as true
8
What is "Fewer regulations to follow" considered?
Sole proprietorship
I have no CLUEE.!!!
Corporation
Partnership
9
What is charter?
gives corporation certain rights and privileges
A cable company
Answer 1
Answer 2
10
Partnership or Corporation:
Easier to raise money
Partnership
Corporation
neither
BOTH
11
What are some traits of successful entrepreneurs.
Lifestyleeeeee
Risk-Takers, self starters and jealous
Risk-Takers self starters creative & good at time management
Able to make money
12
What is the major of a free enterprise system ?
individuals make their own choices in the purchase of goods
make your own choices at any time in a business
people
Ion kno
13
Is a profit important while running a business?
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NO
Depends
Yes
14
Who is considered a Risk-Taker and self starter?
An accountant
Entrepreneur
Kanye
MEEEEEEE
15
What is GAAP?
Generally Accepted Accounting Principles
Great Apple Applesauce Pie
GAP
Generally Accounting Accepted Principles
