Master the fundamentals of financial accounting with this comprehensive guide tailored for MBA students. Learn about financial statements, cash flow, investments, and more from renowned authors Peter Atrill and Eddie McLaney.
Circle the letter of the Definition that corresponds to the displayed Term.
1. Bonds Payable
A: Are interested in whether a company will continue to honor product warranties and otherwise support
B: -investors -creditors -taxing authorities -customers -labor unions -regulatory agencies
C Debt securities sold to investors that must be repaid at a particular date some years in the future
D: A business organized as a separate legal entity owned by stockholders -easier to transfer ownership
2. Balance sheet
A A picture at a point in time of what your business owns (assets) and what it owes (liabilities)
B: Want to know whether the owners have the ability to pay increased wages and benefits
C: The purchase of the resources a company needs in order to operate -investments
D: Resources owned by a company -property, plant, and equipment (fixed assests) -cash
3. Revenue
A: The purchase of the resources a company needs in order to operate -investments
B The increase in assets or decrease in liabilities resulting from the sale of goods or the performance of
C: Such as the IRS, want to know if the company complies with the tax laws
D: -investors -creditors -taxing authorities -customers -labor unions -regulatory agencies
4. Taxing Authorities
A: -investors -creditors -taxing authorities -customers -labor unions -regulatory agencies
B: Assets used in day to day operations
C: A business owned by two or more persons associated as partners -simple to establish -shared control
D Such as the IRS, want to know if the company complies with the tax laws
5. Corporation
A A business organized as a separate legal entity owned by stockholders -easier to transfer ownership
B: Goods available for future sales to customers are assets called...
C: Owners claim to assets
D: Amounts owed to creditors in the form of debt or other obligations
6. Supplies
A: A business owned by one person -simple to establish -owner controlled -tax advantages
B: Assets=Liabilities+Stockholder's Equity
C Assets used in day to day operations
D: Are interested in whether a company will continue to honor product warranties and otherwise support
Business - 2024/25 2024/2025 Edition
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