Acct410 mt1 ch1 6 exam - Study guides, Class notes & Summaries

Proprietorship - ANSWER 1) one owner controlled 2) Tax advantages 3)unlimited liability for owner 4)relatively difficult to transfer ownership and raise new capital Partnership - ANSWER 1) shared owned control 2)Tax advantages 3)unlimited liability for owners 4)difficult to transfer ownership and raise capital

Proprietorship - ANSWER 1) one owner controlled 2) Tax advantages 3)unlimited liability for owner 4)relatively difficult to transfer ownership and raise new capital Partnership - ANSWER 1) shared owned control 2)Tax advantages 3)unlimited liability for owners 4)difficult to transfer ownership and raise capita

chart of accounts - ANSWER ______is a list of the titles of all accounts in accounting system. five: assets, liabilities, equity, revenues, and expenses. general ledger - ANSWER _____is a listing of each of a company's accounts and the amounts from all transactions recorded during the period. Revenue Recognition Principle - ANSWER _____states that revenue should be recorded when the services are performed or the good are delivered.