1) The established system of keeping track of economic resources such as money, buildings, equipment, and products a) Accounting b) Financial Statements c) Stakeholder 2) What liability account is where they are the one who's indebt a) Accounts recievable b) Accounts payable c) Recievable d) Payable 3) resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit a) income b) liabilities c) assets 4) This is a form of asset where you use it to start business a) Capital b) Money 5) this money is earned by lending or depositing a) Service Income b) Investment Income c) Interest Income 6) The various legal ways in which a business can be established These include sole proprietorship, partnership and corporation it also refers to the legal control over a business a) Business ownership b) Business Operation c) business types 7) The industries in which businesses operate These include manufacturing, merchandising, and service. a) Business ownership b) Business Operation c) Financial Statements 8) A business that is separate and apart from any other business or person. One or more people may own a corporation. The owners are protected from personal liability. a) LLC b) Partnership c) Coorporation 9) it is what you call payable a) Entity b) LLC c) Partnership 10) A company that produces goods. Usually manufacturers produce wholesale goods to sell to retailers (or merchandisers) who then sell the goods to the public for a markup. a) manufacturing company b) merchandising company c) service company 11) A company that sells ready-made products purchased from a manufacturer to its customers. a) service company b) manufacturing company c) merchandising company 12) A business that is owned by two or more people. The owners have personal liability for the actions of the company. a) Partnership b) Coorporation c) limited liability company (LLC) 13) A company that sells a service rather than a tangible product to its customers. a) manufacturing company b) service Company c) merchandising company

Accounting Vocabulary

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