Business Structures and Operations: Legal Forms, Taxation, and Functional Activities

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Finance - Personal Finance

jake12testoswi Created by 10 mon ago

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Which business structure is characterized by a single owner, not being a legal entity, easy to start, unlimited liability, and taxes personal income?

What is the term for a business structure where there is no separation between the business and the owner, resulting in unlimited liability?

Which business structure involves two or more owners, is not a legal entity, easy to start, has unlimited liability, pass-through taxation, and limited life?

What term describes the situation where all partners are living, affecting the business's continuity?

What is the taxation method where the owner pays taxes on the business income through their personal tax return?

Which business structure is a separate legal entity, offers limited liability, is more difficult to form, subject to double taxation, and usually has one or more owners?

What is the term for the taxation method where income is taxed at both the corporate level and again at the individual level?

What are the three main business activities that include operating, investing, and financing activities?

What term describes the usual business operations of a company, including day-to-day activities?

What type of business activities involve the purchasing and/or sale of resources?

Which activities are related to debt or equity financing in a business?

What is the process of measuring and communicating financial information called?

What tasks are involved in analyzing, recording, classification, summarization, reporting, and interpretation of financial statements?

What is the term for recording financial information in a prescribed manner?

What is the standard format used for comparison among different companies, industries, and sizes?

Which type of accounting produces financial statements?

Who are the primary users of financial accounting, including potential investors, shareholders, creditors, and financial analysts?

What type of accounting involves preparing records for tax filing and considering annual legislative changes and taxing techniques?

Which type of accounting focuses on internal reports, analyzing data, and making decisions regarding operations?

Who are the primary users of managerial accounting, including the marketing department, management team, and finance department?

What are the rules, conventions, guidelines, and procedures used for transactions and preparing financial statements called?

What is the term for information that is complete, neutral, free from error, and verifiable in accounting?

What are the second level quality characteristics of accounting information, including comparability, understandability, materiality, and cost-effectiveness?

What are properties of monetary value owned by a business that provide probable future economic benefits?

What are any debts that a business owes, representing probable future sacrifices of economic benefits?

What is the amount by which the total assets exceed the total liabilities of a business, representing what is actually owned?

What term describes the inflow of assets as a result of selling a product or providing a service?

What is a decrease in assets as a result of efforts to produce revenues?

What is an economic unit for which we report financial information?

What is the term for the most commonly used one-year interval in accounting?

What is the term for a twelve-month period from January 1st to December 31st?

What is the term for a twelve-month period from October 1st to September 30th?

What concept requires that financial information be measured in a common denominator to be useful?

What principle states that all expenses incurred to generate revenues should be recognized during the same period as those revenues?

What principle suggests that potential measurement errors are better when profit is underestimated rather than overestimated?

What is the term for income before any deductions have been made?

How is gross pay per period calculated for a salaried employee?

How is wage gross pay calculated for an hourly employee?

What is the term for gross pay minus deductions?

What is the term for the employee's withholding allowance certificate?

What is the deadline to have taxes filed in the United States?

What are the five levels of deductions from an employee's total earnings?

What is the amount that an employer must withhold from an employee's pay for an income period called?

What is the Federal Insurance Contributions Act (FICA) and what does it require?

What is a wage and tax statement, a report furnished by the employer for each employee indicating gross earnings and deductions?

What are the three levels of deductions imposed on the employer?

How are FICA contributions handled between the employee and employer?

What is the Federal Unemployment Tax Act (FUTA) and what is its purpose?

What is the State Unemployment Tax Act (SUTA)?

What is the term for an individual's expense used for business purposes that can be deducted from taxable income?

When is the deadline to have taxes filed in the United States?

What is the term for the loss of value of a fixed asset due to wear and tear and the passage of time?

What type of assets fall under depreciation?

What type of assets fall under amortization?

Which of the following are examples of assets that are subject to depreciation?

What is the term for the portion of the original cost of an asset that is assigned as an expense to the reporting period expected to benefit from its use?

What is a contra account that adversely affects the value of an asset?

What is the formula for calculating the book value of an asset?

What are the four issues that depreciation deals with?

What is the term for the amount originally paid for a depreciable asset?

What is the estimated value of a fixed asset at the end of its useful life called?

What is the formula for calculating the total amount of depreciation?

What are the three components of depreciable assets?

What is the term for the portion of the original cost of an asset that is assigned as an expense to the reporting period expected to benefit from its use?

What is the formula for calculating the book value of an asset?

What are the four primary issues that depreciation deals with?

What is the estimated determinable life of a fixed asset called?

What are the three different methods of depreciation?

What is the term for the method where the depreciable cost basis of an asset is apportioned equally over its estimated useful life?

What is the formula for calculating yearly depreciation?

What is the method where depreciation expense is calculated as a constant percentage of the asset's book value at the beginning of each period?

What is the method in which the depreciation expense is allocated to the asset's use in operation?

What term describes goods purchased for resale at a profit?

What is an expense account used to record the buying of merchandise for resale?

What is a contra purchases account used to record the return of merchandise to the manufacturer or supplier due to defects or inferior quality?

What is a contra purchases account used to record discounts taken on inventory purchases?

What is the formula for calculating net purchases?

What is a revenue account used to record the earnings of revenue?

What is a contra sales account used to record credit given to a customer for shortages or damaged goods?

What is a contra sales account used to record discounts given to customers as an incentive for prompt payment?

What is the formula for calculating net sales?

What does the acronym FIFO stand for in inventory management?

What does the acronym LIFO stand for in inventory management?

What is the term for the method where the total dollar value of the inventory is averaged out equally among all units?

Which of the following are examples of cash in accounting?

What is commercial paper that draws on funds in a bank account and is payable on demand?

What is a source document recorded by the drawer in accounting?

What is a bank form that lists cash items and checks to be deposited?

What is a fund of currency used for the payment of small amounts of money?

What is the term for documenting a transaction in accounting?

What is the term for tracking unexplained shortages and overages of cash?

What is the process of reconciling the bank statement balance with the checkbook balance called?

What is an itemized listing prepared by the bank of additions and subtractions from an account?

What are deposits that have been made and added to the depositor's checkbook but have not yet been listed on the bank statement?

What are checks that have been drawn and subtracted from the depositor's checkbook but have not yet been presented to the bank for payment?

What is a check not paid by the bank when properly presented called?

What is a check that has been paid by the bank and is returned to the drawer for record keeping?

What are items the bank deducts from the account balance, similar to a subscription?

What are items the bank records as a cash receipt to the bank account balance, but not yet recorded in the GL cash T-account balance?

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