Lecture Notes: Accounting Terms and Business Forms

Vocabulary flashcards covering key accounting terms and forms of business mentioned in the notes, including Form 1099, business structures, barter, employer forms, and references to study resources.

Form 1099

A tax form used to report payments to independent contractors to the government.

Independent contractor

A self-employed worker who provides services to a business and receives Form 1099 for tax reporting.

Sole proprietorship

A business owned and operated by one individual with no legal distinction between owner and business.

Partnership

A business owned by two or more people sharing profits and liabilities.

Corporation

A legal entity separate from its owners, offering limited liability and distinct tax responsibilities.

Barter

Exchange of goods or services without using cash.

Employer's forms

Tax forms used by employers to report payroll, wages, withholding, and employment taxes.

Table (vs. chart) for business forms

A reference listing types of businesses and the corresponding forms; suggested as a clearer source to study from.

En bloc

A term related to Canadian tax reform mentioned in the notes; considered unlikely to be tested.