ACCT 201A-15 Chapter 1 HW

The system that maintains records of a company’s operations and then communicates that information to decision makers referred to as

Accounting

True or false the fundamental activities of business are selling actives and marketing activities

false

Activities that involve purchasing goods from suppliers, designing and manufacturing products, and selling products to customers are

operating activités

amounts owed to creditors are

liabilities

primary functions of accounting

measure a company’s activities and communicate information to decision makers and provide information to taxing authorities

types of business activities of a company

operating, financing, investing activities

stockholder’s equity is

the owners’ claims to resources of the corporation

operating activities

providing services to customers, paying advertising expenses, paying salaries to employees

resources of the corporation can be expressed as

assets-liabilities

resources owned by a company are called

assets

the basic blank equation is referred to as the fundamental model of business evaluations

accounting

any amount owed to a creditor is classified in the balance sheet as

liability

the amount recorded as a result of the sale of products or services to customers is called

revenue

the system that maintains records