It is another form of organization having partnership characteristics. It have features of both a corporation and a partnership

Three Major Types of Business

He is known today as the father of accounting and bookkeeping. Born in 1445 in Tuscany

Partners having unlimited liability are called _________

It is an unbiased examination and evaluation of the financial statements of an organization.

They are the main source of income of businesses. It can even be claimed that most businesses are established solely for the service of their __________.

Sole of keeping of national funds

It is a type of Accounting Research that is used in academe or accounting education.

It is an intangible (i.e., no physical form) asset evidencing a proportionate share in the properties of a corporation.

What do you call the accountant in tax?

Like creditors, they may also provide the additional fuel to drive the company forward by putting their resources (usually money) in a business hoping to earn a decent amount of return. Unlike creditors who are assured to earn the interest and fees, they may win or lose in their investment. Investing in a business is a gamble.

What are the two kinds of auditing?

It is an artificial being created by operation of law, having the right of succession and the powers, attributes, and properties expressly authorized by law or incident to its existence.”

PDIC

They sell tangible products. This type of business buys finished or almost finished goods from their suppliers and resells the same to customers.

Internal users of financial information

In a ___________, at least one partner has unlimited liability and at least one partner has limited liability

They create their own products. They use raw materials, components, or parts which are processed using machines, computers, and labor to produce finished goods.

What are the four forms of business organization?

It is an organization that converts inputs or resources such as material, labor, and overhead into outputs which are usually either goods or services.

What are the financial statements

It is a branch of accounting that deals with the creation of new knowledge.

Sectors of the government that use government accounting

It is defined as an accounting system which “encompasses the process of analyzing, recording, classifying, summarizing, andcommunicating all transactions involving the receipt and dispositionof government fund and property and interpreting the result thereof.

It is a branch of accounting that deals with the creation of knowledge

The primary source of revenues of service companies is the performance of services, often referred to as ____________.

It is composed of employees within the company that can implement decisions affecting the company’s operations, such as members of the board of directors, top management, middlelevel managers, and supervisors are the common classes of employees belonging to the management group.

Allocation of public funds

What are the branches of Accounting

Partners having limited liability are called _____________

It is a branch of accounting that provides information for financial accounting and management accounting.

What are the types of Tax?

What are the two types of Accounting Research?

A corporation shall exist for a period not exceeding _______ from the date of its formation

External users of financial information

It is a type of Accounting Research that is used in businesses.

It is the lifeblood of a country

It is a duly registered association of persons, with a common bond of interest, who have voluntarily joined together to achieve a lawful common social or economic end, making equitable contributions to the capital required and accepting a fair share of the risks and benefits of the undertaking in accordance with universally accepted cooperative principles.”

A _________ is a merchandising company that sells goods to retailers.

It enables the taxing authorities to collect taxes that differ from the amount due computed using the financial accounting standards.

It occurs when there is a change in the relationship among the partners

Responsible for keeping the government general account

It is a branch of accounting which deals with the receipt and disposition of public funds.

They lend their resources (usually money) to the business in exchange for a fee. The fee charged by _________ is the payment for the use of their resources.

A merchandising company that sells goods directly to customers is called a ___________

It is likewise a user of a company’s financial statements, primarily to regulate the businesses in the economy, but can also invest in or lend money to businesses.

A corporation is an _____________. It means that it is an entity separate and distinct from its owners.

What are the qualifications for an individual to teach in Accounting?

It is a type of partnership that aims to protect innocent partners from the malpractice and wrongdoings of other partners.

VAT

Two kinds of users of financial information.

It is responsible for the assessment and collection of taxes from its constituents.

These are firms that generally use their employees to provide intangible products or services to customers, including professional skills, advice, expertise, and other related products. The primary source of revenues of service companies is the performance of services, often referred to as service revenues

What is the use of tax?

Considered the simplest form of under which a business can operate, these are businesses formed by a single individual, but unlike partnerships and corporations, businesses operating under such setup do not have separate legal existence from the owner

It is a branch of accounting primarily handling the recording of financial transactions of a business.

It is a branch of accounting which focusses on the preparation of financial reports used by managers in their day-to-day decision making.

External auditors are also called ________.

What do you call the examination for the CPA?

How many percent is the Value Added Tax (VAT)?

These are people or entities that acquire goods and services for a fee.

What is Accounting Research?

It is a sector of the government that collects tax

Merchandising companies primarily earn revenues from the sale of the goods or merchandise, also known as ___________ or sales.

They are the existing investors of the company

Three main factors considered by creditors before lending to a company:

It is a contract whereby two or more persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves. Two or more persons may also form a partnership for the exercise of a profession.

The income distributed to stockholders is called __________.

It refers to the skills and expertise of a person

It is the enacted budget of the country for the upcoming year

Two types of merchandising companies

It refers to other assets owned by a person. Examples are land, building, vehicles, etc

A stock is represented by a __________