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Ch 33 Mod F MA Matching

memorize.ai (lvl 286)

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20 cards

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Section 1

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(paid - in) capital

Front

1 / 20

Physics

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Last updated

6 years ago

Date created

Mar 1, 2020

Cards (20)

Section 1

(20 cards)

(paid - in) capital

Front

cash or other assets from stockholders in exchange for capital stock

Back

Stockholders Equity

Front

the ownership claim on total assets

Back

note payable

Front

money borrowed (loans) to purchase major assets

Back

assets

Front

building, equipment, cash

Back

proprietorship

Front

a business owned by one person, who is often the manager/operator of the business, the owner's net worth or equity (which consists of the amount by which the fair market value of all assets exceed liabilities)

Back

market value

Front

the value determined by the market for similar buildings/properties at the time of sale

Back

partnership

Front

law firms, medical practices, CPAs

Back

cost

Front

if an office building is bought for $700,000, this is what the amount you pay for it is called

Back

(paid-in) capital

Front

total amount paid in by stockholders

Back

partnership

Front

business owned by two or more persons; each person is generally personally liable for the deals of this entity

Back

corporation

Front

business organized under state law as a separate legal entity, with ownership divided into transferable shares of stock

Back

corporation

Front

most large companies: Wal-Mart, General Motors, General Electric

Back

economic entity assumption

Front

personal living expenses are kept separate from the expenses of the business

Back

Accounts Payable

Front

money borrowed to purchase merchandise on credit

Back

Accounts Payable

Front

the medical office purchases office supplies, medications, utilities, and so on

Back

retained earnings

Front

the section of the balance sheet is determined by three items: revenues, expenses, and dividends

Back

monetary unit assumption

Front

one of two main assumptions in GAAP, requiring that transaction data can only be expressed in terms of money

Back

assets

Front

resources owned by a business

Back

monetary unit assumption

Front

the quality of service provided, the age and health of the owner, and employee morale are not included because they cannot be quantified in terms of money

Back

liabilities

Front

creditors, mortgage, etc.

Back