Accounting

He is an italian mathematician who is known as the " Father of Accounting"

Merchandise Inventory is a/an

• Liability

• Asset

• Expense

• Income

Forms of Business organization owned by more than one individual and is created by operation of law.

• Partnership

• Sole Proprietorship

• Corporation

An item that a company or person owns that has monetary value. These come in the form of tangible assets (typically physical assets owned by the company, such as property, equipment and land) and intangible assets (assets not physical in nature, such as patents, copyright, goodwill and trademarks).

• Assets

• Liabilities

• Revenues

The amount that is earned by a business in profits, after all costs are deducted. It is calculated by taking revenue and subtracting all of the expenses within a period of time, including overheads, depreciation, and taxes.

• net income

• revenue

• assets

Accrued Expenses is a/an

• Liability

• Expenses

• Asset

The Normal balance of Prepaid Expense

• Debit

• Credit

• Expense

If merchandise inventory decreases...

• Credit: Merchandise Inventory

• Debit: Merchandise Inventory

• Debit: Cash

Elements of Statement of Statement of Financial Position

• Assets, Liabilities, Capital

• Income and Expenses

• Service, Merchandising and Manufacturing

3 Main legal forms of Business Organization

• Assets, Liabilities, Capital

• Sole proprietorship, Partnership and Corporation

• Service, Merchandising and Manufacturing