Liquidating a loss corporation

A sole proprietorship is a business owned by one or more persons.

liquidating a loss corporation-78

An accounting information system communicates data to help businesses make better decisions.

Managerial accounting is the area of accounting that provides internal reports to assist the decision making needs of internal users.

The Securities and Exchange Commission (SEC) is a government agency that has legal authority to establish GAAP.

The three common forms of business ownership include sole proprietorship, partnership, and non-profit.

The business entity principle means that a business will continue operating for an indefinite period of time.

Generally accepted accounting principles are the basic assumptions, concepts, and guidelines for preparing financial statements.

Specific accounting principles are basic assumptions, concepts, and guidelines for preparing financial statements and arise out of long-used accounting practice.

General accounting principles arise from long-used accounting practices.

Strategic management is the process of determining the right mix of operating activities for the type of organization, its plans, and its markets.

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