P1-29A 003466 Accounting vocabulary, financial statement users, accounting profession, types of business organizations, proprietorship characteristics, and accounting concepts [15-20 min] Consider the following terms and definitions: TERMS: 1. Proprietorship 2. Faithful representation 3. Partnership 4. Stock S. Limited liability 6. Limited Liability Company 7. Cost principle 8. FASB 9. Net loss of $15,000/ 10. Creditors My Accountinglab DEFINITIONS: Feature that enables a corporation to raise more money than proprietorships and partnerships B. Holds that fair market value should not be used over actual costs Stands for Financial Accounting Standards Board DOwner is referred to as a proprietor E. Asserts that data are complete, neutral, and free from material error F. Revenues of $70,000 and expenses of $85,000 G. Has unlimited liability H. Represents ownership in a corporation I. Type of entity that is designed to limit personal liability exposure J. Person or business lending money

accounting profession, types of business organlzations, proprietorship characteristics, and accounting concepts [15-20 min] Consider the following terms and definitions: TERMS: 1.) Proprietorihip 2. Faichful eepresentation (3) Parmentip 4. Stock 5. Limitod liability 6. Limited Liability Company 7. Cost priaciple (8. F5 9. Net loss of $15,000 10. Cecdicon DERINIIIONS: Areature that enablet a corporation to raise more money than peoprietorships and partnerahipt B. Holds that fait market value should nor be used over actual conts (C) Stands for Fisancial Accounting Stasdands Boacd (D) Owore is referted to as a proprietor E. Asserta that data ate complete, tucutral, and feee from material emor F. Revenues of $70,000 and expentes of $85,000 C. Has unlimited liability H. Represents ownenbip in a corporation 1. Type of entity that is designed to limit pertonal lisbility exponute 1. Penon or business lendies moory