Fundamentals of ABM Flashcards
(32 cards)
transact business only with members
COOPERATIVE
effect of operation in financial resource
BALANCE SHEET OR STATEMENT OF FINANCIAL CONDITION
artificial being created by operation of law
CORPORATION
aims to protect innocent partners from such wrongful acts of other partners
LIMITED LIABILITY PARTNERSHIPS
it is what the contract of partnership called
ARTICLES OF PARTNERSHIP
most important before you enter business or partnership
PROFIT SHARING AGREEMENT
it is a withdrawal process but ongoing
DISSOLUTION
divides asset and end of partnership
LIQUIDATION
written contract to protect partnership
PARTNERSHIP AGREEMENT
the income is reported to
INCOME TAX RETURNS
information on trendy figures
THE CHANGES IN OWNER’S EQUITY
where a record kept of issuance and transfer of shares
CORPORATION’S STOCK/ TRANSFER BOOK
consist member of BOD
MANAGEMENT
based of decision whether to extend or allow credit
CREDITORS AND SUPPLIERS
engage in manufacture/ sales of goods or service
BUSINESS ORGANIZATION
small scale establishments
SOLE PROPRIETORSHIP
can extend the corporation, no limit number of extension
VIRTUALLY UNLIMITED LIFE
corporation and a partnership
LIMITED LIABILITY COMPANY
a partner who has unlimited liability called
GENERAL PARTNERS
supplier of accounting infos
POTENTIAL INVESTORS
serves as basis of income
investigating taxpayers accounting infos
TAXING AUTHORITIES
study relevant financial reports
LABOR UNIONS
formulate policies for economic using guideline, makes assessment and regulate activities
GOVERNMENT AGENCIES
document of evidences in ownership in a corporation
CERTIFICATE OF STOCK
