259) ________ is an information and measurement system that identifies, records and communicates relevant, reliable and comparable information about an organization's economic activities.
260) A ________ is a business that is owned by only one person.
261) ________ users of accounting information are not directly involved in running the organization.
262) ________ is the area of accounting aimed at serving external users by providing them with general-purpose financial statements.
263) Congress passed the ________ to help curb financial abuses at companies that issue their stock to the public.
264) ________ are beliefs that separate right from wrong and are considered accepted standards of good and bad behavior.
265) The assumption that requires that a business be accounted for separately from its owners is the ________ assumption.
266) The ________ assumption assumes that a business will continue operating indefinitely instead of being closed or sold.
267) The ________ assumption states that transactions and events are expressed in money units.
268) In accounting, the rule that requires that assets, services, and liabilities be recorded initially at the cash or cash-equivalent value of what was given up or of the item received is called the ________.
269) A disadvantage of a sole proprietorship is the fact that the owner has ________.
270) There are three major types of business activities. ________ activities are the means organizations use to pay for resources such as land, building, and equipment to carry out plans.
271) There are three major types of business activities. ________ activities involve the acquisition and disposal of resources that an organization uses to acquire and sell its products or services.
272) There are three major types of business activities. ________ activities involve using resources to research, develop, purchase, produce, distribute, and market products and services and receiving amounts from selling products and services.
273) Resources such as cash removed from the business by the business owner for personal use are called ________.
274) ________ are the increases in equity from a company's sales of products and services to customers.
275) A common characteristic of ________ is their ability to yield expected future benefits to a business.
276) Creditors' claims on assets that reflect company obligations to provide assets, products, or services to others are called ________.
277) The owner's claim on assets, also known as net assets, is called ________.
278) The accounting equation is ________.
279) The term ________ refers to a liability that promises a future outflow of resources.
280) Using the accounting equation, equity is equal to ________.
281) ________, which is one part of accounting, is the recording of transactions and events, either manually or electronically.
282) ________ is net income divided by average total assets.
283) Risk is the ________ about the return an investor expects to earn.
284) ________ explains changes in the owner's claim on the business's assets from net income or loss, owner investments, and owner withdrawals over a period of time.
285) The ________ describes a company's revenues and expenses along with the resulting net income or net loss over a period of time due to earnings activities.