Answer Explanation
An expression about whether financial statements conform with generally accepted accounting principles
Audition. If the statement had been done conformed to GAAP it will be a positive audit.
business that raises money by issuing shares of stock:
Corporation, raise fund from issuance of stock
The portion of stockholders’ equity that results from receiving cash from investors
Capital or total paid-in capital
Obligations to suppliers of goods
Account Payable is the liability account to represent thedebt with suppliers
Amounts due from customers
Account receivable represent the amount to collect from customer
A party to whom a business owes money
It is a debtor to the company and will be state under:
Account Receivable or Note receivable accounts
A business that is owned jointly by two or more individuals but does not issue stock.
partnership are integrate by more than one party
