Forms of business:

-sole proprietorship -partnership -corporation

Financial reports/statements:
-income statement -balance sheet
-statement of cash flows
-statement of change in owners equity
Nature of business:
-services-merchandising-manufacturing
Accounting periods:
-1 month-3months-12months
Calendar Year: Jan 1 Dec 31
Fiscal Year: e.g: July 1 20A June 30 20B
Natural Busines Year: 12month priod that ends
on any month

Cash --Accounts payable--Cash equivalent
Machinery and equipment--Furniture and fixture
PurchaseSale--Freight in--Freight out
Sales discount--Sales return and allowance
Purchase return and allowance--Service income
Uncollectible account--Depreciation expenses

Assets(Current): Assets(Non current):
Cash,, Petty Cash Fund,, Cash Equivalents,,
Notes Receivable,, Accounts Receivable,,
Uncollectible Accounts,, Accrued Income,,
Advances to Employees,, Inventories,,
Prepaid Expenses,, Unused Supplies
Property and Equipment.. Land.. Building..
Machinery and Equipment..
Furniture and Fixtures..
Accumulated Depreciation.. Intangible Assets
Liabilities(Current): Liabilities(Non current):
Accounts Payable,, Notes Payable(short term),,
Accrued Expenses,, Unearned Income
Notes Payable(long term).. Mortgage Payable

Income
Sales,, Sales Returns and Allowances,,
Sales Discounts,, Service Income,,
Professional Income,, Rental Income,,
Interest Income,, Miscellaneous Income
Cost
Cost of sales or Cost of Goods Sold., Freight in,
Purchases., Purchase returns and allowances.,
Purchase discounts
Expenses
Freight out,, Supplies expense,, Rent expense,,
Repairs and maintenance,, Salaries expense,,
Uncollectible accounts,, Depreciation expense,,
Taxes and licenses,, Insurance expense,,
Utilities expense,, Miscellaneous expense