Chapter 1 Notes
Public accountant: accountant who offers
services professionally to general public
Auditing: process of conducting an audit
Service business: business that sell a service
not a product
Merchandising business: business that buys
goods to re
Chapter 2 Notes
Accounts receivable: money that is owed to a
business by its customers; this money is
considered an asset of the business
Debtor: anyone who owes money to the business
(as opposed to creditor)
Accounts payable: the money that a business
ow
Chapter 1 Notes
Public accountant: accountant who offers services
professionally to general public
Auditing: process of conducting an audit
Service business: business that sell a service not a product
Merchandising business: business that buys goods to re
Chapter 2 Notes
Accounts receivable: money that is owed to a business by its
customers; this money is considered an asset of the
business
Debtor: anyone who owes money to the business (as
opposed to creditor)
Accounts payable: the money that a business ow
