Basics

• Sole Proprietorship

  It is easy to form and requires one owner to establish a business.
• Corporation

  In the eyes of law, it has a separate legal entity and it has many requirements to submit when establishing a business.
• Cost Accounting

  branch of accounting is concerned with analyzing costs of products or services rendered in a business
• Auditing

  primarily centered on the critical examination of financial statements by an independent CPA 
• Management Accounting

  branch of accounting is primarily concerned with the preparation of specific purpose financial statements for the management to base financial decisions on
• Merchandising

  Type of business wherein the main line of business is through buying and selling
• Manufacturing

  main products are being produced using the materials, labor and overhead
• Calendar Year

  Starts Jan 1 ends in Dec 31 (means the whole year)
• Fiscal Year

  Can start any month of the year then end 365 later

  For example if it ends in June it its June Fiscal Year