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15 Cards in this Set

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  • Back
account payable
the liability created by a purchase on account
accounts receivable
a claim against the customer
accounting equation
Assets = Liabilities + owner's equity
assets
Resouces that are owned by the business
balance sheets
a list of the assets, liabilities,and owner's equity as of a specific dae, usually at the close of the last day of a month or a year
business entity concept
a concept of accounting that limits the economic data in the accounting system to data related directly to the activities of the business
corporation
a business organized under state or federal statutes as a seperate legal entity
cost concept
a payment of cash (or a commitment to pay cash in the future) for the purpose of generating revenues.
expenses
assets used up or services consumed in the process of generating revenues
Financial Accounting Standards Board(FASB)
The authoritative body that has the primary responsibility for developing accounting principles
Generally Accepted Accounting Principles(GAAP)
Generally accepted guidelines for the preparation of financial statements
Income Statement
a summary of the revenue and expenses for a specific period of time, such as a month or a year
Liabilities
the rights of creditors that represent debts of the business
Net Income
the amount by which revenues exceed expenses
Net loss
the amount by which expenses exceed revenues