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22 Cards in this Set

  • Front
  • Back
Accounting
Planning, recording, analyzing, and interpreting financial info
Accounting System
A planned process for providing financial info that will be useful to mangement
Accounting Records
Organized summaries of a business's financial activities
Financial Statements
Financial reports that summarize the financial conditions and operations of a business
Service Business
A business that provides an activity for a fee
Proprietorship
A business owned by one person
Asset
Anything of value that is owned
Equity
Financial rights to the asset's of a business
Liability
An amount owed by a business
Owner's Equity
The amount remaining after the value of all liabilities is subtracted from the value of all assets
Accounting Equation
An equation showing the relationship between assets, liabilities, and owner's equity.
[A=L+OE]
[L=A-OE]
[OE=A-L]
Ethics
The principles of right and wrong to guide a person in making decisions
Business Ethics
The use of ethics to make business decisions
Transaction
A business activity that changes assets, liabilities, or owner's equity
Account
A record summarizing all the info pertaining to a single item in the accounting equation
Account Title
The name given to an account
Account Balance
The amount in an account
Capital
The account used to summarize the owner's equity in a business
Revenue
An increase in owner's equity resulting from the operation of a business
Sale on Account
A sale for which cash will be recieved at a later date
Expense
A decrease in owner's equity due to the operation of a business
Withdrawals
Assets taken out of a business for the owner's personal use