Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
20 Cards in this Set
- Front
- Back
|
Accounting |
The action or process of keeping financial accounts |
|
|
Asset |
a useful or valuable thing, person, or quality.
|
|
|
Liability |
a person or thing whose presence or behavior is likely to cause embarrassment or put one at a disadvantage.
|
|
|
Personal Net Worth |
a concept applicable to individuals and businesses as a key measure of how much an entity is worth. |
|
|
Equity |
the value of the shares issued by a company. |
|
|
Ethics |
the branch of knowledge that deals with moral principles. |
|
|
Business Ethics |
the study of proper business policies and practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility and fiduciary responsibilities. |
|
|
Product |
an article or substance that is manufactured or refined for sale. |
|
|
Service |
a system supplying a public need such as transport, communications, or utilities such as electricity and water. |
|
|
Equities |
stocks and shares that carry no fixed interest. |
|
|
Owner's Equity |
the owner's investment in the business minus the owner'sdraws or withdrawals from the business plus the net income since the business began. |
|
|
Accounting Equation |
Assets = Liabilities + Shareholder Equity. |
|
|
Transaction |
an instance of buying or selling something; a business deal. |
|
|
Account |
a record or statement of financial expenditure or receipts relating to a particular period or purpose. |
|
|
Capital income |
income generated by an asset over time, rather than from work done using the asset, according to Investopedia. |
|
|
Creditor |
a person or company to whom money is owed.
|
|
|
T account |
An accounting device used to analyze transactions. |
|
|
Debit |
An amount recorded on the left side of an account. |
|
|
Credit |
An amount recorded on the right side of an account. |
|
|
Normal balance |
The side of the account that is increased. |
