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21 Cards in this Set
- Front
- Back
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Accounts Payable |
Amounts a business must pay in the future |
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Accounts Receivable |
Claims for future collection from customers |
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Assets |
Property owned by a business |
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Balance Sheet |
A formal report of a business's condition on a certain date. Assets, liabilities, owner's equity |
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Break Even |
A point at which revenue equals expenses |
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Business Transaction |
A financial event that changes the resources of a firm |
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Capital |
Financial investment in a business; equity |
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Equity |
an owner's financial interest in a business; capital |
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Expense |
an outflow of cash, use of other assets, or incurring of liability |
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Fair Market Value |
The current worth of an asset or The price the asset would bring if sold on the open market |
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Fundamental Accounting Equation |
The relationship between assets and liabilities plus owners equity |
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Income Statement |
A formal report of business operations covering a period of time. Profit statement Statement of income and expenses |
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Liabilities |
Debts or obligations of a business |
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Net Income |
The result of an excess of revenue over expenses |
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Net Loss |
The result of an excess of expenses over revenue |
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On Account |
An arrangement to allow payment at a later date. Charge account Open-account credit |
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Owner's Equity |
The financial interest of the owner of a business Proprietorship Net Worth |
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Revenue |
Inflow of money or other assets that result from the sales of goods or services Income |
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Statement of Owner's Equity |
A formal report of changes that occurred in the owner's financial interest during a period of time |
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Withdrawls |
Funds taken from the business by the owner for personal use |
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