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23 Cards in this Set
- Front
- Back
Planning, recording, analyzing, and interpreting financial information
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Accounting
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A planned process for providing financial information that will be useful to management
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Accounting System
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Organized summaries of a business's financial activities
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Accounting Records
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Financial reports that summarize the financial condition and operations of a business
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Financial Statements
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A business that performs an activity for a fee
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Service Business
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A business owned by one person
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Proprietorship
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Anything of value that is owned
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Assets
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Financial rights to the assets of a business
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Equities
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An amount owed by a business.
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Owner's Equity
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An equation showing the relationship among assets, liabilities, and owner's equity
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Accounting Equation
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Accounting Equation
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Assets = Liabilities + Owner's Equity
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The principles of right and wrong
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Ethics
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Use of Ethics in making business decisions.
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Business Ethics
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A business activity that changes assets, liabilities, or owner's equity
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Transactions
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When business transactions are stated in numbers that have commonw values - Dollars in the U.S.
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Unit of Measurement
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A record summarizing all the information pertaining to a single item in the accounting equation
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Account
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The name given to the account
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Account Title
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The amount in the account
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Account Balance
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Summarizes the owner's equity
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Capital
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An increase in owner's equity resulting from the operation of a business
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Revenue
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A sale where cash will be received at a later date
(Charge) |
Sale on Account
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Revenue is recorded at the time goods or services are sold.
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Realization of Revenue
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A decrease in owner's equity resulting from the operation of a business
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Expense.
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