Reading...
Play button
Play button
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
|
Planning, recording, annalizing, and interpreting financial information.
|
|
|
Accounting records
|
Orginized summaries of a business's financial activities
|
|
|
Accounting system
|
A planed procces for providing dfinancial information that will be useful to managment
|
|
|
Accounting equation
|
An equation showing the relationship among assest, libilities, and owners equity.
|
|
|
Business ethics
|
The use of ethics in making business decisions
|
|
|
Account balance
|
The amount in an account
|
|
|
Equties
|
Financial rights to the assets of the business
|
|
|
Asset
|
Anything of value that is owned
|
|
|
Financial statements
|
Financial reports that summarize the financial condition in opperation of a business reports
|
|
|
Capital
|
The account used to summarize the owner's equity in a business
|
|
|
Ethics
|
The principles of right and wrong that guide you into making decisions
|
|
|
expense
|
a decrease in owners equity resulting from the opperation of a business
|
|
|
liability
|
in amount owed by a business
|
|
|
Owners equity
|
the amount remaining after the value of all liabilitys is subtrracted from the value of all assets
|
|
|
proprietorship
|
a business owned by one person
|
|
|
revenue
|
an increase in owners equity resulting from the operation of a business
|
|
|
sale on account
|
a sale for which cash will be recieved at a later date
|
|
|
service business
|
a business that performs an activity for a fee
|
|
|
transaction
|
a business activity that changes assets, liabilitys, or owners equity
|
|
|
withdrawls
|
assets taken out of a business for the owners personal use
|
