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28 Cards in this Set
- Front
- Back
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Accounting Record |
Document that shows what's going on in the business financially. |
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Capital |
Money than an owner put into a business. |
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Business Partnership |
Work with another person to own a business. |
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Merchandising Business |
Sells some kind of tangible item. |
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Service Business |
Sells a intangible item. |
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Loss |
When you spend more money than you make. |
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Going Concern |
A business that's expected to continue to operate in the future. |
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Profit |
Making more money than you spend. |
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Manufacturing Business |
A business that produces a product. |
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Sole Proprietorship |
Business owned by one person. |
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Accounting |
Recording, planning, analyzing, and interpreting financial information. |
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Accounting System |
A planned process for providing financial info. |
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Financial Statement |
Financial reports that summarize the financial condition and operations of a business. |
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Asset |
Anything of value that is owned. |
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Equities |
Financial rights to the assets of a business. |
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Liability |
An amount owned by a business. |
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Owner's Equity |
The amount remaining after the value of all liabilities is subtracted from the value of all assets. |
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Accounting Equation |
An equation showing the relationship among assets, liabilities, and owner's equity. |
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Ethics |
The principles of right and wrong that give an individual in making decisions. |
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Business Ethics |
Use of ethics in making decisions. |
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Transaction |
Business activity that changes assets, liabilities, or owner's equity. |
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Account |
record summarizing all the information pertaining to a single item in the accounting equation. |
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Account Title |
Name given to a title. |
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Account Balance |
The amount in an account. |
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Revenue |
Increases in owner's equity resulting from the operation of a business. |
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Sale on Account |
A sale for which cash will be received at a later date. |
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Expense |
A decrease in owner's equity resulting from the operation of a business. |
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Withdrawals |
Assets taken out of a business for the owner's personal use. |
