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15 Cards in this Set
- Front
- Back
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Define Assets
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Future values or resources owned by a business
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Define Balance Sheet
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A financial statement that reflects position of business of a point in time
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Define CPA
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a recognized, professional accountant who provides auditing, tax consultation and advisory services.
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Define Corporation
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multiple-owner organization recognized as a seperate legal entity.
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Define Earnings
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the excess of revenue after expenses
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Define Expenses
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goods or services consumed in operating a business
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Define Financial Accounting
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Account info for internal and external users.
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Define Financial Statements
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Out or end product of the accounting system; a concise picture of the profitability and financial condition of a business entity.
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Define GAAP
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Generally Accepted Accounting Principles
set of ground rules that have received substantial support from an authoritative source. |
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Define Income statement
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A financial statement that reflects results of business for a certain period of time.
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Define Liability
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amount owed by a business
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Define Limited Liability
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Owners are not liable for a majority of the business
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Define Mutual Agency
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All partners' responsibility for an individuals partner's business
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Define Partnership
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an association of two or more persons to carry on as co-owners of a business that is not organized as a corporation
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Define Profitability
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Measure of a company's ability to generate earnings from its available sources.
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