Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

15 Cards in this Set

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