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25 Cards in this Set

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Accounting
Planning, recording, analyzing, and interpreting financial info
Accounting System
Aplanning process for providing financial aid that will be useful to management
Accounting Records
Organizing summaries of a business' financial aid
Service Business
A business that performs an activity for a fee
Propietorship
A business owned by one person
Asset
Anything of value that is owned
Equities
Financial rights to the assets of a business
Owners Equity
The amount remaining after the value of all liabilities is subtracted from the value of all assets
Accounting Equation
An equation showing the relationship amoung assets, liabilities, and owners equity
Transaction
A business activity that changes activity, liabilities, or owners equity
Account
A record summarizing all the info pertaining to a single item in the accounting equation
Account Title
The name given to an account
Account Balance
The amount in an account
Capital
The account used to summarize the owners equity in a business
Balance Sheet
A financial statement that supports assets, liabilities, and owners equity on a specific date
Merchandising business
Business that buys finished products and resells them to individuals or other businesses
Manufacturing Business
Business that buys raw materials such as wood/iron and transfers them into finished products through the use of labor and capital
Partnership
Business owned by two or more people
Coorporation
Organization owned by many persons with legal rights of an individual
Business Entity
Idea of the business exsisting independtly of its ownser personal finances
GAAP (General Accepted Accounting Principals)
Set of rules that all accountants use to prepare their reports
Going Concern
Concept applied when financial statements are prepared with the expectation that a business will remain in operation indefinetly
Liabilities
An amount owned by a business
Accounting Equation
Assets = Liabilities + Owners Equity
In account
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