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20 Cards in this Set
- Front
- Back
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Accounting |
planning recording, analyzing & interpreting financial information. |
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Accounting system |
Planned process for providing financial information useful to management. |
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Financial statement |
Financial reports that summarize financial conditions & operations of a business. |
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Service business |
A business that sells a service |
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Proprietership |
A business owned by one person. |
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Asset |
Anything you own. |
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Equities |
The financial rights to the assets of a business. |
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Liabilities |
Debts. |
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Owner's Equity |
The amount remaining after the value of fall liabilities is subtracted from asset value. |
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Accounting Equation |
Equation showing relationship among assets, liabilities & owner's equity: A=L+OE |
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Business Ethics |
The use of ethics in making business decisions. |
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Transaction |
Business activity that change 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 tile |
Account's name. |
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Account balance |
The amount in an account. |
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Capital |
Owner's equity in the business. |
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Revenue |
Increase of owner's equity resulting from business operations. |
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Sale on account |
a sale that money will come at a later date. |
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Withdrawals |
Assets taken out for personal use. |
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Expense |
Decrease in owners equity. |
