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27 Cards in this Set
- Front
- Back
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Account |
A record summarizing the information pertaining to a single item in the accounting equation |
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Account Balance |
The amount in an account |
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Account Title |
The name given to an account |
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Accounting |
Planning, recording, analyzing, and interpreting financial information |
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Accounting equation |
An equation showing the relationship among assets, liabilities, and owner's equity |
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Accounting records |
Organized summaries of a business's financial activities |
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Accounting system |
A planned process for providing financial information that will be useful management |
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Asset |
Anything of value that is owed |
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business ethics |
The use of ethics in making business decisions |
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equities |
Financial rights to the assets of a business |
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Capital |
The account used to summarize the owners equity in a business |
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Ethics |
The principals of right and wrong that guide an individual in making decisions |
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Expense |
A decrease in owners equity resulting from the operation of a business |
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Financial statements |
Financial reports that summarize the financial condition and operations of a business |
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Liability |
An amount owed 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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Proprietorship |
A business owned by one person |
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Revenue |
An increase 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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Service business |
A business that performs an activity for a fee |
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Transaction |
A business activity that changes assets, liabilities, or owner's equity |
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Withdrawls |
Assets taken out of a business for the owner's personal use |
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Chart of accounts |
A list of account used by a business |
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Credit |
An amount recorded on the right side of a T account |
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Debit |
An amount recorded on the left side of a T account |
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Normal balance |
The side of the account that is increased |
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T account |
An accounting device used to analyze transactions |
