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22 Cards in this Set
- Front
- Back
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Accounting
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planning, recording, analyzing, and interpreting financial information
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Accounting System
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a planned process for providing financial information that will be useful to management
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Accounting Records
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organized summaries of a business's financial activities
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Financial Statements
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financial reports that summarize the financial conditions and operations of a business
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Proprietorship
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a business owned by one person
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Asset
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anything of value that is owned
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Service Business
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a business that performsan activity for a fee
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Equities
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financial rights to the assets of a business
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Liability
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an amount owned by a business
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Owner's Equity
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the amount remaining after the value of all liabilities is subtracted from the value of all assets
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Accounting Equation
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an equation showing the relationship among assets, liabilities and owners equity
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Ethics
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the principles of right and wrong that guide an individual in making decisions
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Business Ethics
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the use of ethics in making business decisions
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Transaction
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a business activity that changes assets, liabilities, or owner's equity
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Account
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a record summarizing all the information pertaining to a single item in the accounting equation
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Account Title
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the name given to an account
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Account Balance
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the amount in an account
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Capital
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the account used to summarize the owner's equity in a business
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Revenue
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an increase in owner's equity resulting from the operation of a business
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Sale on Account
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a sale for which cash will be recieved at a later date
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Expense
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a decrease in owner's equity resulting from the operation of a business
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Withdrawls
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assets taken out of a business for the owner's personal use
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