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33 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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Accountant
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A person who plans, summarizes, analyzes, and interprets accounting information
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Bookkeeper
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A person who does general accounting work plus some summarizing and analyzing of accounting information |
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Certified Public Accountant (CPA)
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Designation by the American Institute of Certified Public Accountants for those who pass an exam and meet work-experience requirements |
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General Office Clerk
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A person who does general kinds of office tasks, including some accounting tasks
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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' financial activities |
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Financial Statements |
Financial reports that summarize the financial condition and operations of a business
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Service Business
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A business that performs an activity for a fee
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Sole Proprietorship |
A business owned by one person
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Corporation
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A Legal entity that is separate and distinct from its owners
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Merchandising Business
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A business that purchases and sells goods
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Partnership
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A business in which two or more people combine their assets and skills
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Asset
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Anything of value that is owned
-Prepaid Insurance - Cash - Accounts receivable - Supplies |
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Equities
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Financial rights to the assets of a business 1. Equity of those to whom money is owed 2. Equity of the owner |
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Liability
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An amount owed by a business
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Owners 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 between assets, liabilities, and owners equity Assets = Liabilities + Owner's 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 personal ethics in making business decisions
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Ethical Business Practices
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Moral values and principles that determine our conduct in the business world. Lying to your customer to get more money. |
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Unethical Business Practices |
Any activity that contradicts moral values and principles that determines our conduct in the business world
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Honesty
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The quality of fact of being honest; truthfulness
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