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35 Cards in this Set
- Front
- Back
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Accounting |
planning, recording, analyzing, and interpreting financial information |
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Accountant |
A person who plans, summarizes, analyzes, and interprets accounting information |
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Bookkeeper |
A person who does general accounting work plus some summarizing and analyzing of accounting information |
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Certified Public Accountant(CPA) |
Designation by the American Institute of Certified Public Accountants for those who pass an exam and meet work-experience requirments |
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General Office Clerk |
A person who does general kinds of office tasks,including some accounting tasks |
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Accounting System |
A planned process for providing financial information that will be useful to managment |
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Accounting Record |
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 |
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 |
A legal entity that is separate and distinct from its owners |
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Merchandising Business |
A business that purchases and sells goods |
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Partnership |
A business in which two or more people combine their assets and skills |
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Asset |
Anything of value that is owned -Prepaid Insurance -Cash -Supplies -Accounts Receivable |
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Equities |
Financial rights to the assets of a business -Equity of those to whom money is owed -Equity of the owner |
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Liability |
Any amount of money owed by business/ anything considered debt |
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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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Accounting Equation |
An equation showing the relationship among assets, liabilities, and owner's equity Assets = Liabilities + Owner's Equity |
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Ethics |
The priciples of doing right and wrong |
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Business Ethics |
The use of personal ethics in making business decisions |
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Ethical Business Practices |
Moral values and principles that determine our conduct in the business world/Lying 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 |
Being Truthful, Honest, and doing what's right |
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Integrity |
Adherence to moral and ethical principles;soundness of moral character |
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Truthfulness |
Always truthful or honest |
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Privacy |
Freedom from unauthorized intrusion;state of being left alone and ability to keep personal matters confidential |
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Transaction |
any business activity that changes assets, liabilities, or owner's equity |
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Account |
a record summarizing all the information pertaining to a single item in the accounting equation |
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Account Title |
The name given to an account -Cash -Supplies -Rent Expenses |
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Account Balance |
The amount in an account |
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Capital |
The account used to summarize the owner's equity in a business |
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Revenue |
An increase in 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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Expense |
Any decrease in owner's equity account resulting from the normal operations of a business -Repairs -Rent -Supplies -Maintenance -Payroll |
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Withdrawals |
Assets taken out of the business for the owner's personal use |
