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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. very basic accounting work. kind of like an assistant for an accountant. |
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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 requirements. |
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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 management. |
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Accounting Records |
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 buys and sells product. |
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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. ex.: prepaid insurance, cash, supplies, accounts receivable. |
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Equities |
financial rights to the assets of a business. ex.: equity of those to whom money is owed, equity of the owner. |
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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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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 principles right and wrong that guide an individual in making decisions. |
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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. |
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Unethical Business Practice |
any activity that contradicts moral values and principles that determines our conduct in the business world. |
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Honesty |
the quality or fact of being honest; truthfulness. |
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Integrity |
adherence to moral and ethical principles; soundness of moral character. |
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Truthfulness |
consistently telling the truth |
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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 |
a 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. ex.: cash, supplies, rent expense. |
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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 |
a decrease in owner's equity resulting from the operation of a business. ex.: repairs, rent, supplies, maintenance, payroll, utilities. |
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Withdrawals |
assets taken out of the business for the owner's personal use. |
