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35 Cards in this Set

  • Front
  • Back

Accounting

Planning, recording, analyzing, and interpreting financial information

Accountant

A person who plans, summarizes, and interprets accounting information

Bookkeeper

A person who does general accounting work plus some summarizing and analyzing of accounting information

CPA

Designation by the American Institute of Certified Public Accountants for those who pass an exam and meet work-experience requirements

General Office Clerk

A person who does general kinds of office tasks, including some accounting tasks

Accounting System

A planned process for providing financial information that will be useful to management

Accounting Records

Organized summaries of a business' financial activities

Financial Statements

financial reports that summarize the financial condition and operationsof a business

Service Business

A business that performs an activity for a fee

Sole Proprietorship

A business owned buy one person

Corporation

A legal entity that is separate and distinct from its owners

Merchandising Business

A business that purchases and sells goods

Partnership

A business in which two or more people combine their assets and skills

Asset

Anything of value that is owned

Equities

Financial rights to the assets of a business

Liability

An amount owed by a business

Owner's Equity

The amount remaining after the value of all liabilities is subtracted from the value of all assets

Accounting Equation

An equation showing the relationship among assets, liabilities, and owner's equity

Ethics

The principles of the rights and wrong that guide an individual in making decisions

Business Ethics

The use of personal ethics in making business decisions

Ethical Business Practices

Moral values and principles that determine our conduct in the business world

Unethical Business Practices

Any activity that contradicts moral values and principles that determines out conduct in the business world

Honesty

The quality or fact of being honest; truthfulness

Integrity

Adherence to moral and ethical principles; soundness of moral character

Truthfulness

Consistently telling the truth

Privacy

Freedom from unauthorized intrusion; state of being left alone and ability to keep personal matters confidential

Transaction

A business activity that changes assets liabilities, or owner's equity

Account

A record summarizing all the information pertaining to a single item in the accounting equation

Account Title

The name that is given to an account

Account balance

The amount in an account



Capital

The accountused to summarize the owner's equity in a business

Revenue

An increase in owner's equity resulting from the operation of a business

Sale on account

A sale for which cash will be received at a later date

Expense

A decrease in owner's equity resulting from the operation of a business

Withdrawals

Assets taken out of the business for the owner's personal use