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35 Cards in this Set
- Front
- Back
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Accounting |
planing, recording, analyzing, and interpreting financial information |
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Accountant |
A person who plans summarizes and interpret 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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CPA |
Designation a person can hold only issue to people who pass the CPA exam |
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General Office clerk |
a person who does general kinds of office task, including some accounting task |
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Accounting system |
a planned progress for providing financial information that will be useful for management
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Accounting record |
organized summarie of a business financial activity |
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financial statement |
condition of a company wether they made a profit or loss money. |
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service business |
a business that perform 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 separated and distinct from its owner |
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Merchandising Business |
a business that purchases a sells goods |
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partnership |
a business owned by two that combine their assets and skills |
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Assets |
Anything of value that is owned -cash -supplies -paid insurance -account receivable |
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Equities |
financial rights to assets of a business 1. equity of those whom money is owed 2. Equity of the owner |
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Liability |
An amount of money owned by aa business
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Owners Equity |
The amount remaining after the value of all liabilities is subtracted from the value of all assets |
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Accounting equation |
Asset= Liabilities + Owners equity |
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Ethics |
the principles of right and wrong that guide an individual in making decision |
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Business Ethics |
The use of personal ethics in making business decisions |
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ethical business practice |
Moral Values and principles that determine our conduct in the business world |
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Unethical Business practice |
Any activity that contradict moral values and principal that determines our conduct in the business world |
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Honesty |
Being fair, truthfulness |
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Integrety |
Adherence to moral and etival principals soundness of moral character |
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Truthfullness |
You always tell the truth, 100% 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 owners equity |
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Account |
a record that sumarizes all information pertaining to a single item in the accounting equation. |
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Account title |
-Cash -Supplies -Rent expences The name given to the account |
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Account balance |
the ammount that is in a account |
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Capital |
the account used to summarizee the owners equity in a vusiness |
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Revenue |
Increase in owners equity account 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 |
Decresase in owners equity account that results from the operation of a business -repairs -rent -supplies -payroll |
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Withdrawals |
Assets taken out of the business for the owners personal use. |
