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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 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 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 ownwed by one person |
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Corporation |
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 owner |
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Liability |
Any amount owed by a business |
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Owners Equity |
the amount remaining after the value of all liabilites of 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 of right and wrong that guide an individal 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 Practices |
Any activity that contradicts moral values and principles that determines our conduct in the business world |
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Honesty |
being honest; truthful |
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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 |
Any business activity that changes assets, liabilities, or owner's equity |
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Account |
A record summarizes all 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 Expense |
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Account Balance |
The amount in an account |
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Capital |
The account we use to summarize the owners equity in a business |
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Revenue |
Increase in your owner's equity resulting from the operation of a business |
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Sale on Account |
Sale for which cash will be received at a later date |
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Expense |
Any decrease in your owner's equity account resulting from the operation 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 |
