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19 Cards in this Set
- Front
- Back
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transaction
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business activity that changes assets,liabilitys or owners equity
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account
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all information pertaining to a single item in the accounting equation
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accounting
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planning, recording, analzing and inerpreting financial information
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accounting system
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planned prcess for providing financial information that will be useful to managemnt
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financial statements
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financial reports that summarize the financial condition and operations of a business
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service business
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business that preforms an activity for a fee
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proprietorship
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business owned by one person
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asset
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anything of value that is owned
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equities
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financial rights to the assets of a business
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liability
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ammount owed by a business
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owner's equity
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the ammount remaining after the value of all liabilities are subtracted from the value of all the assets
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accounting equations
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equation showing the realtionship between the liabilities, assets, and owners equities
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account title
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name given to an account
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account balance
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the ammount in an account
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capital
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the account used to summarize the owner's equity in a business
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revenue
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an increase in owner's equity resulting from the operation of a business
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sale on account
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sale for which cash will be recieved at a later date
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expense
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a decrease in owner's equity resulting from the operation of a business
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withdrawls
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assets taken out of a business fro the owner's personal use
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