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20 Cards in this Set
- Front
- Back
accounting
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-planning, recording, analyzing, and interpreting financial information
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accounting system
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-a planned process for providing financial info that will be useful to management
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accounting records
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-organized summaries of a bussiness's financial activities
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financial statements
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-financial reports that summarize the financial conditions and operations of a business
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proprietorship
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-a business owned by one person
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equities
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-financial rights to to the assets of a business
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service bussinesses
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-a business that performs an activity for a fee
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liability
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-an amount owned by a business
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owner's equity
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-the amount remaining after the value of all liabilities is subtracting from the value of all assets
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accounting equation
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-an equation showing the relationship among assets, liability and owner's equity
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ethics
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-the principles of right and wrong that guide an indivisual in making decisions.
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transaction
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-a business activity that changes assets, liabilities, or owners equity
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account
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-a record summarizing all yhe info pertaining to a single item in the account equation.
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account title
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-the name given to an account
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account balance
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-the amount 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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-a sale for which cash will be recieved at a later date
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expence
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-a decrease in owner's equity resulting from the operation of a business
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withdrawals
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-assets taken out of a business for the owner's personal use.
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