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22 Cards in this Set
- Front
- Back
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accounting
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planning, recording, analizing, and interpreting financial information
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accounting system
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a planned process for providing financial information that willbe usefull to management
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accounting records
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organized summeries of business financial activities
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financial statements
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financial reports that sumerize
the financial conditions and operations of a buisness |
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services buisness
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a buisness that preforms an activity for a fee
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propriorship
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a buisness 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 assests of a buisness
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liability
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an amount owned by a ompany
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owener's equiti
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the amount remaining after the value of all liabilities is subtracted from the value of all assests
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accounting equation
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an equation showing the relationship among assets, liabilities, and owners equaty
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eithics
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the principle of right and wrong that guide a person
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buisness eithics
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the use of using eithics in buisness decisions
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transaction
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a buisnes activity that changes assets, libilities, or owners equity
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acccount
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a record summerising all the information pertaining to a single item in accounting equation
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account title
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name givin to account
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account balance
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the amount in an account
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capitaltal
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the ammount used to summarize the owners equity in a buisness
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reveniew
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an increase in owners equity resulting from the operation of a buisness
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sale on account
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a sale of which cash will be recieved at a later date
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expense
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a decrease in owners equtiy resulting from the operations of a buisness
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withdraws
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assets taken out of a buisness for the owners personal use
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