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21 Cards in this Set
- Front
- Back
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Accounting
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a record summarizing all the information pertaining to a single item in the accounting equation.
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Account Balance
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the amount in an account.
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Accounting
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planning,recordin,analyzing, and interperting finicial information.
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Accounting Equation
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an equation showing the relationship among assets, liabilities, and owners equity.
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Accounting Records
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organized summaries of business's finicial activities
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Accounting System
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a planned process for providing finicial information that will be useful to managing
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Asset
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anything of value that is owned
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Business Ethics
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the use of ethics in making business descion
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Equitiy
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finicial rights to the access of a business
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Capital
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the account used to summarize the owners equity in a business
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Ethics
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principels of write and wrong that guide an individual right and wrong in making a descion
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Expense
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a decrease in owners equity resulting from the operation of business
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Finicial Segments
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finicial reports that summarize the condition the operation of a business
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Liability
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an amount owed by a business
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Owner's Equity
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the amount left after the value of all liability subtracctd
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Proprietorship
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a business owned by one person
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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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Surface Business
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a business that performs an activity for a fee
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Transaction
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a business activity that changes assets liabilities or owners equity
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Withdrawls
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assests taken out of a business for a owners personal use
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