Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
22 Cards in this Set
- Front
- Back
account balance
|
the amount in an account
|
|
account
|
a record summarizing all the information pertaining to a single item in the accounting equation
|
|
account title
|
the name given to an account
|
|
accounting
|
planning, recording, analyzing, and interpreting financial information
|
|
accounting equation
|
an equation showing the relationship among assets, liabilities, and owner's equities.
|
|
accounting records
|
organized summaries of a business's financial activities
|
|
accounting system
|
a planned process for providing financial information that will be useful to management
|
|
financial statements
|
financial reports that summarize the financial conditions and operations
|
|
service business
|
a business that performs an activity for a fee
|
|
proprietorship
|
a business owned by one person
|
|
asset
|
anything of value that is owned
|
|
equities
|
financial rights to the assets of a business
|
|
liabilities
|
amounts owed by a business
|
|
owner's equity
|
the amount remaining after the value of all liabilities is subtracted from the value of all assets
|
|
ethics
|
the principles of right and wrong that guide an individual in making decisions
|
|
business ethics
|
the use of ethics in making business decisions
|
|
transaction
|
a business activity that changes assets liabilities or owners equity
|
|
capital
|
the account used to summarize the owner's equity in a business
|
|
revenue
|
an increase in owner's equity resulting from the operation of a business
|
|
sale on account
|
a sale for which cash will be recieved at a later date
|
|
expense
|
a decrease in owner's equity resulting from the operation of a business
|
|
withdrawals
|
assets taken out of the business for the owner's personal use
|