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35 Cards in this Set
- Front
- Back
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Accounting |
Planning, recording, analyzing, and interpreting financial information. |
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Accountant |
A person who plans, summarizes, analyzes, and interprets accounting information. |
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Bookkeeper |
A person who does general accounting work plus some summarizing and analyzing of accounting information. |
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Certified Public Accountant (CPA) |
Designation by the American Institute of Certified Public Accountants for those who pass a exam and have required work experience. |
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General Office Clerk |
A person who does general kinds of office tasks, including some accounting task. |
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Accounting System |
A planned process for providing financial information that will be useful to management. |
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Accounting Record |
Organized summaries of a business financial activities. |
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Financial Statement |
Financial reports that summarize the financial condition and operations of a business. |
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Service Business |
A business that perform an activity for fee. |
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Sole Proprietorship |
A business owned by one person |
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Corporation |
A legal entity that is separate and distinct from its owner. |
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Merchandising Business |
A business that purchases and sells goods. |
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Partnership |
A business in which two or more people combine their assets and skills. |
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Asset |
Anything of value that is owned. |
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Equities |
Financial rights to the assets of a business. |
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Liability |
An amount owned by a business. |
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Owner's Equity |
The amount remaining after the value of all liabilities is subtracted from the value of all assets. |
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Accounting Equation |
An equation showing the relationship among assets, liabilities, and owner's equity. |
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Ethics |
The principles of Right and wrong that guide and individual in marking decisions. |
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Business Ethics |
The use of person ethics in making business decisions. |
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Ethical Business Practicies |
Moral values and principles that determine our conduct in the business world. |
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Unethical Business Practices |
Any that contradicts moral values and principles that determines our conduct in the business world. |
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Honesty |
The quality or fact of being honest; truthfulness. |
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Integrity |
Adherence to moral and ethical principles; soundness of moral character. |
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truthfulness |
Consistently telling the truth |
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Privacy |
Freedom from unauthorized intrusion; state of being left alone and ability to keep personal matters confidential. |
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Transaction |
A business activity that changes assets,liabilities, or owner's equity. |
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Account |
A record summarizing all the information pertaining to a single item in the accounting equation |
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Account Title |
Cash Supplies Rent Expense The name given to an account |
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Account Balance |
The amount in an account |
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Capital |
The account use to summarized the owner's equity in a business. |
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Revenue |
An increase in owner's equity resulting from the operation of an business
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Sale on Account |
A sale for which cash will be received |
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Expense |
An decrease in owner's equity resulting from the operation of a business |
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Withdrawals |
Assets take out of the business for the owner's personal use. |
