Term
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Definition
| Planning, recording, analyzing, and interpreting financial information |
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Definition
| A planned process for providing financial information that will be useful to management |
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Definition
| Organized summaries of a business's financial activities |
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Definition
| Financial reports that summarize the financial condition and operations of a business |
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Definition
| A business that performs an activity for a fee |
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Definition
| A business owned by one person |
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Definition
| Anything of value that is owned |
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Definition
| Financial rights to the assets of a business |
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Definition
| An amount owed by a business |
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Definition
| The amount remaining after the value of all liabilities is subtracted from the value of all assets |
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Definition
| An equation showing the relationship among assets, liabilities, and owner's equity |
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Definition
| The principles of right and wrong that guide an individual in making decisions |
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Definition
| The use of ethics in making business decisions |
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Definition
| A business activity that changes assets, liabilities, or owner's equity |
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Definition
| A record summarizing all the information pertaining to a single item in the accounting equation |
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Definition
| The name given to an account |
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Definition
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Definition
| The account used to summarize the owner's equity in a business |
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Definition
| An increase in owner's equity resulting from the operation of a business |
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Definition
| A sale for which cash will be received at a later date |
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Definition
| A decrease in owner's equity resulting from the operation of a business |
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Definition
| Assets taken out of a business for the owner's personal use. |
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Term
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Definition
| Total shares of ownership in a corporation |
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Term
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Definition
| A reduction in the list price granted to customers |
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Term
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Definition
| A petty cash on hand amount that is more than the recorded amount |
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Term
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Definition
| A special journal used to record only cash payment transactions |
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Definition
| A petty cash on hand amount that is less than the recorded amount |
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Term
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Definition
| An account that reduces a related account on a financial statement |
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Term
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Definition
| An organization with the legal rights of a person and which many persons may own |
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Term
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Definition
| The price a business pays for goods it purchases to sell |
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Term
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Definition
| A form prepared by the customer showing the price deduction taken by the customer for returns and allowances |
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Term
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Definition
| A journal amount column that is not headed with an account title |
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Term
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Definition
| The retail price listed in a catalog or on an Internet site |
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Term
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Definition
| The amount added to the cost of merchandise to sell |
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Term
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Definition
| Goods that a business purchases to sell |
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Term
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Definition
| A business that purchases and sells goods |
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Term
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Definition
| An invoice used as a source document for recording a purchase on account transaction |
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Term
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Definition
| Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable |
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Term
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Definition
| A deduction that a vendor allows on the invoice amount to encourage prompt payment |
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Term
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Definition
| A special journal used to record only purchases of merchandise on account |
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Term
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Definition
| Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's account payable |
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Term
| Retail merchandising business |
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Definition
| A merchandising business that sells to those who use or consume the goods |
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Term
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Definition
| Each unit of ownership in a corporation |
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Term
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Definition
| A journal amount column headed with an account title |
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Term
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Definition
| A journal used to record only one kind of transaction |
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Term
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Definition
| An owner of one or more shares of a corporation |
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Term
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Definition
| An agreement between a buyer and a seller about payment for merchandise |
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Definition
| A cash discount on purchases taken by a customer |
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Term
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Definition
| A business from which merchandise is purchased or supplies or other assets are bought |
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Term
| Wholesale merchandising business |
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Definition
| A business that buys and resells merchandise to retail merchandising businesses |
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Term
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Definition
| The series of accounting activities included in recording financial information for a fiscal period |
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Term
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Definition
| Journal entries recorded to update general ledger accounts at the end of a fiscal period |
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Term
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Definition
| Journal entries used to prepare temporary accounts for a new fiscal period |
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Term
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Definition
| Accounts used to accumulate information from one fiscal period to the next |
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Term
| Post-closing trial balance |
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Definition
| A trial balance prepared after the closing entries are posted |
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Term
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Definition
| Accounts used to accumulate information until it is transferred to the owner's capital account |
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Term
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Definition
| Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period |
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Term
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Definition
| A financial statement that reports assets, liabilities, and owner's equity on a specific date |
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Term
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Definition
| The length of time for which a business summarizes and reports financial information |
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Term
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Definition
| A financial statement showing the revenue and expenses for a fiscal period |
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Term
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Definition
| The difference between total revenue and total expenses when total revenue is greater |
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Term
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Definition
| The difference between total revenue and total expenses when total expense is greater |
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Term
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Definition
| A proof of equality of debits and credits in a general ledger |
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Term
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Definition
| A columnar accounting form used to summarize the general ledger information needed to prepare financial statements |
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Term
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Definition
| A person or business to whom merchandise or services are sold |
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Term
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Definition
| A tax on a sale of merchandise or services |
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Term
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Definition
| A special journal used to record only sales of merchandise on account |
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Term
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Definition
| A sale in which cash is received for the total amount of the sale at the time of the transaction |
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Term
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Definition
| A sale in which a credit card is used for the total amount of the sale at the time of the transaction |
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Term
| Point-of-sale (POS) terminal |
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Definition
| A computer used to collect, store, and report all the information of a sales transaction |
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Term
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Definition
| The report that summarizes the cash and credit card sales of a point-of-sale terminal |
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Term
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Definition
| A report of credit card sales produced by a point-of-sale terminal |
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Term
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Definition
| The process of preparing a batch report of credit card sales from a point-of-sale terminal |
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Term
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Definition
| A special journal used to record only cash receipt transactions |
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Term
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Definition
| A cash discount on sales taken by a customer |
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Term
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Definition
| Credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor's accounts receivable |
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Term
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Definition
| Credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor's accounts receivable |
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Term
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Definition
| A for prepared by the vendor showing the amount deducted for returns and allowances |
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Term
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Definition
| A ledger that is summarized in a single general ledger account |
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Term
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Definition
| A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account |
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Term
| Accounts receivable ledger |
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Definition
| A subsidiary ledger containing only accounts for charge customers |
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Term
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Definition
| An account in a general ledger that summarizes all accounts in a subsidiary ledger |
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Term
| Schedule of accounts payable |
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Definition
| A listing of vendor accounts, account balances, and total amounts due all vendors |
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Term
| Schedule of accounts receivable |
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Definition
| A listing of customer accounts, account balances, and total amount due from all customers |
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Term
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Definition
| The money paid for employee services |
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Term
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Definition
| The period covered by a salary payment |
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Term
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Definition
| The total amount earned by all employees for a pay period |
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Term
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Definition
| The total pay due for a pay period before deductions |
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Term
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Definition
| Taxes based on the payroll of a business |
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Term
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Definition
| A deduction from total earnings for each person legally supported by a taxpayer, including the employee |
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Term
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Definition
| A federal tax paid for old-age, survivors, and disability insurance |
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Term
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Definition
| A federal tax paid for hospital insurance |
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Term
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Definition
| The maximum amount of earnings on which a tax is calculated |
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Term
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Definition
| A business form used to record payroll information |
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Term
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Definition
| The total earnings paid to an employee after payroll taxes and other deductions |
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Term
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Definition
| A business form used to record details affecting payments made to an employee |
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