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Definition
| planning, recording, analyzing, and interpreting financial information. |
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| a planned process for providing financial information that will be useful to management. |
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| organized summaries of a business's financial activities. |
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| a business that performs an activity for a fee. |
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| a business owned by one person. |
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| a business owned by one person. |
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| anything of value that is owned. |
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| anything of value that is owned. |
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Term
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Definition
| anything of value that is owned. |
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Term
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| anything of value that is owned. |
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| anything of value that is owned. |
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| financial rights to the assets of a business. |
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| financial rights to the assets of a business. |
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| an amount owned by a business. |
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| the amount remaining after the value of all liabilities is subtracted from the value of all assets. |
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| Is a business activity that changes assets, liabilities, or owner's equity. |
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| A record summarizing all the information pertaining to a single item in the accounting equation. |
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Term
| What is an account title? |
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| The name given to an account. |
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| What is the cash account for? |
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Definition
| The Cash account is used to summarize information about the amount of money the business has available. The Cash account is an asset account. |
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| What is the account balance? |
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| The amount in an account. |
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Term
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Definition
The account used to summarize the owner's equity in a business.
The Capital account is an owner's equity account. |
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Term
| What is Encore Music's Capital account called? |
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Definition
Barbra Trevino, Capital
This account summarizes the owner's equity in Encore. |
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Term
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Definition
| It is a financial statement that reports assets, liabilities, and owner's equity on a specific date. |
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Term
| What are the major sections of a balance sheet? |
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Definition
1) Assets- located on the left side of the accounting equation, which means that assets are also listed on the left side of the balance sheet.
2) Liabilities-located on the right side of the accounting equation, which means that liabilities are also on the right side of the balance sheet.
3) Owner's Equity- located on the right side of the accounting equation, which means that Owner's Equity is also listed on the right side of the balance sheet. |
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