Term
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Definition
| planning, recording, analyzing, and interpreting financial info. |
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Definition
| planned process for providing financial info 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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Term
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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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Term
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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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Term
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Definition
| an equation showing the relationship among assets, liabilities, and owner's equity. |
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Term
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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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Term
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Definition
| a business activity that changes assets, liabilities, or owner's equity. |
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Term
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Definition
| a record summarizing all the info pertaining to a single item in the accounting equation. |
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Term
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Definition
| the name given to an account. |
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Term
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Definition
| 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. |
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Term
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Definition
| an increase in an owner's equity resulting from the operation of a business. |
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Term
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Definition
| a sale for which cash will be received at a later date. |
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Term
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Definition
| a decrease in an owner's equity resulting from the operation of a business. |
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Term
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Definition
| assets taken out of a business for the owner's personal use. |
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