Shared Flashcard Set

Details

ACCT Test Extra Notes
J.C. Park
5
Accounting
Undergraduate 2
08/27/2012

Additional Accounting Flashcards

 


 

Cards

Term
A _________ is an organization in which basic resources such as materials and labor are assembled and provessed to provide goods and services to customers.
Definition
business
Term
What is the objective of every business?
Definition
To earn a profit.
Term
_______ is the difference between the amounts received from customers for goods and services and the amount paid for inputs used to provide the goods and services.
Definition
Profit.
Term
___________ is an information system that provides reports to user about the economic activities and conditions of a business.
Definition
Accounting
Term

order of financial statement prepared

 

Definition

income statement

statement of owner's equity

balance sheet

statement of cash flows

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