Term
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Definition
| a record summerizing all information to a single item in an accounting equation |
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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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Definition
| The amount left over after subtracting liability from assets |
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Term
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Definition
| an amount owned by a business |
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Term
| what are two examples of assets? |
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Definition
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Term
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Definition
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Term
| what is a proprietorship? |
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Definition
| a business owned by a person |
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Term
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Definition
| Financial rights to the assets of a business |
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Term
| what is important to remember about accounting equations? |
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Definition
| It must be inbalance in order to be correct. |
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Term
| what is an accounting system? |
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Definition
| A planined process for providing financial information that will help with managment |
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Term
| what is a service business? |
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Definition
| A business that performs activities for a fee |
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Term
| what often contribute to business failures and bankruptcy? |
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Definition
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Term
| what are accounting records? |
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Definition
| organized summeries of a business'financial activities |
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Term
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Definition
| a business activity that changes assets, liabilities and owner equity |
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Term
| What is an account title? |
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Definition
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Term
| what is the capital amount? |
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Definition
| It's used to summarize the owner's equity in a business. |
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Term
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Definition
| A record summarizing all information about the amount of money a business has available. |
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