Term
|
Definition
| A System that measures the activities of a business in financial terms |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| Company that makes their own products |
|
|
Term
|
Definition
| Make own products or sell products that are made by another supplier |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Assets that indicate amount owed by customer |
|
|
Term
|
Definition
| Properties of value owned by buisness |
|
|
Term
|
Definition
| A statement on a specific date that shows amount of assets owned by a business and amount of claims against these assets |
|
|
Term
| BASIC ACCOUNTING EQUATION |
|
Definition
| Assets = Owners Equity + Liabilities |
|
|
Term
|
Definition
| Recording function of accounting process |
|
|
Term
|
Definition
| Owners investment of equity in company |
|
|
Term
|
Definition
| Someone who has claim to assets |
|
|
Term
|
Definition
| Begining Captial + Additional Investments + Net Income - Withdrawls = Ending Capital |
|
|
Term
|
Definition
| Intrest or financial claim of creditors and owners who supply the assets to a firm |
|
|
Term
| EXPANDED ACCOUNTING EQUATION |
|
Definition
| Assets = Liabilities + Capital - Withdrawls + Revenue - Expenses |
|
|
Term
|
Definition
| Cost incurred in running a business by consuming goods or services in producing revenue |
|
|
Term
| GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) |
|
Definition
| Procedures and guidlines that must be followed during accounting process |
|
|
Term
|
Definition
| Details the performance of firm for a specific period of time |
|
|
Term
|
Definition
| Obligations that come due in the future |
|
|
Term
|
Definition
| When revenue totals more than expenses |
|
|
Term
|
Definition
| When expenses total more than revenue |
|
|
Term
|
Definition
| Financial claims to the assets of a business |
|
|
Term
|
Definition
| Amount earned by performing services for customers, or selling goods to customers |
|
|
Term
|
Definition
| Shift that occurs when the composition of assets has changed but total of assets remains the same |
|
|
Term
| STATEMENT OF FINANCIAL POSITION |
|
Definition
| Another name for Balance Sheet |
|
|
Term
| STATEMENT OF OWNERS EQUITY |
|
Definition
| Financial statement that reveals change in capital |
|
|
Term
|
Definition
| A type of asset acquired by a firm, has shorter life than equipment |
|
|
Term
|
Definition
| Other assets an ower withdrawls from a business for personal use |
|
|
