Term
|
Definition
| Planning, recording, analyzing, and interpreting financial information. |
|
|
Term
|
Definition
| A planned process for providing financial information that will be useful to management. |
|
|
Term
|
Definition
| Organized summaries of a business's financial activities. |
|
|
Term
|
Definition
| A business that performs an activity for a fee. |
|
|
Term
|
Definition
| A business owned by one person. |
|
|
Term
|
Definition
| Financial reports that summarize the financial condition and operations of a business. |
|
|
Term
|
Definition
| Anything of value that is owned. |
|
|
Term
|
Definition
| Financial rights to the assets of a business. |
|
|
Term
|
Definition
| An amount owed by a business. |
|
|
Term
|
Definition
| The amount remaining after the value of all liabilities is subtracted from the value of all assets. |
|
|
Term
|
Definition
| An equation showing the relationship among assets, liabilities, and owner's equity. |
|
|
Term
|
Definition
| The principles of right and wrong that guide an individual in making decisions. |
|
|
Term
|
Definition
| The use of ethics in making business decisions. |
|
|
Term
|
Definition
| A business activity that changes assets, liabilities, or owner's equity. |
|
|
Term
|
Definition
| A record summarizing all the information pertaining to a single item in the accounting equation. |
|
|
Term
|
Definition
| The name given to an account. |
|
|
Term
|
Definition
| The amount in an account. |
|
|
Term
|
Definition
| The account used to summarize the owner's equity in a business. |
|
|
Term
|
Definition
| An increase in owner's equity resulting from the operation of a business. |
|
|
Term
|
Definition
| A sale for which cash will be received at a later date. |
|
|
Term
|
Definition
| A decrease in owner's equity resulting from the operation of a business. |
|
|
Term
|
Definition
| Assets taken out of a business for the owner's personal use. |
|
|
Term
| Generally Accepted Accounting Principles (GAAP) |
|
Definition
| The standards and rules that accountants follow while recording and reporting financial activities. |
|
|
Term
|
Definition
| Securities and Exchange Commission |
|
|
Term
|
Definition
| Financial Accounting Standards Board |
|
|
Term
| Certified Public Accountant |
|
Definition
| An accountant who has meet the requirements of a state law and has been granted a certificate. The requirement vary from state to state but typically include a Masters in Accountancy, experience under another CPA & one must pass the state CPA exam. |
|
|
