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Definition
| Organized summaries of a business's financial activities |
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Definition
| Reports that summarize the financial condition and operations of a business. |
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Definition
| Business owned by one person |
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Definition
| Performs an activity for a fee |
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Definition
| Financial rights to the assets of the business |
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Term
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Definition
| Planning, recording, analyzing, and interpreting financial information |
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Definition
| Planned process for providing financial information that will be useful to management. |
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Definition
| Keeping personal financial records separate from that of the business |
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Definition
| Anything of value owned by a business |
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Definition
| An amount owed by a business. |
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Term
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Definition
| Amount remaining after Liabilities are subtracted from Assets |
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Term
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Definition
| Principles of right and wrong that guide making business decisions |
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Definition
| A business activity that can change assets, liabilites, and owner's equity |
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Definition
| Account used to summarize the owner's equity |
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Term
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Definition
| Record summarizing all the information pertaining to a single item |
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Definition
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Term
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Definition
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Definition
| Income or cash received from a sale |
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Definition
| A cost that arises from the normal operation of the business |
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Term
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Definition
| Receiving payment at a later date than the sale date |
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Term
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Definition
| Recording Revenue at the time of the sale not at the time cash is actually received |
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Term
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Definition
| Assets taken out of the business for the owner's personal use. |
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