Shared Flashcard Set

Details

Title

Chapter One

Description

glossary

Total Cards

Subject

Accounting

Level

Undergraduate 1

Created

08/24/2014

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Additional Accounting Flashcards

Term

Accounting

Definition

The information system that identifies, records, and communicates the economic events of an organization to interested users. (p.4)

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Term

assets

Definition

Resources a business owns. (p. 13)

Term

Balance sheet

Definition

A financial statement that reports the assets, liabilities, and owner's equity at a specific date. (p. 21).

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Term

Basic accounting equation

Definition

Assets = Liavilities- Owner's Equity.

(p. 13.)