Term
|
Definition
| planning, recording, analyzing, and interpreting financial information |
|
|
Term
|
Definition
| 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
| business owned by one person |
|
|
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 form the value of all assets |
|
|
Term
|
Definition
| assets = liabilities + owner's equity |
|
|
Term
|
Definition
| a business activity that changes assets, liabilities or owner's equity |
|
|
Term
|
Definition
| record summarizing all information pertaining to a single item in the accounting equation |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| account used to summarize the owner's equity in a business |
|
|
Term
|
Definition
| a financial statement that reports assets, liabilities, and owner's equity on a specific date |
|
|
Term
|
Definition
| 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
| decrease in owner's equity resulting from the operation of a business |
|
|
Term
|
Definition
| assets taken out of a business for owner's personal use |
|
|
Term
|
Definition
| accounting device used to analyze transactions |
|
|
Term
|
Definition
| side of account that is increased |
|
|
