Term
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Definition
| financial info is recorded and reported separately from the owner's personal financial info (GAAP) |
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Term
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Definition
| revenue is recorded at the time goods or services are sold (GAAP) |
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Term
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Definition
| business transactions are stated in numbers that have common values; that is, using a common unit of measurement (GAAP) |
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Term
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Definition
| planning, recording, analyzing, and interpreting financial information; "language of business" |
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Term
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Definition
| the difference between personal assets and personal liabilities |
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Term
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Definition
| planned process for providing financial information |
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Term
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Definition
| organized summaries of a business's financial activities |
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Term
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Definition
| financial reports that summarize financial condition and operation of a business |
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Term
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Definition
| performs activity for a fee |
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Term
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Definition
| business owned by one person |
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Term
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Definition
| anything of value that is owned |
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Term
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Definition
| formal written document that describes the nature of a business and how it will operate |
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Term
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Definition
| financial right to the assets of a business |
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Term
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Definition
| amount owed by a business |
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Term
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Definition
| amount remaining after the value of all the liabilities is subtracted from the value of all assets |
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Term
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Definition
| business activity that changes assets, liabilities, or owner's equity |
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Term
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Definition
| record summarizing all information pertaining to a single item in the accounting equation |
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Term
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Definition
| formal report that shows what an individual owns, what an individual owes, and the difference between the two |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| account used to summarize owner's equity in a business |
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Term
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Definition
| sales for which cash will be received later |
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Term
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Definition
| assets taken out of the business for personal use |
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Term
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Definition
| money, certificates of deposit, checks |
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Term
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Definition
| amount to be collected from customers |
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Term
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Definition
| a person or business to whom a liability is owed |
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Term
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Definition
| items used to run a business, office, or store |
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Term
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Definition
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Term
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Definition
| decreases in capital resulting from operation of a business |
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Term
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Definition
| increases in capital resulting from operation of a business |
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Term
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Definition
| shows the relationship among assets, liabilities, and owner's equity |
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Term
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Definition
| the use of ethics in making business decisions |
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Term
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Definition
| the principles of right and wrong that guide an individual in making decisions |
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