Sole Proprietor A business owned by one person GAAP Generally accepted accounting principals Balance sheet Financial document showing Assets, Liab, & OE Schedule of Accounts payable A list of vendor accounts, balances, and total amount owing to all vendors n/30 No discount, must be paid within 30 days of the invoice date Accounting The financial process to recording money transactions Merchandising Business A business that sells products for profit Financial Statement A report that summaries the financial condition of a business Accounting equation Assets = Liab + OE Revenue Money earned in business Invoice A source document for recording a purchase on account Accounts Payable Amount to be paid in the future Income Statement Financial document showing revenue and expenses Stockholder The owner of shares in a business Capital The owner's investment into the business Assets Items that are owned Purchases The account used when buying merchandise Expense Money paid to operate the business Vendor A business from which merchandise or other assets are purchased Debit & Credit Transactions need at least one of EACH of these Transaction Any business activity that changes assets, liability or Owner's equity Liability An amount owed Terms of Sale An agreement between a buyer and seller about payment for merchandise 2/10 2% discount if paid within 10 days of the invoice date Post Closing Trial Balance The final financial statement produced in a fiscal year Managerial Accounting The management & decision making in business Journalizing Recording transactions in a journal Accounts Receivable Amounts to be received in future due to sale of goods Owner's Equity Amount remaining after Assets - Liabilities Financial Accounting Book keeping in a business Financial Statements Financial records of business activity Ledgers A group of accounts and their totals Business Ethics The principles of right and wrong Credit limit The maximum outstanding balance allowed to a customer by a vendor Account title Information at the top of each financial statement Account Balance Total of the account Merchandise Inventory The goods a business has on hand for sale to customers Partnership Two or more persons combine their assets/skill Withdrawal Something has been taken out of the business Sole Proprietor A business owned by one person GAAP Generally accepted accounting principals Balance sheet Financial document showing Assets, Liab, & OE Schedule of Accounts payable A list of vendor accounts, balances, and total amount owing to all vendors n/30 No discount, must be paid within 30 days of the invoice date Accounting The financial process to recording money transactions Merchandising Business A business that sells products for profit Financial Statement A report that summaries the financial condition of a business Accounting equation Assets = Liab + OE Revenue Money earned in business Invoice A source document for recording a purchase on account Accounts Payable Amount to be paid in the future Income Statement Financial document showing revenue and expenses Stockholder The owner of shares in a business Capital The owner's investment into the business Assets Items that are owned Purchases The account used when buying merchandise Expense Money paid to operate the business Vendor A business from which merchandise or other assets are purchased Debit & Credit Transactions need at least one of EACH of these Transaction Any business activity that changes assets, liability or Owner's equity Liability An amount owed Terms of Sale An agreement between a buyer and seller about payment for merchandise 2/10 2% discount if paid within 10 days of the invoice date Post Closing Trial Balance The final financial statement produced in a fiscal year Managerial Accounting The management & decision making in business Journalizing Recording transactions in a journal Accounts Receivable Amounts to be received in future due to sale of goods Owner's Equity Amount remaining after Assets - Liabilities Financial Accounting Book keeping in a business Financial Statements Financial records of business activity Ledgers A group of accounts and their totals Business Ethics The principles of right and wrong Credit limit The maximum outstanding balance allowed to a customer by a vendor Account title Information at the top of each financial statement Account Balance Total of the account Merchandise Inventory The goods a business has on hand for sale to customers Partnership Two or more persons combine their assets/skill Withdrawal Something has been taken out of the business
(Print)
A business owned by one person
Generally accepted accounting principals
Financial document showing Assets, Liab, & OE
A list of vendor accounts, balances, and total amount owing to all vendors
No discount, must be paid within 30 days of the invoice date
The financial process to recording money transactions
A business that sells products for profit
A report that summaries the financial condition of a business
Assets = Liab + OE
Money earned in business
A source document for recording a purchase on account
Amount to be paid in the future
Financial document showing revenue and expenses
The owner of shares in a business
The owner's investment into the business
Items that are owned
The account used when buying merchandise
Money paid to operate the business
A business from which merchandise or other assets are purchased
Transactions need at least one of EACH of these
Any business activity that changes assets, liability or Owner's equity
An amount owed
An agreement between a buyer and seller about payment for merchandise
2% discount if paid within 10 days of the invoice date
The final financial statement produced in a fiscal year
The management & decision making in business
Recording transactions in a journal
Amounts to be received in future due to sale of goods
Amount remaining after Assets - Liabilities
Book keeping in a business
Financial records of business activity
A group of accounts and their totals
The principles of right and wrong
The maximum outstanding balance allowed to a customer by a vendor
Information at the top of each financial statement
Total of the account
The goods a business has on hand for sale to customers
Two or more persons combine their assets/skill
Something has been taken out of the business
