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