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