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