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