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