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