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