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