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