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V's AccountingVocab2

Chapter 2

QuestionAnswer
Accounts Payable Amounts a business must pay in the future
Accounts Receivable Claims for future collection from customers
Assets Property owned by a business
Balance Sheet A formal report of a business's financial condition on a certain date; reports the assets, liabilities, and owners equity of the business
Break Even A point at which revenue equals expenses
Business transaction A financial event that changes the resources of a firm
Capital Financial investment in a business; equity
Expense An outflow of cash, use of other assets, or incurring of a liability
Fair Market Value The current worth of an asset or the price the asset would bring if sold on the open market
Fundamental Accounting Equation The relationship between assets and liabilities plus owner's equity
Income Statement A formal report of business operations covering a specific period of time;also called a profit and loss statement or a statement of income and expenses
Liabilities Bebts or obligations of a business
Net Income The result of an excess of revenue over expenses
Net loss The result of an excess of expenses over revenue
On account An arrangement to allow payment at alater date; also called a charge account or open-account credit
Owners Equity The financial interest of the owner of a business; also called proprietorship or net worth
Revenue An inflow of money orothe assets that results from the sales of goods or services or from the use of money or property; also called income
Statement of Owner's Equity A formal report of changes that occurred in the owner's financial interest during a reporting period
Withdrawals Funds taken from the business by the owner for personal use
Created by: Virajasaur
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