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Accounting 1

Accounting Period A Period of time covered by an accounting report
Accounting System Designed to collect, document, and report financial tranactions
Capital Money that investors, banks, or business owners supply.
Charter Gives corporations certain rights and privileges
Computerized Accounting System Accounting info is processed by computer
Corporation Business recognized by law to have a life of its own.
Entrepreneur Person who transforms their idea into product or services in the real world.
Financial Accounting Focuses on reporting information to an external user
Financial Reports Summarized information about the financial status of a business
Free Enterprise System People are free to produce the goods and service that they choose.
GAAP Generally Accepted Accounting Principles
Going Concern A business is expected to continue indefinitely
Loss Business's spend more money than they can make.
Management Accounting Focuses on reporting information to internal uers
Manual Accounting System Accounting info is processes by hand
Manufacturing Business Buys raw materials, uses labor and machinery to transform them into finished products.
Partnership Business that is owned by two or people people.
Merchandising Business Buys finished product and resells them to individuals or other businesses
Profit The amount of money earned over and above the cost of operating the business.
Service business Provides a needed service, for a fee.
Sole Proprietorship Business owned by one person.
Business transaction Economic event that causes a decrease or increase in assets, liability or owners equity
Account Subdivision under assets, liabilities or owners equity.
Accounts receivable Total money owed to a business
Accounts Payable The amount owed, or payable, to the creditors of a business.
Investment Money or other property paid out to produce profit
On Account When a business buys an item on credit.
Revenue Income earned from the sale of goods or services.
Expense The cost of services or goods.
Withdrawl Takes cash from business revenue for personal use.
Account Subdivision under assets, liabilities, or owners equity
Accounting Equation Assets=Liabilities+Owner's Equity
Accounts Payable Money owed by a company to its creditors.
Accounts Receivable Money owed to a company by its debtors.
Assets Property owned by a person or company
Business Transaction An economic event that initiates the accounting process of recording it in a company's accounting system.
Credit An entry recorded on the right-hand side
Creditor A person or company to whom money is owed.
Equities The value of the shares issued by a company
Expense The cost required for something
Investment The action or process of investing money for profit or material result.
Liabilities An obligation and it is reported on a company's balance sheet
On Account Purchase/sale of merchandise or a service on credit.
Owner's Equity The owners claims to assets
Property Anything of value that is owned by a person or business
Revenue Income earned from sales of goods/services
Withdrawal Decreases Both OE and Assets
Correcting Entry Used to fix an error after posting.
General Ledger Permanent ledger organized by account number
Ledger account forms Specific Accounts
Posting Transferring information from general ledger to ledger accounts
Proving the Ledger Comparing the two totals to see whether they are equal.
Slide Error Occurs when a decimal point is moved by mistake
Transposition Error Occurs when two digits in the same number are switched
Trial Balance Method to Prove the ledger
Created by: 358717
Popular Accounting sets




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