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SDV196 Chapter 7
Vocabulary
| Term | Definition |
|---|---|
| Financial Report | written reports that summarize the results of financial transactions affecting a business and report its current financial position |
| Accounting Period | a block of time covered by an accounting report |
| Accounting Cycle | activities or steps, that help a business keep its accounting records in an orderly manner |
| Accounting Equation | Assessts - Liabilities= Owner's Equity |
| Accounts Recievable | total amount of money owed to a business by customers |
| Journal | record of all transactions for a business |
| General Ledger | a book or set of electronic files that contains the accounts used for a business |
| Posting | the process of recording transfers of amounts from the general journal to individual accounts in the general ledger |
| Income Statement | a report of the income net or net loss for an accouting period |
| Financial Statement | reports that summarize changes that results from business transactions during an accounting period |
| Cost of Merchandise sold | the amount of money business paid for goods that it sold to customers |
| Net Income | the amount of revenue that remains after expenses for the accounting period are subtracted from the gross profit on sales |
| Balance Sheet | a report of the balances of all asset, liablitily, and owner equity accounts at the end of an accounting period |
Created by:
Personal Finance CHS
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