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Accounting 1

TermDefinition
Account Is a separate record used to summarize changes in each asset, liability and owner equity of business
Business entity Items that are owned by a business and will provide future benefits.
Assets Items that are owned by a business and will provide future benefits.
Accounts receivable Amount owed to the business by its customers.
Liabilities Something owed to another business entity, debits or obligations of the business than be paid with cash, goods or service.
Accounts payable An unwritten promise to pay a supplier for assets purchased or services received. (Purchased on account or on credit). Formal written note: promises to pay suppliers or lenders sums of money at a definite future times are known as Notes Payable.
Owners equity Net worth and Capital The amount by which the business assets exceed the business liabilities. If there are no business liabilities the owners equity is equal to total assets
Accounting equation The relationship between the three basic accounting elements. Asset=Liabilities+Owners equity
Business Transaction An economic event that has a direct impact on the business.
Account titles Provide a description of a particular type of asset, liability or owners equity affected by a transaction.
Business Equity Concept Concept that non-business assets and liabilities are not included in the business records.
Business Equity An individual, association or organization that engages in economic activities and controls specific economic resources.
Corporation A type of ownership structure in which stockholders own the business.
Expenses The cost of doing business. Costs incurred for the purpose of earning revenue.
GAAP Generally Accepted Accounting Principles. Procedures and guidelines developed by FASB to be followed in the accounting and reporting process.
Income statement Reports revenue, expenses and net income or net loss.
Balance sheet Reports assets, liabilities, and owner's equity on a specific date. Confirms that the accounting equation is in balance.
Manufacturing Business A business that makes a product to sell.
Merchandising Business A business that buys products to sell.
Net Income (Profit) Excess of total revenues over total expenses. Revenues are greater than expenses.
Owner's name, Drawing Withdrawals by the owner that reduce capital by withdrawing cash or other assets for personal use.
Owners equity (Capital) The amount by which business assets are greater than liabilities.
Account Balance The balance shows the ending amount in an account. This is the difference between debits and credits. If the cash account totals $1000 in debits and $400 in credits at the end of an accounting period, the difference is a $600 debit balance.
Account Balance The amount of money in a financial repository such as a checking account at any given moment.
Chart of accounts Is a list of all accounts used by a business.
Popular Accounting sets

 

 



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