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chp 17 Study Guide

Chapter 17 Study Guide for Chapter Test POB

balance sheet Reports the assets, liabilities, and owner’s equity.
business entity Organization that exists independently of the owner’s personal finances.
cash flow statement Reports how cash moves in to and out of a business.
chart of accounts List of all accounts in the business.
current asset Cash or any asset that will be exchanged cash or used within one year.
current ratio Shows the relationship of assets to liabilities.
expense Cost involved in operating a business.
debt ratio Shows the percentage of dollars owed as compared to assets owned.
employee’s earnings record Individual record maintained for each employee.
gross pay Amount of income earned before taxes and other deductions are withheld.
journal Form used to record business transactions in chronological order.
merchandise Item, or items, that are bought with the intentions of reselling to a customer.
ledger Group of accounts.
journalizing Process of recording business transactions in a journal.
operating ratio Shows the relationship of expenses to sales.
Financial planning the process of setting financial goals and developing plans to reach the
accounting The system of recording business transactions and analyzing, verifying, and reporting the results
audit a review of the financial statements of a business and the accounting practices that were used to produce them.
withholding allowance an amount of income that is not subject to income taxes.
account an individual record that summarizes information for a single category, such as cash or sales.
budget the financial plan that reflects anticipated revenue and shows how it will be allocated in the operation of the business.
cash budget used to estimate the amount of money coming into and going out of the business.
current liability a short-term debt that must be paid within one year.
income statement A report of the revenue and expenses of a business for a specific time period and shows a net income or net loss
working capital The difference between current assets and current liabilities of a business
Created by: mrstephens



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