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ACC 117

Chapter 2 terms

TermDefinition
account a separate record used to summarize changes in each asset, liability, and owner's equity of a business
account title provides a description of the particular type of asset, liability, owner's equity, revenue, or expense
accounting equation the accounting equations consists of the three basic accounting elements: Assets= Liabilities + Owner's Equity
accounting period concept the concept that income determination can be made on a periodic basis
accounts payable an unwritten promise to pay a supplier for assets purchased or services received
accounts receivable an account owed to a business by its customers as a result of the sale of goods or services
asset an item that is owned by a business and will provide future benefits
balance sheet reports assets, liabilities, and owner's equity on a specific date.
business entity an individual , association, or organization that engages in economic activities and controls specific economic resources
business entity concept the concept that nonbusiness assets and liabilities are not included in the business entity's accounting records
business transaction an economic event that has a direct impact on the business
capital another term for owners equity, the amount by which the business assets exceed the business liabilities
drawing reduce owner's equity as a result of the owner taking cash or other assets out of business for personal use
expenses the decrease in assets ( or increase in liabilities as a result of efforts to produce revenues)
fiscal year any accounting period of 12 months' duration
income statement reports the profitability of business operations for a specific period of time
input business transactions provide the necessary input for the accounting information system
liability something owed to another business entity
liquidity a measure of the ease with which an asset will be converted to cash
net income the excess total revenues over total expenses for the period
net loss the excess of total expenses over total revenues for the period
net worth another term for owners' equity, the amount by which the business assets exceed the business liabilities
notes payable a formal written promise to pay a supplier or lender a specified sum of money at a definite future time
operating statment another name for the income statement, which reports the profitability of business operations for a specific period of time
output the financial statements are the output of the accounting information system
owner's equity the amount by which the business assets exceed the business liabilities
processing recognizing the effect of transactions on the assets, liabilities, owners' equity, revenues, and expenses of a business
profit and loss statement another name for the incomes statement, which reports the profitability of business operations for a specific period of time
revenues the amount a business charges customers for products sold or services performed
statement of financial condition another name for the balance sheet, which reports assets, liabilities, and owner's equity on a specific date
statement of owners equity reports beginning capital plus net income less withdrawals to compute ending capital
withdrawals reduce owner's equity as a result of the owner taking cash or other assets out of the business for personal use
Assets things own: cash, office supplies, computer equipment, accounts receivable, prepaid insurance
Liabilities things owe: accounts payable, wages payable, taxes payable
owner's equity ownership of the company. Capital is not equal to cash.
Created by: anichols23
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