MAKE UP Accounting & Philanthropy

Front

Planning, recording, analyzing, and interpreting financial information

Back

accounting

Front

A decrease in owner's equity resulting from the operation of a business

Back

expense

Front

Amount owed by a business

Back

liability

Front

A business activity that changes assets, liabilities, or owner's equity

Back

transaction

Front

Anything of value that is owned

Back

asset

Front

The amount in an account

Back

account balance

Front

Revenues minus expenses equals _____________________.

Back

Profit

Front

________ are debts of the business?

Back

liabilities

Front

A record of a single item in the accounting equation.

Back

Account

Front

A company owned by a group of people authorized to act as a single entity.

Back

Corporation