the difference between assets and liabilities

the principles of right and wrong that guide an individual in making decisions

the use of ethics in making business decisions

a business that performs an activity for a fee

a formal written document that describes the nature of a business and how it will operate

Generally Accepted Accounting Principles. The standards and rules that accountants follow while recording and reporting financial activities.

the financial rights to the assets of a business

the amount remaining after the value of all liabilities is subtracted from the value of all assets

an equation showing the relationship among assets, liabilities, and owner's equity

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

a record that summarizes all the transactions pertaining to a single item in the accounting equation

the difference between the increases and decreases in an account

an account used to summarize the owner's equity in a business

a person or business to whom a liability is owed

an increase in equity resulting from the sale of goods or services

a sale for which payment will be received at a later date

the cost of goods or services used to operate a business

assets taken from the business for the owner's personal use

Accounting Concept: Business transactions are reported in numbers that have common values - that is, using a common unit of measurement

Accounting Concept: Financial information is recorded and reported separately from the owner's personal financial information

Realization of Revenue

Accounting Concept: Revenue is recorded at the time goods or services are sold

an accounting device used to analyze transactions

an amount recorded on the left side of an account

an amount recorded on the right side of an account

the side of an account that is increased

a list of accounts used by a business

amounts to be paid in the future for goods or services already acquired

amounts to be received in the future due to the sale of goods or services

a form for recording transactions in chronological order

recording transactions in a journal

information for each transaction recorded in a journal

Double-Entry Accounting

the recording of debit and credit parts of a transaction

a business paper from which information is obtained for a journal entry

a business form ordering a bank to pay cash from a bank account

a form describing the goods or services sold, the quantity, the price, and the terms of sale

an invoice used as a source document for recording a sale on account. It is also referred to as a sales ticket or sales slip

a business form giving written acknowledgement for cash received

a form on which a brief message is written to describe a transaction

determining that the amount of cash agrees with the accounting records

Accounting: Ch. 1-3 Vocabulary Flashcards

Student preview

48 questions

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1.

FLASHCARD QUESTION

Front

Accounting

Back

the process of planning, recording, analyzing, and interpreting financial information

2.

FLASHCARD QUESTION

Front

Accounting System

Back

a planned process designed to compile financial data and summarize the results in accounting records and reports

3.

FLASHCARD QUESTION

Front

Financial Statements

Back

financial reports that summarize the financial condition and operations of a business

4.

FLASHCARD QUESTION

Front

Net Worth Statement

Back

a formal report that shows what an individual owns, what an individual owes, and the difference between the two

5.

FLASHCARD QUESTION

Front

Asset

Back

anything of value that is owned

6.

FLASHCARD QUESTION

Front

Liability

Back

an amount owed

7.

FLASHCARD QUESTION

Front

Personal Net Worth

Back

the difference between personal assets and personal liabilities

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