Term
|
Definition
| a system, including its design and internal controls, that accounts, records, summarizes, interprets and reports all financial transactions of an organization. |
|
|
Term
| Fundamental accounting equation |
|
Definition
| Assets=Liabilities+Owner's Equity |
|
|
Term
|
Definition
| All sellable business possessions; everything company owns of value including cash |
|
|
Term
|
Definition
|
|
Term
|
Definition
Seed money; cash invested in a business
Contributed Capital + Retained earnings or funds available if a company were to sell its assets and pay all liabilities |
|
|
Term
|
Definition
|
|
Term
|
Definition
| expense and revenue should match |
|
|
Term
|
Definition
| current assets, capital assets, intangible assets |
|
|
Term
| financial report is these two things |
|
Definition
| balance sheet and income statement |
|
|
Term
|
Definition
| total income received from sales, interest, dividends, etc |
|
|
Term
|
Definition
| difference between an organizations total revenue and its total expenses for a given time period |
|
|
Term
|
Definition
Name
Income for year ended [ date ]
Sales Revenue [tab] $XX
Expenses
[tab]item1 [tab] (XX)
[tab]item etc [tab] (XX)
TOTAL INCOME[tabtab]($XX)underlinedx2 |
|
|
Term
|
Definition
| The continued profit part of owner's equity. |
|
|
Term
|
Definition
| money is not written into the books until it is in hand or spent |
|
|
