Term
|
Definition
| The action or process of keeping financial accounts. |
|
|
Term
|
Definition
a planned process for providing financial information that will be
useful to management |
|
|
Term
|
Definition
| organized summaries of a business’s financial activities |
|
|
Term
|
Definition
financial reports that summarize the financial condition and
operations of a business |
|
|
Term
|
Definition
| anything of value that is owned |
|
|
Term
|
Definition
| financial rights to the assets of a business |
|
|
Term
|
Definition
| an amount owed by a business |
|
|
Term
|
Definition
the amount remaining after the value of all liabilities is subtracted from
the value of all assets |
|
|
Term
|
Definition
an equation showing the relationship among assets, liabilities, and
owner’s equity |
|
|
Term
|
Definition
| a business activity that changes assets, liabilities, or owner’s equity |
|
|
Term
|
Definition
a record summarizing all the information pertaining to a single item in the
accounting equation |
|
|
Term
|
Definition
| the name given to an account |
|
|
Term
|
Definition
|
|
Term
|
Definition
| the account used to summarize the owner’s equity in a business |
|
|
Term
|
Definition
| an increase in owner’s equity resulting from the operation of a business |
|
|
Term
|
Definition
| a sale for which cash will be received at a later date |
|
|
Term
|
Definition
| a decrease in owner’s equity resulting from the operation of a business |
|
|
Term
|
Definition
| assets taken out of a business for the owner’s personal use |
|
|
Term
|
Definition
| a business form ordering a bank to pay cash from a bank account |
|
|
Term
|
Definition
| the recording of debit and credit parts of a transaction |
|
|
Term
|
Definition
| information for each transaction recorded in a journal |
|
|
Term
|
Definition
a journal with two amount columns in which all kinds of entries can be
recorded |
|
|
Term
|
Definition
| a form describing the goods or services sold, the quantity, and the price |
|
|
Term
|
Definition
| a form for recording transactions in chronological order |
|
|
Term
|
Definition
| recording transactions in a journal |
|
|
Term
|
Definition
| a form on which a brief message is written describing a transaction |
|
|
Term
|
Definition
| business form giving written acknowledgement for cash received |
|
|
Term
|
Definition
| an invoice used as a source document for recording a sale on account |
|
|
Term
|
Definition
business paper from which information is obtained for a journal
entry |
|
|
