Show:
Exploring the World of Business
The Universal Lanuage of Business
Property and Financial Claims
Transactions that Affect Owner's Invest., Cash,& Credit
Tranactions that
Affect Revenue, Expense, & Withdrawals
100
Partnership
What is a business owned by two or more persons?
100
GAAP
What is generally accepted accounting principles?
100
liabilities
What is the creditor's claim to the assets of the business?
100
account
What shows the balance for a specific item?
100
revenue
What is income earned from the sale of goods or services?
200
loss
What is a business that spends more money than they earn operate at?
200
Financial reports
What is a summarized information about the financial status of a business?
200
Property
What is anything of value that is owned or controlled?
200
business tranaction
What is an economic event that causes a change either an increase or a decrease
200
expense
What is the account for the price paid for goods or services.
300
profit
What is the amount of money earned over and above the amount spent to keep the business operating?
300
Management accounting
What is reporting information to management?
300
property rights, or financial claims
What dollar amount measures both the sost of the property?
300
on account
What is a business buying an item of credit on?
300
withdrawal
What is account the owner will take cash or other assests from?
400
capital
What is money supplied by investors, banks, or owners of a business?
400
Computerized accounting system
What is the financial information that is recorded by entering it into a computer?
400
owner's equity
What is the owner's claim to the assets of the business?
400
Accounts receivable
What is the total amount of money owed to a business?
400
Identify
What is the first thing you do in a transaction?
500
free enterprise system
Who is free to produce the goods and services they choose?
500
Going concern
How is a buisness expected to continue?
500
creditor
Who is the business or person selling you the property on credit?
500
Accounts payable
What is the amount of money owed, or payable?
500
Balance the equation
What is the fourth thing you do in a transaction?