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The flashcards below were created by user
inesur
on FreezingBlue Flashcards.
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Account Title
The name given to an account
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Account Balance
The amount in an account
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Accounting Equation
An equation showing the relationship among assets, liabilities, and owner's equity
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Equities
Financial rights to the assets of a business
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Capital
The account used to summarize the owner's equity in a business
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Revenue
An increase in owner's equity resulting from the operation of a business
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Expense
A decrease in owner's equity resulting from the operation of a business
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Asset
Anything of value that is owned by a business
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Owner's Equity
The amount remaining after the value of all liabilities is subtracted from the value of all assets
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Current Assets
Cash and other assets expected to be exchanged for cash or cunsumed within a year
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Current Liabilities
Liabilities due within a short time, usually within a year
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Earnings per Share
The amount of net income after federal income tax belonging to a single share of stock
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Long- term Liabilities
Liabilities owed for more than a year
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Net Sales
Total sales less sales discount and sales returns and allowances
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Statement of Stockholders' Equity
A financial statement that shows changes in a corporation's ownership for a fiscal period
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Proprietorship
A business owned by one person
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Sale on Account
A sale for which cash will be received at a later date
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Service Business
A business that performs an activity for a fee
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Transaction
A business activity that changes assets, liabilities, or owner's equity
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Withdrawals
Assets taken out of a business for the owner's personal use
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Chart of Accounts
A list of accounts used by a business
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Credit
An amount recorded on the right sie of a T account
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Debit
An amount recorded on the left side of a T account
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Normal Balance
The side of the account that is increased
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T Account
An accounting divice used to analyze transactions
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