Accounting

The flashcards below were created by user davecowman on FreezingBlue Flashcards.

  1. Expenses
    Decrease in owner's equity (capital) resulting from the cost of goods, fixed assets, and services and supplies consumed in the operations of a business.
  2. Revenue
    The gross increase in owner's equity (capital) resulting from the operations and other activities of the business.
  3. Owner's Equity also called Owner's Capital
    The owner's rights to the property (assets) of the business; also called proprietorship and net worth
  4. Liabilities
    Claims by creditors to the property (assets) of a business until they are paid.
  5. Assets
    The properties used in the operation or investment activities of a business.
Author:
davecowman
ID:
281238
Card Set:
Accounting
Updated:
2014-08-24 23:07:06
Tags:
Accounting
Folders:

Description:
Accounting terms
Show Answers: