Planning, recording, analyzing, and interpreting financial information.
Planned process for providing financial information that will be useful to management.
organized summaries of a business's financial activities
reports that summerize the financial conditions and opperations of business
a business that performs an activity for a fee
A business owned by one person
a useful or valuable quality
financial rights to the assets of a business
An amount owned by a business/ Person
the amount remaining after the value of all liabilities is subtracted from the value of all assets
Assets = Liabilities + Owner's Equity
a business activity that changes assets, liabilities, or owner's equity
Record summarizing all the information pertaining to a single item in the accounting equation
the amount in an account
Account used to summarize the owner's Equity in a business.
an increase in owner's equity resulting from the operation of a business
Sale on Account
a sale for which cash will be received at a later date
a decrease in owner's equity resulting from the operation of a business
assets taken out of a business for the owner's personal use