Term
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Definition
| business owned by one person |
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Term
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Definition
| Business owned by more than one person |
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Term
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Definition
| Business owned by stockholders. Stockholders are not personally liable for the corporation's debts |
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Term
| Examples of Service Businesses |
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Definition
Lee's Nail Care
eBay
Accountemps
Langley Lanscaping
Dr. Wheeler, M.D. |
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Term
| Examples of Merchandise Businesses |
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Definition
Macy's
JCPenny
Amazon.com
Home Depot
Gap |
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Term
| Examples of Manufacturing Businesses |
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Definition
Anheuser-Busch
Ford
Toro
Levi's
Intel |
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Term
| Assets = ___________________ |
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Definition
| Liabilities + Owner's Equity |
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Term
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Definition
| the owner's investment of equity in the company |
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Term
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Definition
| a statement, as of a particular date, that shows the amount of assets owned by a business as well as the amount of claims (liabilities and owner's equity) against these assets |
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Term
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Definition
The interest or financial claim of creditors (liabilities) and owner's equity) who supply the assets to a firm
the rights to financial claim to the asset |
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Term
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Definition
| an obligation to pay that comes due in the future |
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Term
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Definition
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Term
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Definition
| cost that we have to spend to make money |
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Term
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Definition
| A subdivision of owner's equity that records money or other assets an owner uses from a business for personal use |
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Term
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Definition
| a system that measures the business's activities in financial terms, provides written reports and financial statements about those activities, and communicates these reports to decision makers and others |
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Term
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Definition
| amounts owed to creditors that result from the purchase of goods or services on account-a liability |
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Term
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Definition
| an asset that indicates amounts owed by customers |
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Term
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Definition
| properties (resources) of value owned by a business (cash, supplies, equipment, land) |
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Term
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Definition
| the recording function of the accounting process |
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Term
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Definition
| someone who has a claim to assets |
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Term
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Definition
beginning capital + Additional Investments + Net Income - Withdrawals = _________________
Beginning Capital + Additional Investments - Net Loss - Withdrawals = _________________ |
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Term
| expanded accounting equation |
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Definition
| Assets = Liabilities + Capital - Withdrawals + Revenue - Expenses |
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Term
| Generated accepted accounting principles (GAAP) |
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Definition
| The procedures and guidelines that must be followed during the accounting process |
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Term
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Definition
| An accounting statement that details the performance of a firm (revenue minus expenses) for a specific period of time |
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Term
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Definition
| Business that makes a product and sells it to customers |
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Term
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Definition
| Business that buys a product from a manufacturing company to sell to its customers |
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Term
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Definition
| When revenue totals more than expenses |
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Term
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Definition
| When expenses total more than revenue |
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Term
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Definition
| rights or financial claims to the assets of a business |
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Term
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Definition
| business that provides a service |
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Term
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Definition
| A shift that occurs when the composition of the assets has changed but the total of the assets remains the same |
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Term
| Statement of financial position |
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Definition
| another name for a balance sheet |
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Term
| Statement of owner's equity |
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Definition
| a financial statement that reveals the change in capital. the ending figure for capital is then placed on the balance sheet |
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Term
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Definition
| one type of asset acquired by a firm; it has a much shorter life than equipment |
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