Accounting Basics

Front

Accounting

Back

Planning, recording, analyzing, and interpreting financial information

Front

Accounting Cycle

Back

A six-step procedure that results in the preparation and analysis of the major financial statements.

Front

Accounting Equation

Back

The total assets= total liabilities + owner's equity

Front

Accounting Period

Back

The period of time between the preparation of financial statements; also called fiscal periods

Front

Accounts Payable

Back

Amounts to be paid in the future for goods or services already acquired, listed as liabilities on a balance sheet

Front

Accounts Receivable

Back

Amounts to be received in the future due to the sale of goods or services, listed as assets on a balance sheet

Front

Appeal

Back

Apply to a higher court for a reversal of the decision of a lower court.

Front

Assets

Back

Money and other valuables belonging to an individual or business

Front

Balance Sheet

Back

A financial statement that reports assets, liabilities, and owner's equity on a specific date.

Front

Business

Back

Any activity that seeks to provide goods and services to others while operating at a profit