Accounting Basics
Flashcard
•
Business
•
9th - 12th Grade
•
Easy
Naomi Griffin
Used 2+ times
FREE Resource
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23 questions
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1.
FLASHCARD QUESTION
Front
Accounting
Back
The process of recording, summarizing, and analyzing financial transactions.
2.
FLASHCARD QUESTION
Front
Asset
Back
Anything of value owned by a business or individual (cash, equipment, inventory).
3.
FLASHCARD QUESTION
Front
Liability
Back
A debt or obligation that a business or individual owes (loans, accounts payable).
4.
FLASHCARD QUESTION
Front
Equity
Back
The owner’s claim to the assets of the business (assets-liabilities=equity).
5.
FLASHCARD QUESTION
Front
Revenue
Back
Income earned from selling goods or services.
6.
FLASHCARD QUESTION
Front
Expense
Back
Costs incurred to generate revenue (rent, utilities, salaries).
7.
FLASHCARD QUESTION
Front
Net Income
Back
Revenue minus expenses; also called profit.
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