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Keeping money records is called
Accounting or bookkeeping
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The arithmetic process of combining number to reach a total
Addition
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The numbers combined in addition are called
Addends
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The total number in addition is called
Sum
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What do you do when you keep all your decimals point in an addition problem
Keep them aligned
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The two records that can help families and individuals avoid financial problems
Cash receipt Records and cash payment records
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In your cash record if you have more payments than receipt it is called
Deficit
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In subtraction what is the number that is being decreased
Minuend
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In subtraction what is the amount of reduction called
Subtrahend
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In subtraction what is the remaining amount called
Difference
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Is the money or property that has any worth to your business
Asset
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In multiplication what is the number at the top called
Multiplicand or factor
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In multiplication what is the number at the bottom called
Multipler or factor
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In multiplication what is the answer called
Product
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Multiplicand and multiplier are called
Factors
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The amount you owe the department store is called
Liability
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When your business owes money to another business, your record the amount as
Accounts payable
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The business or person to whom you are liable is the
Creditor
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The amount of money invested (assets) minus the business liabilities
Capital
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Can best describe the capitals relationship to each other
Business equation
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Is a statement of finachial condition which shows the busniess’s assets, liabilities and capital
Balance sheet
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The revenue (money) received
Income
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The amount the business paid for merchandise for sale
Cost of goods
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Utilities, employee wages, insurance, property taxes, office supplies, and any other expense incuured by the business
Operating expenses
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Your income from sales less any sales returns or allowances made
Net sales
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If your expenses are less than the gross profit you have
Net profit
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If your expenses are more than your gross profit its called
Net loss
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A business that is separate from the owners and employees
Corporation
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listing the income, the cost of goods sold and the expenses of a business
income statement
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What is assets, liabilities, capital, income cost of good, and expenses used in
Bookkeeping
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Is a book of ruled paper with columns in which to enter the dollar amounts of any business transaction
Journal
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For every financial transaction in a business there are two entries –a debit and credit
A double-entry bookkeeping system
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Is a dollar amount that is recorded in the left column
Debit entry
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Is a dollar amount that is recorded in the right column
Credit
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What are the tree thing that go under debit
Assets, cost of goods sold, expenses
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What are the three thing that go under credit
Liabilities, capital, income
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used to help organize all general journal entries into categories according to their account
general ledger
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When categorizin accounts and assinginging numers you are compiling
chart of accounts
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just as there are speacial journal ther are what that accounts recivable and acconts payable ledge
subsibdiary
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