Essentials in Business

A device for recording the changes (increases or decreases in a fundamental accounting element.

One who is concerned with the design of the system of records, the preparation of reports based upon the recorded data, and the interpretation of the reports.

A launguage of business employed to communicate financial information based upon analyzing, recording, classification, summarization, reporting, and interpretation of financial data.

Assets equl Liabilities plus Owner's Equity.

An unwritten promise by a customer to pay, at a later date, for goods sold or services rendered. "you are owed money"

Property of Monetary value owned by a business.

One who is involved in the process of recording financial information in a prescribed manner.

The recording of financial information in a prescribed manner.

The amount by which the total assets exceed the total liabilities of a business; an owner's financial interest in a business.

Coins, Currency (paper money), checks, credit cards receipts and money orders recieved from others, as well as money deposited in the bank.

An individual possessing a college education, having practial experience in accounting and who has passed a comprehensive state examination in order to be certified to practice public accounting in that state.

A business or individual to whom a dept is owed.

A decrease in assets, other than withdrawals by the owner, which results from efforts to produce revenues.

An inflow of assets as a result of selling a product or providing a service.

Any debts that a business owes.

Expenses incurred incurred in the normal operation of a business.

Capital

A type of asset that will be consumed as it is used. (Examples: embalming supplies and office supplies)

Any activity of a business enterprise that involves the exchange of values.