Accounting Test
Terms
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- Define Assets
- Future values or resources owned by a business
- Define Balance Sheet
- A financial statement that reflects position of business of a point in time
- Define CPA
- a recognized, professional accountant who provides auditing, tax consultation and advisory services.
- Define Corporation
- multiple-owner organization recognized as a seperate legal entity.
- Define Earnings
- the excess of revenue after expenses
- Define Expenses
- goods or services consumed in operating a business
- Define Financial Accounting
- Account info for internal and external users.
- Define Financial Statements
- Out or end product of the accounting system; a concise picture of the profitability and financial condition of a business entity.
- Define GAAP
-
Generally Accepted Accounting Principles
set of ground rules that have received substantial support from an authoritative source. - Define Income statement
- A financial statement that reflects results of business for a certain period of time.
- Define Liability
- amount owed by a business
- Define Limited Liability
- Owners are not liable for a majority of the business
- Define Mutual Agency
- All partners' responsibility for an individuals partner's business
- Define Partnership
- an association of two or more persons to carry on as co-owners of a business that is not organized as a corporation
- Define Profitability
- Measure of a company's ability to generate earnings from its available sources.