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Accounting

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Accounting - Financial Accounting

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user_hassanuml Created by 5 mon ago

Related Decks

Cards in this deck(22)
things of value that a business or a person owns
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debts or amounts of money that are owed to others by a business or person
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a business' assets minus thier liabilities
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A financial statement that shows a business's profit or loss over a stated period of time
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The money received from the sale of goods and services
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Money spent to help the business generate revenue
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Goods on hand to be sold
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The total amount of money owed to a business.
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a financial statement that shows how a business is doing on a certain day
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How much is cost to get the product you're selling
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Revenues - Expenses
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when expenses are greater then revenue (your in debt)
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Money owed by a business
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Person who lends money
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the good reputation of a business
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money given by a government to aid a business
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A business that buys products and resells them at a higher price
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a business that only sells services
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Assets - Liabilities = Owner's Equity
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Revenue - Expenses = Net Income
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Liabilities + Owner's Equity = Assets
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Revenue - Cost of goods sold = Gross profit
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