You are watching: A list of all accounts with their balances at a point in time
represents fan the business owes since it signed promissory notes to borrow money or to acquisition something.
Summary machine that is shaped like a funding "T" through debits post on the left side of the vertical line and also credits ~ above the ideal side that the upright line. A "shorthand" version of a ledger.
Same as a journal entry, except this entry is identified by having actually multiple debits and/or many credits. The full debits still same the full credits in the link journal.
The info system that measures company activities, procedures that details into reports, and also communicates the results to decision makers.
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Documents the report ~ above a business in financial amounts, providing information to aid make informed business decisions.
Accounting guidelines, recipe by the Financial audit Standards Board, that govern just how accountants measure, process and interact financial information
Accounting guidelines, formulated by the International audit Standards Board, that govern exactly how accountants measure, procedure and interact financial information
A company owned through stockholders. A corporation starts when the state authorize its write-ups of incorporation and also the very first share of stock is issued. The is a legal entity, one "artificial person", in the eyes of the law
A certificate representing ownership attention in a corporation. The holders of stock are referred to as stockholders or shareholders
Company in i m sorry each companion is just liable because that his or her own actions or those under his or she control
Company in which each partner is just liable because that his or her very own actions or those under his or she control
Organization that has actually been authorized by the internal Revenue company to run for a religious, charitable, or educational purposes
An organization or a ar of an organization that, for accounting purposes, stands apart from other organizations and also individuals as a separate economic unit
Principle the asserts accountancy information is based on the reality that the data faithfully to represent the measurement or summary of that data. Faithfully stood for data space complete, neutral, and complimentary from material error
The basic tool that accounting, measuring the sources of the business and also the cases to those resources: heritage = liabilities + Equity
The claim of a company"s owners to the heritage of the business. Likewise called owner"s equity for proprietorships and partnerships and also called shareholders" equity or stockholders" equity for a corporation
The appropriate to obtain cash in the future kind customers to whom the business and also the cases to those resources: heritage = legal responsibility + Equity
Decrease in equity the occurs from using assets of the business. Additionally called owner"s equity because that proprietorships and partnerships and also called shareholders" equity or stockholders" equity because that a corporation
The amount invested in a coporation, group by its owners, the stockholders. Additionally called contributed capital
The quantity earned end the life the a organization by income-producing activities and kept (retained) for usage in the business
An event that affect the financial position of a specific entity and also can it is in measured and also recorded reliably
Summary of an entity"s revenues, exoenses and also net revenue or net loss for a specific period. Also called the statement of earnings or the declare of operations
Summary of an entity"s revenues, exoenses and net income or net loss because that a certain period. Likewise called the income statement or the declare of operations
Summary of one entity"s revenues, exoenses and also net earnings or network loss because that a details period. Likewise called the revenue statement or statement of earnings