Keys Terms Chapter 1.2 PDF
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Summary
This document appears to be lecture notes or study guides on key terms in accounting and business. Key terms like assets, liabilities, and owner's equity, are mentioned. It covers various accounting concepts.
Full Transcript
Business accounts receivable revenues Profit prepaid expense expenses service business revenue double-entry accoun ng syste...
Business accounts receivable revenues Profit prepaid expense expenses service business revenue double-entry accoun ng system merchandising businesses earnings rules of debits and credits manufacturing businesses fees earned normal balance of an accoun ng expenses account financial accoun ng financial statements income journal, two-column journal statement general purpose financial journalizing statements matching concept journal entry accoun ng ethics net income pos ng accoun ng principles statement of owner's equity four-column account data analysis withdrawals (or drawing) trial balance business en ty assump on balance sheet unadjusted trial balance proprietorship account form horizontal analysis partnership statement of cash flows corpora on ra o of liabili es to owner’s equity limited liability company (LLC) account me period concept T account fiscal year Debit cost concept Credit expense recogni on principle balance of the account objec vity concept ledger, chart of accounts accoun ng equa on assets assets liabili es liabili es payable owner's equity unearned revenue business transac on capital account accounts payable drawing
