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Records & Business Planning I

by: Don Langworth DVM

Records & Business Planning I ABM 111

Marketplace > Morgan Community College > General > ABM 111 > Records Business Planning I
Don Langworth DVM

GPA 3.68


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Class Notes
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This 3 page Class Notes was uploaded by Don Langworth DVM on Thursday October 15, 2015. The Class Notes belongs to ABM 111 at Morgan Community College taught by Staff in Fall. Since its upload, it has received 25 views. For similar materials see /class/223571/abm-111-morgan-community-college in General at Morgan Community College.


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Date Created: 10/15/15
Fundamental Accounting Terms Account An accounting device used in bookkeeping to record increases and decreases of business transactions relating to individual assets liabilities capital withdrawals revenue expenses and so on Accounting A system that measures the business s activities in nancial terms provides written reports and nancial statements about those activities and communicates these reports to decision makers and others Accounting Cycle For each accounting period the process that begins with the recording of business transactions or procedures into a journal and ends with the completion of a postclosing trial balance Accounting Equation Assets Liabilities Owner s Equity Accounts Payable Amounts owed to creditors that result from the purchase of goods or services on account a liability Accounts Receivable An asset that indicates amounts owed by customers Accumulated depreciation A contraasset account that summarizes or accumulates the amount of depreciation that has been taken on an asset Assets Properties resources of value owned by a business cash supplies equipment land Balance Sheet A statement as of a particular date that shows the amount of assets owned by a business as well as the amount of claims liabilities and owner s equity against these assets A snapshot of the business on a given date Also known as a net worth statement Italics added Bank Reconciliation The process of reconciling the checkbook balance with the bank balance given on the bank statement Bookkeeping The recording function of the accounting process Book Value Cost of equipment less accumulated depreciation Calendar Year A oneyear period beginning on January 1 and ending on December 31 Employers must use a calendar year for payroll purposes even if the employer uses a scal year for nancial statements and for any other reasons Capital The owner s investment of equity in the company Chart of Accounts A numbering system of accounts that lists the account titles and account numbers to be used by a company Compound Entry A transaction involving more than one debit or credit Sometimes referred to as a split transaction Italics added Credit The righthand side of any account A number entered on the right side of any account is said to be credited to an account Creditor Someone who has a claim to assets Debit The lefthand side of any account A number entered on the left side of any account is said to be debited to an account Depreciation The allocation spreading of the cost of an asset such as an auto or equipment over its expected useful life Double entry bookkeeping An accounting system in which the recording of each transaction affects two or more accounts and the total of the debits is equal to the total of the credits Equities The interest or financial claim of creditors liabilities and owners owner s equity who supply the assets to a firm Expense A cost incurred in running a business by consuming goods or services in producing revenue a subdivision of owner s equity When expenses increase there is a decrease in owner s equity Fiscal Year The 12month period a business chooses for its accounting year Generally accepted accounting principles GAAP The procedures and guidelines that must be followed during the accounting process Income Statement An accounting statement that details the performance of a firm revenue minus expenses for a specific period of time Also called a Pro t amp Loss Statement Italics added Journal entry The transaction debits and credits that is recorded into a journal once it is analyzed Ledger A group of accounts that records data from business transactions Liabilities Obligations that come due in the future Liabilities result in increasing the financial rights or claims of creditors to assets Owner s equity Rights or financial claims to the assets of a business in the accounting equation assets minus liabilities by the owner Net Income When revenue totals more than expenses the result is net income Net Loss When expenses totals more than revenue the result is net loss Normal balance of an account The side of an account that increases by the rules of debit and credit Revenue An amount earned by performing services for customers or selling goods to customers it can be in the form of cash and or accounts receivable A subdivision of owner s equity as revenue increases owner s equity increases Shift in assets A shift that occurs when the composition of the assets has changed but the total of the assets remains the same Single entry accounting An accounting system in which the recording of each transaction affects only one account as in the case of a ledger book Supplies One type of asset acquired by a rm it has a much shorter life than equipment T Account A skeleton version of a standard account used for demonstration purposes Trial Balance A list of the ending balances of all the accounts in a ledger The total of the debits should equal the total of the credits Withdrawals A subdivision of owner s equity that records money or other assets an owner withdraws from a business for personal use


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