The cost of assets consumed or services used is also known as

The information device that identifies, documents, and communicates the financial events of an organization to interested customers (p. 4)
AssetsReresources owned by a organization. (p. 12)
AuditingThe examicountry of financial statements by a certified public accountant in order to expush an opinion regarding the fairness of presentation. (p. 7)
Balance SheetA financial statement that reports the assets, liabilities,and owner"s equity at a particular date. (p. 21)
Basic Accounting EquationAssets = Liabilities + Owner"s Equity. (p. 12)
BookeeepingA part of accountancy that involves only the recording of financial events. (p. 7)
CorporationA company arranged as a separate legal entity under state corporation law, having actually ownership split into transferable shares of stock. (p. 11)
Cost PrincipleAn accounting principle that says that assets need to be recorded at their expense. (p. 10)
DrawingsWithdrawal of cash or other assets from an unintegrated service for the personal use of the owner(s). (p. 13)
Economic Entity AssumptionAn presumption that calls for that the tasks of the entity beretained sepaprice and distinctive from the tasks of its owner and all various other financial entities. (p. 11)
EthicsThe requirements of conduct whereby one"s actions are judged as ideal or wrong, hoswarm or dishoswarm, fair or not fair. (p. 9)
ExpensesThe cost of assets consumed or services supplied in the procedure of earning revenue. (p. 13)
Financial AccountingThe field of accountancy that offers financial and financial information for investors, creditors, and also various other outside users. (p. 7)
Financial Accounting Standards Board (FASB)A exclusive company that creates generally embraced bookkeeping principles. (p. 10)
Normally Accepted Accounting Principles (GAAP)Typical criteria that indicate exactly how to report financial events. (p. 9)
Income StatementA financial statement that presents the earnings and expenses and resulting net revenue or net loss of a firm for a certain period of time. (p. 21)
Investments by OwnerThe assets put into the company by the owner. (p. 13)
LiabilitiesCreditorship claims on complete assets.

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(p. 12)
Management ConsultingAn location of public accountancy that involves financial planning and regulate and the advancement of accounting and computer systems. (p. 28)
Management AccountingThe field of accounting that gives economic and also financial indevelopment for supervisors and various other internal users. (p. 7)
Monetary Unit AssumptionAn presumption stating that only transaction information that can be expressed in regards to money be consisted of in the accounting records. (p. 10)
Net IncomeThe amount whereby revenue exceeds costs. (p. 13)
Net LossThe amount by which expenses exceed profits. (p. 13)
Owner"s EqityThe ownership claim on full assets. (p. 12)
Owner"s Equity StatementA financial statement that summarizes the alters in owner"s equity for a details period of time. (p. 21)
PartnershipAn association of two or even more persons to carry on as co-owners of a service for profit. (p. 11)
Private (or managerial) AccountingAn area of accountancy whthin a company that involves such tasks as cost bookkeeping, budgeting, and also audit information systems. (p. 28)
ProprietorshipA company owned by one perkid. (p. 11)
Public AccountingAn location of accountancy in which the accountant provides professional business to the general public. (p. 28)
RevenuesThe gross boost in owner"s equity resulting from service activities gotten in right into for the purpose of earning income. (p. 13)
Securities and also Exadjust Commission (SEC)A federal government company that calls for companies to file financial reports in accordance with mostly embraced accountancy values. (p. 10)
Statement of Cash FlowsA financial statement that summarizes indevelopment about the cash inflows (receipts) and also cash outflows (payments) for a details period of time. (p. 21)
TaxationAn area of public bookkeeping that involves taxation advice, taxes planning, and also preparing taxes returns. (p. 28)
TransactionsThe financial occasions of an enterpincrease that are tape-recorded by accountants. (p. 14)