Vocab 1 Flashcards
1
Q
A/R
A
Things a business will be paid for in the future
2
Q
Assets/property
A
Stuff owned by business
3
Q
Balance Sheets
A
Reports the assets, liabilities etc
4
Q
Break Even
A
Revenue = Expenses
5
Q
Business Transaction
A
Financial event that changes the resources of a firm
6
Q
A/P
A
Thigs a business has to pay in the future
7
Q
Capital
A
Investment in a business
8
Q
Equity
A
Owner’s financial interest in a business
9
Q
Expense
A
Outflow of cash
10
Q
Fair Market Value
A
Current worth of an asset if sold on the open market
11
Q
Income statement
A
Formal report of business operation over a period of time
12
Q
Liabilities
A
Debts or obligations
13
Q
Net Income
A
Result of an excess of revenue
14
Q
Net Loss
A
Result of an excess of expenses over revenue
15
Q
On Account
A
Payment later
16
Q
Owner’s Equity
A
Finana ial interest of an owner
