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Lecture Notes for ABM 111 - Records & Business Planning I at Morgan Community College (MCC)

Notes Information

Material Type:Vocab
Professor:Staff
Class:ABM 111 - Records & Business Planning I
Subject:Agriculture Business Mgmt
University:Morgan Community College
Term:--
Keywords:
  • Bookkeeping
  • Owner's Equity
  • Individual Assets
  • Fiscal Year
  • Reconciliation
  • Equity Revenue
  • Transaction
  • Accounting Period
  • Accounting Equation
  • The Accounting Equation
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Sample Document Text

1 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 financial terms, provides written reports and financial 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 contra-asset account that summar...

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