| Part of GAAP stating that assets should always be recorded at their cost |
| An account used to record obligations to pay other entities |
| A type of buisness owned by two or more people |
| Accounting entries that increase Asset or Expense accounts and decrease liability and income accounts |
| Assets = Liabilities + Owner's Equity/Owner's Capital |
| Accounting entries that increase income account and liability accounts, but decreases asset or expense accounts (right side of journals) |
| The porition of assets belonging to the owners |
| The protion of the assets belonging to other entities |
| A type of buisness owned by one person who is responsible for all of it's liability |
| Any resource an entity owns: Cash,Vechicles,Buildings,furniture, and resource to run organization |
| The belief that a entity intends to continue business operations and has the ability to do so |
| An account used to record income not yet received but promised at a later date |
| A type of business owened by stockholders |
| Principles and rules that govern how accountants should record entries for business entities |
| Also known as Economic entity, Accounting for a buisness should be kept separate from the owners |
| Recording transactions at the point of sale |