| | Principles and rules that govern how accountants should record entries for business entities |
| | A type of business owened by stockholders |
| | An account used to record obligations to pay other entities |
| | A type of buisness owned by two or more people |
| | Assets = Liabilities + Owner's Equity/Owner's Capital |
| | 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 |
| | Also known as Economic entity, Accounting for a buisness should be kept separate from the owners |
| | Part of GAAP stating that assets should always be recorded at their cost |
| | Accounting entries that increase income account and liability accounts, but decreases asset or expense accounts (right side of journals) |
| | 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 |
| | Recording transactions at the point of sale |
| | Accounting entries that increase Asset or Expense accounts and decrease liability and income accounts |
