Business Transaction and the accounting equation

Revenue

the entire amount of income before any deductions are made

computerized accounting system

A computerized accounting system is a software program that is stored on a company's computer, network server, or remotely accessed via the Internet and it can be a great benefit for a business. It can help streamline accounting steps and help minimize errors.

financial report

A financial statements (or financial report) is a formal record of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form easy to understand.

business entry

A market entry strategy is the planned method of delivering goods or services to a new target market and distributing them there. When importing or exporting services, it refers to establishing and managing contracts in a foreign country.

financial accounting

Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.

free enterprise system

Free enterprise is a type of economy where products, prices, and services are determined by the market, not the government. It's capitalism, not communism. Things that are free are unconstrained, and a business is an enterprise. So, free enterprise refers to an economy where businesses are free from government control.

expense

Gasto

GAAP

Generally accepted accounting principles (GAAP) are the standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as accounting standards or standard accounting practice.

going concern

Going concern is a basic underlying assumption in accounting. The assumption is that a company or other entity will be able to continue operating for a period of time that is sufficient to carry out its commitments, obligations, objectives, and so on.

capital

In economics, capital goods, real capital, or capital assets are already-produced durable goods or any non-financial asset that is used in production of goods or services. Adam Smith defines capital as "That part of a man's stock which he expects to afford him revenue".

on account

Por motivo de. Translate

withdrawal

Scope of liability - Accomplices

accounting equation

The equation that is the foundation of double entry accounting. ... Thus, the accounting equation is: Assets = Liabilities + Shareholder Equity. The balance sheet is a complex display of this equation, showing that the total assets of a company are equal to the total of liabilities and shareholder equity.

corporation

a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.

enterpreneur

a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

charter

a written grant by a country's legislative or sovereign power, by which an institution such as a company, college, or city is created and its rights and privileges defined.

loss

the fact or process of losing something or someone.

management accounting

the provision of financial data and advice to a company for use in the organization and development of its business.

account

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