College Accounting: A Practical Approach by Slater (13th edition)

Chapter 1. Accounting Concepts and Procedures

• Accounting. A system that measures the business' activities in financial terms, provides written reports and financial statements about those activities, and communicates these reports to decision makers and others.
• Sole proprietorship. A type of business organization that has one owner. This owner is personally liable for paying the business' debt.
• Partnership. A form of business organization that has at least two owners. The partners usually are generally liable for the partnership's debts.
• Corporation. A form of business organization that is owned by stockholders. Stockholders usually are not personally liable for the corporation's debts.
• Limited Liability Company. A form of business organization that is owned by one or more members. Members are only liable to the extent of their investments.
• Service company. An enterprise that provides one or more services.
• Merchandise company.
• Manufacturer.
• Generally accepted accounting principles.
• International Financial Reporting Standards.
• Bookkeeping.
• Assets.
• Liabilities.
• Creditor.
• Owner's equity.
• Basic accounting equation.
• Capital.
• Supplies.
• Shift in assets.
• Account payable.
• Balance sheet.
• Cash basis.
• Accrual basis.
• Revenue.
• Account receivable.
• Expense.
• Net income.
• Net loss.
• Withdrawal.
• Expanded accounting equation.
• Income statement.
• Statement of owner's equity.
• Ending capital.