Accounting equation - Assets minus liabilities equals owner’s equity., Accrual accounting (method) - An accounting method that recognizes and records revenues when they are earned, rather than when the cash is received., Assets - The items a business owns., Auditing - The independent verification of a business’s financial records., Bookkeeping - The recording, but not the analyzing, of financial transactions., Business transaction - The act of purchasing or selling a product or service., Cash accounting (method) - An accounting method that recognizes business income as it is received and business expenses as they are paid., Centralized accounting system - A system in which financial information from a business is transmitted to a central location, where it may be recorded and analyzed by management., Certified public accountant (CPA) - A person who has been specially trained and, by passing a test, is certified as highly competent in the field of business accounting., Code of conduct - A document that explains employee behavioral expectations including company values, rules, principles, confidentiality, and loyalty., Decentralized accounting system - A system in which a manager collects accounting data from an operation and then records, reports, and analyzes those data at the same site., Cost accounting - The branch of accounting that specializes in recording the expenses of a business., Distinct business principle - A principle stating that a business’s financial records cannot be mixed with the personal financial records of its owners., Ethics - The behavior of one person toward another person, based on a person’s view of what is right or wrong., Expense (business) - A cost incurred in the operation of a business., Fiscal year - Any consecutive 12-month period., Financial accounting - The branch of accounting that specializes in recording business transactions., Generally Accepted Accounting Principle - Standards and procedures that have been widely adopted and used by those responsible for preparing business financial statements., Liabilities - The debts a business incurs in the process of doing business., Managerial accounting - The field of accounting that addresses the specific financial information that managers need to make good decisions about how to operate their businesses., Owner’s equity - The difference between what a business owns (assets) and what it owes (liabilities)., Revenue - The amount of money generated from the sale of products and services., Uniform System of Accounts - for Restaurants (USAR) An accounting system for collecting and reporting financial information that can be used by nearly all restaurant and foodservice operations., Tax accounting - The recording and reporting of taxes to be paid.,

Accounting Chapter 1

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