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TVS Accounting1-1

Accounting 1 Chapter 1

QuestionAnswer
A person who plans, summarizes, analyzes and interprets accounting information Accountant
Planning, recording, analyzing, and interpreting financial information Accounting
Anything of value that is owned Asset
Financial rights to the assets of a business Equities
The amount remaining after the value of all liabilities is subtracted from the value of all assets Owner's Equity
The relationship among assets, liabilities, and owner's equity Accounting Equation
An amount owed by a business Liability
The principles of right and wrong that guide an individual in making decisions Ethics
The use of ethics in making business decisions Business Ethics
A business activity that changes assets, liabilities or owner's equity Transaction
When business state transactions in numbers that have common values Unit of Measurement
Financial information is recorded and reported separately from the owner's personal financial information Business Entity
A record summarizing all the information pertaining to a single item in the accounting equation Account
The name given to an account Account Title
The amount in an account Account Balance
The account used to summarize the owner's equity in a business Capital
An increase in owner's equity resulting from the operation of the business Revenue
A sale for which cash will be received at a later date Sale on Account
When revenue is recorded at the time goods or services are sold Realization of Revenue
A decrease in owner's equity resulting from the operation of the business Expense
Assets taken out of a business for the owner's personal use Withdrawals
A business that performs an activity for a fee Service Business
A business owned by one person Proprietorship (Sole)
The language of business Accounting
A person who does general accounting work plus some summarizing and analyzing of accounting information Bookkeeper
Designation by the American Institute of Certified Public Accountants for those who pass an exam and meet work-experience requirements Certified Public Accountant (CPA)
The same accounting procedures must be followed in the same way in each accounting period Consistent Reporting
A person who does general kinds of office tasks, including some accounting tasks General Office Clerk
A business in which two or more people combine their assets and skills Partnership
Created by: TammieVanScyoc on 2013-04-23



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