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Accounting Ch. 1

Accounting Ch.1

TermDefinition
accounting Planning, recording, analyzing, and interpreting financial information.
accounting system A planned process for providing financial information that will be useful to management.
accounting records Organized summaries of a business's financial activities .
financial statements Financial reports that summarize the financial condition and operations of a business.
service buisness A business that performs an activity for a fee.
proprietorship A business owned by one person.
asset Anything of value that is owned.
equities Financial right to the assets of a business.
liabilty An amount owed by a business.
owner's equity The amount remaining after the value of all liabilities is subtracted from the value of all assets.
accounting equation An equation showing
ethics The principles of right and wrong that guide an individual in making decisions.
business ethics The use of ethics in making business decisions.
transaction A business activity that changes assets, liabilities, or owner's equity.
account A record summarizing all the information pertaining to a single item in the accounting equation
account title the name given to an account
account balance the amount in an account
capital The account used to summarize the owner's equity in the business
revenue An increase in owner's equity resulting from the operation of a business.
sale on account A sale for which cash will be received at a later date
expense A decrease in owner's equity
withdrawls assets taken out of the business for the owner's personal use
Created by: bailey.baucom69