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Accounting, Chap. 1

Chapter 1 Terms

Accounting, Chapter 1 TermsDefinition
Accounting Language of Business
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 a business.
Transaction A business activity that changes assets, liabilities, or owner's equity.
Asset Anything of value that is owned.
Equilites Financial rights to the assets of a business.
Liability 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 that shows the relationship among assets, liabilities, and owner's equity.
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 resulting from the operation of a business.
Withdrawal Decreases owner's equity.
Created by: jzolman
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