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Chapter 1 terms

Accounting

QuestionAnswer
Accounting Records Organized summaries of a business's financial activities
Accounting System a planned process for providing financial information that will be useful to management
Asset Anything of valued owned
Liabilities Anything of valued that is owed
Owner's Equity the amount remaining after the liabilities are subtracted from the assets
Balance Sheet A financial statement that reports assets, liabilities, and owner's equity on a specific date
Equities financial rights to the assets of the business
Accounting Planning, recording, analyzing, and interpreting financial information.
Accounting Equation An equation showing the relationship amoung assets, liabilitaies, and owner's equity
Service Business a business that provides a service for a fee
Proprietorship A business owned by one person
Transaction (blank)
Account (blank)
Account Title (blank)
Account Balance (blank)
Capital (blank)
Created by: cstjohn