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Accounting 1
Chapter 1 Section 1 Terms
Accounting | Answer |
---|---|
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 Statments | The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current. |
Service Business | A business taht performs an activity for a fee. |
Proprietorship | A business owned by one person. |
Asset | Anything value that is owned. |
Equities | Financial rights to the assets of a business. |
Liability | An amount owed by a business. |
Owner's Equity | The amount remiaining after the value of all liabilities is subtracted from the value of all assets. |
Accounting Equation | An equation showing the relationship among assets, liabilities, and owner's equity. |
Ethics | The principles of right and wrong that guide an individiual in making decisions. |
Business Ethics | The use of ethics in making business decisions. |