Accounting Equation, T-Account, Business and Accounting Terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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Asset | Anything of value that is owned
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Equities | The financial rights to the assets of a business
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Liability | An amount owed by a business
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Owner's Equity | The amount remaining after the value of all liabilities is subtracted from the value of all assets
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Accounting Equation | Shows the relationship among assets, liabilities and owner's equity. It is most often stated as Assets=Liabilities + Owner's Equity
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Transaction | A business activity that changes assets, liabilities, or owner's equity.
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Account | A record summarizing all the information pertaining to a single item in the accounting equation
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Account Title | The name given to an account
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Account Balance | The amount in an account
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Capital | The account used to summarize the owner's equity in a business
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Revenue | An increase in owner's equity resulting from the operation of a business
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Sale on Account | A sale for which cash will be received at a later date
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Expense | A decrease in owner's equity resulting from the operation of a business
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Withdrawals | Assets taken out of a business for the owner's personal use
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T Account | An accounting device used to analyze transaction
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Debit | An amount recorded on the left side of a T-account
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Credit | An amount recorded on the right side of a T-account
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Normal Balance | The side of the account that is increased
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Chart of Accounts | A list of accounts used by a business
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Service Business | A business that performs an activity for a fee
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Proprietorship | A business owned and controlled by one owner
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Accounting | The planning recording, analyzing, and interpreting of financial information
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Accounting System | The process for providing financial information that will be useful to management
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Accounting Records | Organized summaries of a business's financial activities
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Financial Statement | Reports that summarize the financial condition and operations of a business
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Created by:
mercerp53
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