Chapter 1 Terms
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| Accounting | Language of Business
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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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| Transaction | A business activity that changes assets, liabilities, or owner's equity.
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| Asset | Anything of value that is owned.
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| Equilites | 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 | An equation that shows the relationship among assets, liabilities, and owner's equity.
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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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| Withdrawal | Decreases owner's equity.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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jzolman
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