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Chapter 1 Vocabulary

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
accounting   palnning, recording, analyzing, and interpreting financial information, its the language of business  
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  
service business   a business that performs an activity for a fee  
proprietorship   a business owned by one person  
asset   anything of value that is owned  
equities   financial rights to the assets of a business  
liability   an amount owed by a business  
owner's equtiy   the amount remaining after the value of all liabilites is subtracted from the value of all assets  
accounting equation   an equation showing the relationship among assets, liabilities, and owner's equity  
transaction   a business activity that changes assets, liabilities, or owner's equity  
account   a record summarizing all the information pertaining to a single item in the accounting equation  
account title   the name given to an account  
capital   the account used to summarize the owner's equity in a business  
balance sheet   a financial statement that report's assest  


   


 

 

 
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Created by: otakugirl29 on 2011-11-07




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