Chapter 1 Vocabulary
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| 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