Chapter 1 terms Word Scramble
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Question | Answer |
Accounting Records | Organized summaries of a business's financial activities |
Accounting System | a planned process for providing financial information that will be useful to management |
Asset | Anything of valued owned |
Liabilities | Anything of valued that is owed |
Owner's Equity | the amount remaining after the liabilities are subtracted from the assets |
Balance Sheet | A financial statement that reports assets, liabilities, and owner's equity on a specific date |
Equities | financial rights to the assets of the business |
Accounting | Planning, recording, analyzing, and interpreting financial information. |
Accounting Equation | An equation showing the relationship amoung assets, liabilitaies, and owner's equity |
Service Business | a business that provides a service for a fee |
Proprietorship | A business owned by one person |
Transaction | (blank) |
Account | (blank) |
Account Title | (blank) |
Account Balance | (blank) |
Capital | (blank) |
Created by:
cstjohn
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