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Accounting I

Accounting Equation, T-Account, Business and Accounting Terms

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