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Acct Ch1 v9

Accounting Terms Chapter 1 Version 9

QuestionAnswer
The type of business that performs a business activity for a fee. Offers a non-tangible product. Service Business
A business that is owned by one person. Sole Proprietorship
Something of Value Asset
Classification of the Cash Account Asset
Classification of the Prepaid Insurance Account Asset
Classification of an Accounts Receivable account. Asset
Classification of an Accounts Payable account. Liability
Accounting Equation A=L+OE
Amount remaining after the value of all liabilities are subtracted from all assets Owner's Equity
Any business activity that changes assets, liabilities or owner's equity Transaction
The amount in an account Account Balance
The account used to summarize the owner's equity in a business in a sole proprietorship Capital
An increase in the owner's equity resulting from the sale of goods or services. Revenue
Sale on Account increases a revenue account and a ______________ account. Accounts Receivable
When an owner takes out cash or other assets for personal use it affects the _________ account. Drawing
The standards and rules that accountants follow while recording and reporting financial activities. GAAP
The accounting concept that states a business's financial information is recorded and reported separately from the owner's personal financial information. Business Entity
Created by: lpenner