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AccountingChapter1

Ms. Boyd's accounting vocab

TermDefinition
Accounting Planning, recording, analyzing, and interpreting financial information. (pg.6)
Accounting system A planned process for providing financial information that will be useful to management. (pg. 6)
Accounting Records Organized summaries of a business's financial activities. (pg.6)
Financial statements Financial reports that summarize the financial condition and operations of a business. (pg.6)
Service Business A business that performs an activity for a fee. (pg.6)
Proprietorship A business owned by one person (pg.6)
Asset Anything with value that is owned. (pg.8)
Equitites Financial rights to the assets of a business. (pg.8)
Liability An amount owed by a business (pg.8)
Owner's Equity The amount remaining after the value of all liabilities is subtracted from the value of all assets.(pg.8)
Accounting Equation Assets=Liabilities+Owner's Equity (pg.8)
Ethics The principles of right and wrong that guide an individual in making decisions. (pg.8)
Transaction A business activity that changes assets, liabilities or owner's equity. (pg.9)
Account A record summarizing all the information pertaining to a single item in the accounting equation (pg.9)
Account Title The name given to an account. (pg.9)
Account Balance The amount in a account. (pg. 9)
Caplital The account used to summarized the owner's equity in a business. (pg.9)
Revenue An increase in owner's equity resulting from the operation of a business. (pg.14)
Sale on Account A sale for which cash will be received at a later date. (pg.14)
Expense A decrease in owner's equity resulting from the operation of a business. (pg.15)
Withdrawals Assets taken out of a business for the owner's person use. (pg.16)
Accountant a person who plans, summarizes, analyzes, and interprets accounting information.
Created by: ClaresAccounting