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TVS Accounting1-1
Accounting 1 Chapter 1
| Question | Answer |
|---|---|
| A person who plans, summarizes, analyzes and interprets accounting information | Accountant |
| Planning, recording, analyzing, and interpreting financial information | Accounting |
| Anything of value that is owned | Asset |
| Financial rights to the assets of a business | Equities |
| The amount remaining after the value of all liabilities is subtracted from the value of all assets | Owner's Equity |
| The relationship among assets, liabilities, and owner's equity | Accounting Equation |
| An amount owed by a business | Liability |
| The principles of right and wrong that guide an individual in making decisions | Ethics |
| The use of ethics in making business decisions | Business Ethics |
| A business activity that changes assets, liabilities or owner's equity | Transaction |
| When business state transactions in numbers that have common values | Unit of Measurement |
| Financial information is recorded and reported separately from the owner's personal financial information | Business Entity |
| A record summarizing all the information pertaining to a single item in the accounting equation | Account |
| The name given to an account | Account Title |
| The amount in an account | Account Balance |
| The account used to summarize the owner's equity in a business | Capital |
| An increase in owner's equity resulting from the operation of the business | Revenue |
| A sale for which cash will be received at a later date | Sale on Account |
| When revenue is recorded at the time goods or services are sold | Realization of Revenue |
| A decrease in owner's equity resulting from the operation of the business | Expense |
| Assets taken out of a business for the owner's personal use | Withdrawals |
| A business that performs an activity for a fee | Service Business |
| A business owned by one person | Proprietorship (Sole) |
| The language of business | Accounting |
| A person who does general accounting work plus some summarizing and analyzing of accounting information | Bookkeeper |
| Designation by the American Institute of Certified Public Accountants for those who pass an exam and meet work-experience requirements | Certified Public Accountant (CPA) |
| The same accounting procedures must be followed in the same way in each accounting period | Consistent Reporting |
| A person who does general kinds of office tasks, including some accounting tasks | General Office Clerk |
| A business in which two or more people combine their assets and skills | Partnership |
Created by:
TammieVanScyoc
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