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Chapter 1

Sole Proprietorship

TermDefinition
Accounting system A planned process designed to compile financial data and summarize the results in accounting records and reports.
Financial statements Financial report that summarizes the financial conditions and operations of a business
Net worth statement A formal report that shows what an individual owns, owes, and the difference between the two
Asset Anything of value that is owned
Liability An amount owed
Personal net worth The difference between personal assets and personal liability
Equity The difference between assets and liabilities
Ethics The principles of right and wrong that guide an individual in making decisions
Business ethics The use of ethics in making business decisions
Service business A business that performs an activity for a fee
Proprietorship A business owned by one person
Business plan A formal written document that describes the nature of a business and how it will operate
GAAP Generally accepted accounting principals. The standards and rules that accountants follow while recoring and reporting financial activites.
Equities Financial rights to the assets of a business
Accounting equation An equation showing the relationships among assets, liabilities, and owner's equity
Transaction Any business activity that changes assets, liabilities, or owner's equity.
Account A record that summarizes all the transactions pertaining to a single item in the accounting equation
Account title An account's name
Account balance The difference between the increases and decreases in an account
Capital account An account used to summarize the owner's equity in a business
Creditor A person or business to whom a liability is owed
Revenue An increase in equity resulting from the sale of goods or services
Sale on account A sale for which payment will be received at a later date
Expense The costs of goods or services used to operate a business
Withdrawals Assets taken from the business for the owner's personal use
Accounting The process of planning, recording, analyzing, and interpreting financial information
Created by: nloesch0498
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