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Chapter 1

TermDefinition
accounting planning, recording, analyzing, interpreting financial information
accounting system planned process to provide financial information useful to manage
accounting records organized financial summary
financial statements financial reports summarizing the financial condition of a business
service business business performs activity for fee
proprietorship business owned by 1 person
asset anything of value owned
equities financial rights to the assets of a business
liability amount owed by a business
owner's equity amount after assets amount minus liabilities amount
accounting equation assets=liabilities-owner's equity
ethics right and wrong priciples that help individuals make decisions
business ethics use of ethics in making business decisions
transaction business activity that changes assets liabilities, or owner's equity
account record of a single item in the accounting equation
account title name given to an account
account balance amount in an account
capital account used to summarize owner's equity
revenue increase in owner's equity because of business operation
sale on account sale--cash is received at a later date
expense decrease in owner's equity because of business operation
withdrawls assets removed from business for owner's personal use
Created by: Tate.cord70