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Accounting

Chapter 1

QuestionAnswer
Accounting Planning, recording, analyzing, and interpreting financial information.
Accounting system A planned process fro provding financial information that will be useful to management.
accounting records Organized summaries of a business's finamcial activities.
financial statements Financial reports that summarize the financial condition and operations of a business.
service business A business that performs an activity for a fee.
proprietorship A business owned by one person.
asset Anything of value that is owned.
equities Financial rights to the assets of a business
owner's equity The amount remaining after the value of all liabilities is subtracted from the value of assets.
accounting equation An equation showing the relationship among asset, liabilities, and owner's equity.
ethics The principles of right and wrong the guide an individual in making decisions.
business ethics The use of ethics in making business decisions.
transactions A business activity that changes assets, liabilities, or owner's equity.
account A record summarizing all the information pertaining to a single item in the accountin equation.
account title The name given to an account.
acccount balance The amount in an account.
capital The account used to summarize the owner's equity ina business.
revenue An increase in owner's equity resulting from the operation of a business.
sale on account A sale for which cash will be recived at a later date.
expense A decrease in owner's equity resulting from the operation of a business.
withdrawals Assets taken out of a business for the owner's personal use.
Created by: bvaldez