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Accounting

Chapter 1-1

QuestionAnswer
What is accounting? Planning, recording, analyzing, and interpreting financial information
Accounting system A planned process for providing financial information that will be useful to management
Accounting records Organized summaries of a business's financial 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
Sole Proprietorship A business owned and operated by one person
Asset Anything of value that is owned by a company
Liability Amounts owed by a business (DEBT)
Owner's Equity The amount remaining after the value of all liabilities is subtracted from the value of all assets
Accounting Equation Assets=Liabilities+Owner's Equity
Created by: lbeddow
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