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AR Acct I ch. 1
Accounting I Chapter 1 terms
| Term | Definition |
|---|---|
| ACCOUNT | a record summarizing all the information pertaining to a single item in the accounting equation |
| ACCOUNT BALANCE | the amount in an account |
| ACCOUNT TITLE | the name given to an account |
| ACCOUNTING | planning, recording, analyzing, and interpreting financial information |
| ACCOUNTING EQUATION | an equation showing the relationship among assets, liabilities, and owner’s equity |
| ACCOUNTING RECORDS | an organized summary of a business’s financial activities |
| ACCOUNTING SYSTEM | a planned process for providing financial information that will be useful to management |
| ASSET | anything of value that is owned |
| BUSINESS ETHICS | the use of personal ethics in making business decisions |
| CAPITAL | the account used to summarize the owner’s equity in a business |
| CORPORATION | a legal entity that is separate and distinct from its owners |
| EQUITIES | financial rights to the assets of a business |
| ETHICS | the principles of right and wrong that guide an individual in making decision |
| Expense | a decrease in owner’s equity resulting from the operation of a business |
| Financial Statement | financial reports that summarize the financial conditions and operations of a business |
| LIABILITY | an amount owed by a business |
| OWNER’S EQUITY | The amount remaining after the value of all liabilities is subtracted from the value of all assets |
| Revenue | an increase in owner’s equity resulting from the operation of a business |
| Sale on Account | a sale for which cash will be received at a later date |
| SERVICE BUSINESS | A business that performs an activity for a fee |
| PROPRIETORSHIP | a business owned by one person |
| TRANSACTION | a business activity that changes assets, liabilities, or owner’s equity |
| Withdrawals | assets taken out of a business for the owner’s personal use |
Created by:
KMEcoach
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