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AR Acct I ch. 1

Accounting I Chapter 1 terms

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