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Accounting Chap 1

Vocab

TermDefinition
Liabilities Something of value that you owe
Proprietorship A business owned by one individual
Accounting Equation Assets = Liabilities + Owners Equity
Owners Equity The value of a business when liabilities have been taken off of assets
Assets Something of value that you own
Expense The cost of a good or service used to operate a business.
Revenue An increase in equity resulting from the sale of goods or services.
Withdrawals Assets taken from the business for the owners personal use.
Transaction A business activity that changes assets, liabilities, or owners equity.
Account A record summarizing all the information pertaining to a single item in the accounting equation.
Accounting Planning, recording, analyzing, and interpreting financial information.
Created by: Knuddar
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