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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.
Sale on Account A sale for which cash will be received at a later date.
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.
Account Title The name given to an account.
Capital Account The account used to summarize Owners Equity.
Accounting Planning, recording, analyzing, and interpreting financial information.
Created by: Knuddar