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Accounting Vocab

Chapter 1

TermDefinition
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 amog assets, liabilities, and owners equity.
Accounting Records Organized summaries 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 ethics in making business decisions.
Capital The account used to summarize the owner's equity in a business.
Equities Financial rights to the assets of a business.
Ethics The principles of right and wrong that guide an individual in making decisions.
Expense A decrease in owner's equity resulting from the operation of a business.
Financial Statements Financial reports that summarize the financial condition 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.
Proprietorship A business owned by one person.
Revenue An increase in the owner's equity resulting from the operation of a business.
Sale On Acoount A sale for which cash will be received at a later date.
Service Business A business that performs an activity for a fee.
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: MaCakes1
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