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HHS Accounting Ch1

Terms for Chapter 1, Century 21, General Journal 10e

TermDefinition
Account A record that summarizes all the transactions pertaining to a single item in the accounting equation.
Account Balance The difference between the increases and decreases in an account.
Account title The name given to an account.
Accounting The process of planning, recording, analyzing, and interpreting financial information.
Accounting equation An equation showing the relationship among assets, liabilities, and owner's equity.
Accounting system A planned process designed to compile financial data and summarize the results in accounting records and reports.
Asset Anything of value that is owned.
Business ethics The use of ethics in making business decisions.
Business Plan A formal written document that describes the nature of a business and how it will operate.
Capital account An account used to summarize the owner's equity in a business.
Compound interest Interest paid on an original amount deposited in a bank plus any interest that has been paid.
Creditor A person or business to whom a liability is owed.
Entrepreneur Someone who owns, operates, and takes the risk of a business venture.
Equities Financial rights to the assets of a business.
Equity The difference between assets and liabilities.
Ethics The principles of right and wrong that guide an individual in making decisions.
Expense The cost of goods or services used to operate a business.
Financial statements Financial reports that summarize the financial condition and operations of a business.
GAAP Generally Accepted Accounting Principles. The standards and rules that accountants follow while recording and reporting financial activities.
Generally accepted accounting principles GAAP
Interest An amount paid for the use of money for a period of time.
Language of business Accounting
Liability An amount owed.
Net worth statement A formal report that shows what an individual owns, what an individual owes, and the difference between the two.
Owner's Equity The amount remaining after the value of all liabilities is subtracted from the value of all assets.
Personal Net Worth The difference between personal assets and personal liabilities.
Proprietorship A business owned by one person.
Revenue An increase in equity resulting from the sale of goods or services.
Sale on account A sale for which payment will be received at a later date.
Service Business A business that performs an activity for a fee.
Sole proprietorship A business owned by one persons.
Transaction Any business activity that changes assets, liabilities, or owner's equity.
Withdrawals Assets taken from the business for the owner's personal use.
Created by: deblock
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