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Accounting Chapter 1

Chapter 1 Vocabulary

TermDefinition
AR “Accounts Receivable” someone owes you money
AP “Accounts Payable” you owe money
Account a record summarizing all the information pertaining to a single item in the accounting equation
Account Balance the amount in the account
Account Title the name given to an account
Accounting planning, recording, analyzing, and interpreting financial information
What is the Accounting Equation Assets = Liabilities + Owner’s Equity
Accounting Equation an equation showing the relationship among assets, liabilities, and owner’s equity
Accounting Records organized summaries of a business’s financial activities
Accounting Systems planned process for providmg financial; information that will be useful in 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 business of a business
Ethics the principles of right and wrong that guides an individual in making decisions
Expense a decrease in owner’s equity resulting from the operations of a business
Financial Statements financial reports that that summaries 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
Proprietorship a business owned by one person
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
Transactions 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: josiekay