Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

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
Popular Accounting sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards