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CP Accounting Vocab

Question Answer
The record summarizing all the information pertaining to a single item in the accounting equation Account
The amount in an account Account balance
The name given to an account Account title
Planning, recording, analyzing, and interpreting financial information. Accounting
An equation showing the relationship among assets, liabilities, and owner's equity. Accounting equation
A planned process for providing financial information that will be useful to management. Accounting system
Anything of value that is owned Asset
The use of ethics in making business decisions Business ethics
A formal written document that describes the nature of a business and how it will operate. Business plan
The account used to summarize the owner's equity in the business Capital account
A person or business to whom a liability is owned Creditor
Financial rights to the assets of a business Equities
The difference between assets and liabilities Equity
The principles of roght and wrong from the guide an individual in making decisions Ethics
A decrease n owner's equity resulting from the operation of a business Expense
Financial reports that summarize the financial conditions and operations of business Financial statements
The standards and rules that accountants follow while recording and reporting financial activities GAAP
The amount owned by a business Liability
A formal report that shows what an individual owns, what an individual owes, and the difference, between the two. New worth statement
The amount remaining after the value of all liabilities is subtracted from the values of all assets Owner's equity
The difference between personal assets and personal liabilities Personal net worth
A business owned by one person Proprietorship
An increase in owner's equity resulting from the operation of a business Revenue
A sale for which cash will be received at a later date Sale on account
A business that performs an activity for a fee Service business
A business activity that changes assets, liabilities, or owner's equity Transaction
Assets taken out of a business for the owner's personal use Withdrawals
Created by: Keon Graham