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Acounting 1 ch 1

chapter 1

TermDefinition
Accounting The process of planning, recording analyzing and interpreting financial information.
Accounting system A planned process designed to compile financial data and summarize the results in accounting records and reports.
financial statements Financial reports that summarize the financial condition and operations of a business.
net worth statement A formal report that shows what an individual owns, what an individual owes, and the difference between the two.
asset Anything of value that is owned
liability An amount owed
personal net worth The difference between personal assets and personal liabilities
equity The difference between assets and liability
ethics The principles of right and wrong that guide an individual in making decisions
business ethics The use of ethics in making business decisions
service business A business that performs an activity for a fee
proprietorship A business owned by one person
business plan A formal written document that describes the nature of a business and how it will operate
GAAP Generally accepted accounting principals. The standards and rules that accountants follow while recording and reporting
equities Financial rights to to the assets of a business
owners equity The amount remaining after the value of all liabilities is subtracted from the value of all assests
accounting equation Equation showing relationships about assets, liabilities, and owners equity
equities Financials rights to the assets and liabilities
owners equity
accounting equation An equation showing the relationship among among assets, liabilities and owners equity
transaction Any business activity that changes assets, liabilities and owners equity.
account A record that summarizes all the transactions pertaining to the ccounting equation
account title The name given to an account
account balance Difference between increases and decreases.
capital amount Account used to summarize the owners equity in a business.
creditor A person or a business to whom a liability is owed.
revenue An increase in equality resulting from the sale of goods or services.
sale on account A sale for which payments will be received at a later date.
expense The cost of good or services used to operate a business
withdrawals assets taken from the business for the owners personal use.
Created by: 600001798