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Chapter 1

Accounting 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 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 liabilities.
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 principles. .The standards and rules that accountants follow while recording and reporting financial activities.
Equities Financial rights to the assets of a business.
Owner's Equity The amount remaining after the value of all liabilities is subtracted from the value of all assets.
Accounting Equation An equation showing the relationship among assets, liabilities, and owner's equity.
Transaction Any business activity that changes assets, liabilities, or owner's equity.
Account A record that summarizes all the transactions pertaining to a single item in the accounting equation.
Account Title The name given to an account.
Account Balance The difference between the increases and decreases in an account.
Capital Account An account used to summarize the owner's equity in a business.
Creditor A person or business to whom a liability is owed.
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.
Expense The cost of goods or services used to operate a business.
Withdrawals Assets taken from the business for the owner's personal use.
Created by: Yamomo
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