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Accounting

Study the words and definitions for terms used in accounting.

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 Statements A formal report that shows what an individual owns, what an individual owes, and the differences between the two.
Asset Anything of value that is owned.
Liability An amount owed.
Personal Net Worth The differences 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.
Sale on Account A sale for which payment will be received at a later date.
Expense The costs of goods or services used to operate a business.
Withdrawals Assets taken from the business for the owner's personal use.
Account Balance The difference between the increase and decrease 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
T Account An account device used to analyse transactions.
Debit An amount recorded on the left side of the account.
Credit An amount recorded on the right side of the account.
Normal Balance The side of an account that is increased.
Chart of Accounts A list of accounts used by a business.
Accounts Payable Accounts to be paid in the future for goods or services already acquired.
Accounts Receivable Amount to be received in the future due to the sale of goods or services.
Journal A form of recording transactions in chronological order.
Journalizing Recording transactions in a journal.
Entry Information for each transaction recorded in a journal.
Double-Entry Accounting The recording of debit and credit parts of a transaction.
Source Documents A business paper from which information is obtained for a journal entry.
Check A business form ordering a bank to pay cash from a bank account.
Invoice A form describing the goods or services sold, the quantity, the price, and the terms of sale.
Sales Invoice An invoice used as a source document for recording a sale on account. A sales invoice is also referred to as a sales ticket or a sales slip.
Receipt A business form giving written acknowledgement for cash received.
Memorandum A form on which a brief message is written to describe a transaction.
Proving Cash Determining that the amount of cash agrees with the accounting records.
Created by: 610031784