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Accouting ch 1 vocab

7th period

QuestionAnswer
a record summarizing all the information pertaining to a single item in the accounting equation
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:
organized summaries of a business’s financial activities Accounting records:
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:
the account used to summarize the owner’s equity in a business capital:
the principles of right and wrong that guide an individual in making decisions ethics:
a decrease in owner’s equity resulting from the operation of a business expense
an amount owed by a business liability:
an increase in owner’s equity resulting from the operation of a business revenue:
assets taken out of a business for the owner’s personal use withdrawals:
Created by: ashley123
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