The process of planning, recording, analyzing, and interpreting financial information.

A planned process designed to compile financial data and summarize the results in accounting records and reports.

Financial reports that summarize the financial condition and operations of a business.

A formal report that shows what an individual owns, what an individual owes, and the difference between the two.

Anything of value that is owned.

The difference between personal assets and personal liabilities.

The difference between assets and liabilities.

The principles of right and wrong that guide an individual in making decisions.

The use of ethics in making business decisions.

A business that performs an activity for a fee.

A business owned by one person.

A formal written document that describes the nature of a business and how it will operate.

Generally accepted accounting principles. The standards and rules that accountants follow while recording and reporting financial activities.

Financial rights to the assets of a business.

The amount remaining after the value of all liabilities is subtracted from the value of all assets.

The equations showing the relationship among assets, liabilities, and wonders equity.

Accountants call any business activity that changes asset, liabilities, or owners equity.

A record that summarizes all transactions pertaining to a single item in the accounting equation.

The difference between the increase and decrease in an account.

An account used to summarize the owner equity in a business.

A person or business whom a liability is owned.

The increase in equity resulting from the sale of goods or services.

A sale for which payment will be received at a later date.

Unlike, a liability, which is an amount that is owed, the cost of goods or services used to operate a business.

Assets taken from the business for the owner’s personal use.

Help

Options

focusNode

Didn't know it?
click below

Knew it?
click below

Don't Know

Remaining cards (0)

Know

retry

shuffle

restart

0:00

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

Normal Size Small Size show me how

accounting

Question	Answer
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 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	The equations showing the relationship among assets, liabilities, and wonders equity.
transaction	Accountants call any business activity that changes asset, liabilities, or owners equity.
account	A record that summarizes all transactions pertaining to a single item in the accounting equation.
account title	The name given to an account.
account balance	The difference between the increase and decrease in an account.
capital account	An account used to summarize the owner equity in a business.
creditor	A person or business whom a liability is owned.
revenue	The 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	Unlike, a liability, which is an amount that is owed, 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: torredia1

"Know" box contains:
Time elapsed:
Retries: