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Accounting Ch.1

QuestionAnswer
Accounting The process of planning, recording, analyzing, and interpreting financial information
Accounting System A planned process designed to compile financial data and summarize 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 - The standards and rules that accountants follow while recording and reporting financial activities are commonly referred to as generally accepted accounting principles
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 equation showing the relationship among assets, liabilities, and owner’s equity
Transaction - Accountants call 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: maily24
 

 



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