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Accounting Chap 1

Accounting Vocab and Important Information from Chap. 1

Accounting A record summarizing all the information pertaining to a single item in the accounting equation.
Accounting System A planned process for providing financial information that will be useful to management.
Accounting Records Organized summaries of a business's financial activities.
Financial Statements Financial reports that summarize the financial condition and operations of a business.
Service Business A business that performs and activity for a fee.
Proprietorship A business owned by one person.
Asset Anything of value that is owned.
Equities Financial rights to the assets of a business.
Liability An amount owed by 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.
Ethics The principles of right and wrong that guide an individual in making decisions.
Business Ethics The use of ethics in making business decisions.
Transaction A business activity that changes assets, liabilities, and owner's equity.
Account A record summarizing all the information pertaining to a single item in the accounting equation.
Account Title The name given to an account.
Acount Balance The amount in an account.
Capital The account used to summaraize the owner's equity in a business.
Revenue An increase in owner's equity resulting from the operation of a business.
Sales on Account A sale for which cash will be received at a later date.
Expense A decrease in owner's equity from the operation of a business.
Withdrawals Assets taken out of a business for the owner's personal use.
What is the Acounting Equation? A=L+OE (Assets = Liabilities+Owner's Equity)
What acronym do you use to remember what accounting is? PRAI (Planning, Recording, Analyzing, and Interpreting)
Created by: gruba2007
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