Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
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 Chap 1

Accounting Vocab and Important Information from Chap. 1

QuestionAnswer
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
Popular Accounting sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards