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Acct 1- Vocab.
Chapter 1 Vocabulary
| Question | Answer |
|---|---|
| accounting | palnning, recording, analyzing, and interpreting financial information, its the language of business |
| 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 |
| service business | a business that performs an 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 equtiy | the amount remaining after the value of all liabilites is subtracted from the value of all assets |
| accounting equation | an equation showing the relationship among assets, liabilities, and owner's equity |
| transaction | a business activity that changes assets, liabilities, or 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 |
| capital | the account used to summarize the owner's equity in a business |
| balance sheet | a financial statement that report's assest |
Created by:
otakugirl29
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