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accounting chapter 1

chapter 1

plannning,recording,analyzing, & interpreting financial information accounting
planned process for providing financial information that will be useful to management accounting system
organized summaries of a business's financial activities accounting records
a business that performs an activity for a fee service business
a business owned by one person proprietorship
anything of value that is owned asset
financial rights to the assets of a business equities
an amount owed by a business liability
amount remaining after the value of all liabilities is subtracted from the value of all assets owner's equity
equation showing the relationship among assets; liabilities; & owner's equity accounting equation
a business activity that changes assets, liabilities; & owner's equity transaction
a record summarizing all the information pertaining to a single item in the accounting equation balance sheet
the name given to an account account title
the amount in an account account balance
the account used to summarize the owner's equity in a business capital
a financial statement that reports assets; liabilities; and owner's equity on a specific date account
accounting is a _______ of business language
you should keep personal & business records _______ separate
the relationship among assets; liabilities; & owner's equity can be written as _______ an equation
the accounting equation ALWAYS has to be _________ in balance
owners equity account capital account
when an item is bought and paid for at a later date buying on account
when cash is paid on account; what is increased? liability
on a balance sheet a single line means______ amounts are added or subtracted
Created by: kunk214