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Accounting 1

Chapter 1 Section 1 Terms

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 Statments The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current.
Service Business A business taht performs an activity for a fee.
Proprietorship A business owned by one person.
Asset Anything 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 remiaining 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 individiual in making decisions.
Business Ethics The use of ethics in making business decisions.
Created by: bijal9624