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Chapter 1 vocab

QuestionAnswer
Planning, recording, analyzing, and interpreting financial information Accounting
A 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
The amount remaining after the value of all liabilities is subtracted from the value of all assets Owner's equity
An equation showing the relationship among assets, liabilities, and owner's equity Accounting equation
A business activity that changes assets, liabilities, or owner's equity Tracnsaction
A record summarizing all the information pertaining to a single item in the accounting equation Account
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 Balance sheet
A business's financial information is recorded and reported separately from the owner's personal financial information Business entity
When business transactions are stated in numbers that have common values; using a common unit of measurement Unit of measurement
When financial statements are prepared with the expectation that a business will remain in operation indefinitely Going concern
Single rule
Double rule
Generally Accepted Accounting Principles- The standards and rules that accountants follow while recording and reporting financial activities GAAP
the Securities and Exchange Commission has the authority to establish GAAP SEC
Financial Accounting Standards Board- the organization who has the authority to set accounting standards by getting input and feedback from many sources FASB
Created by: echavez0195
 

 



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