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accounting terms

QuestionAnswer
Planning,recording,analyzing,and interpreting financial information Accounting
A planned process fro providing finical information that will be useful to management accounting system
Organized summaries of a business finical activities accounting record
Financial reports that summarize the financial condition and operation of a business Financial statements
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 right to the assets of a business equities
An amount owned by a business liability
The amount remaining after the value of all liabilities is subtracted from the value of all assets owner equity
An equation showing the relationship among assets,liabilities,or owner equity accounting equation
The principles of right and wrong that guide an individual in making decision ethics
The use of ethics in making Business decisions business ethics
A business activity that change assets,liabilities or owners equity transaction
a record summarizing all the information pertaining to 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 owners equity in a business capital
An increase in owner equity resulting from the operation of a business revenue
A sale for which cash will be received at later date sale on account
A decrease in owner equity resulting from the operation of a business expense
Assets taken out of a business for the owners personal use withdrawals
Accounting is the language of business TRue
Keeping personal and business record separate is an application of the business entity concept true
Assets such as cash and supplies have value because they can be used to acquire other assets or be used to operate a business true
the relationship among assets, liabilities,and owner's equity can be written as am-equation true
The accounting equation does not have to be in balance to be correct false
The sum of assets and liabilities of a business always equals the investments of the business owners false
Recording business costs in terms of dollar required to complete projects is an application of unit of measurements concept false
The capital account is an owners equity account true
if two amount are record on the same side of the accounting equation, the equation will no longer be in balance false
when a company pays insurance premiums in advance to an insurer, it record the payment as a liability because the insure owes future coverage false
when items are brought and paid fro later this is referred to as buying on account true
When cash is received from a sale, the total amount of both assets and owner equilt true
when cash is paid on account,a liability is increased false
A sale for which cash will be received at a later date is called a charge sale true
The accounting concept Realization of Revenue is applied when revenue is recorded true
when cash is paid for expenses,the business has more equity false
When a company receives cash from a customer fro a prior sale,the transaction increases the cash account balance and increases the accounts receivable balance false
a withdrawal decreases owner's equity false
Created by: who dat