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accounting terms
| Question | Answer |
|---|---|
| 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 |
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