questions | answers |
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 |