changes the affect of the accounting equation
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| Accounting | Planning, recording, analyzing , and interpreting financial information
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| Accounting system | A plan process for providing financial information that will be useful to management
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| accounting record | organized summaries of a business's financial activities
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| Service business | a business that performs an activity for a fee
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| Proprietorship | a business owned by one person
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| Financial statements | Financial reports that summarize the financial condition and operations of a business
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| Asset | anything of value that is owned
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| equities | Financial rights to the assets of a business
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| Liability | an amount owed by a business
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| Owner's equity | the amount remaining after the value of all liabilities is substracted from the value of all assets
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| Accounting equation | an equation showing the relationship among assets, liabilities, and owner's equity
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| Transaction | a business activity that changes assets, liabilities, and owner's equity
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| Account | a record summarizing all the information pertaining to a single item in the accounting equation
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| Account title | the name given to an account
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| Account balance | the amount in an account
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| Capital | the account used to summarize the owner's equity in a business
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| Revenue | An increase in owner's equity resulting from the operation of a business
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| Sale on account | A sale for which cash will be received at a later date
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| Expense | a decrease in owner's equity resulting from the operation of a business
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| Withdrawals | assets taken out of business for the owner's personal use
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| ethics | the principles of right and wrong that guide an individual in making decisions
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| business ethics | the use of ethics in making business decisions
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To hide a column, click on the column name.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
keri.faulkner03
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