CP Accounting Vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| The record summarizing all the information pertaining to a single item in the accounting equation | Account
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| The amount in an account | Account balance
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| The name given to an account | Account title
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| Planning, recording, analyzing, and interpreting financial information. | Accounting
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| An equation showing the relationship among assets, liabilities, and owner's equity. | Accounting equation
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| A planned process for providing financial information that will be useful to management. | Accounting system
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| Anything of value that is owned | Asset
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| The use of ethics in making business decisions | Business ethics
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| A formal written document that describes the nature of a business and how it will operate. | Business plan
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| The account used to summarize the owner's equity in the business | Capital account
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| A person or business to whom a liability is owned | Creditor
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| Financial rights to the assets of a business | Equities
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| The difference between assets and liabilities | Equity
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| The principles of roght and wrong from the guide an individual in making decisions | Ethics
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| A decrease n owner's equity resulting from the operation of a business | Expense
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| Financial reports that summarize the financial conditions and operations of business | Financial statements
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| The standards and rules that accountants follow while recording and reporting financial activities | GAAP
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| The amount owned by a business | Liability
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| A formal report that shows what an individual owns, what an individual owes, and the difference, between the two. | New worth statement
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| The amount remaining after the value of all liabilities is subtracted from the values of all assets | Owner's equity
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| The difference between personal assets and personal liabilities | Personal net worth
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| A business owned by one person | Proprietorship
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| An increase in owner's equity resulting from the operation of a business | Revenue
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| A sale for which cash will be received at a later date | Sale on account
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| A business that performs an activity for a fee | Service business
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| A business activity that changes assets, liabilities, or owner's equity | Transaction
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| Assets taken out of a business for the owner's personal use | Withdrawals
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Created by:
Keon Graham
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