Accounting Equation
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| Account | A record that summarizes all the transactions pertaining to a single item in the accounting equation.
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| Account | balance The difference between the increases and decreases in an account.
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| Account title | The name given to an account.
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| Accounting | The process of planning, recording, analyzing, and interpreting financial information.
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| Accounting equation | An equation showing the relationship among assets, liabilities, and owner’s equity.
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| Accounting system | A planned process designed to compile financial data and summarize the results in accounting records and reports.
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| Asset | Anything of value that is owned.
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| Business ethics | The use of ethics in making business decisions.
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| Business plan | A formal written document that describes the nature of a business and how it will operate.
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| Capital account | An account used to summarize the owner’s equity in a business.
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| Compound interest | Interest paid on an original amount deposited in a bank plus any interest that has been paid.
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| Creditor | A person or business to whom a liability is owed.
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| Entrepreneur | Someone who owns, operates, and takes the risk of a business venture.
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| Equities | Financial rights to the assets of a business.
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| Equity | The difference between assets and liabilities.
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| Ethics | The principles of right and wrong that guide an individual in making decisions.
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| Expense | The cost of goods or services used to operate a business.
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| Financial statements | Financial reports that summarize the financial condition and operations of a business.
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| GAAP | Generally Accepted Accounting Principles. The standards and rules that accountants follow while recording and reporting financial activities.
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| Interest | An amount paid for the use of money for a period of time.
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| Liability | An amount owed.
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| Net worth statement | A formal report that shows what an individual owns, what an individual owes, and the difference between the two.
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| Owner’s equity | The amount remaining after the value of all liabilities is subtracted from the value of all assets.
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| Personal net worth | The difference between personal assets and personal liabilities.
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| Proprietorship | A business owned by one person.
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| Revenue | An increase in equity resulting from the sale of goods or services.
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| Sale on account | A sale for which payment will be received at a later date.
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| Service business | A business that performs an activity for a fee.
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| Sole proprietorship | See proprietorship.
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| Transaction | Any business activity that changes assets, liabilities, or owner’s equity.
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| Withdrawals | Assets taken from the business for the owner’s personal use.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
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:
DrTeague
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