Chapter 1 Vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| Accounting | Is the process of planning, recording, analyzing and interpreting financial information
🗑
|
||||
| Accounting system | Is a planned process designed to compile financial data and summarize the results in accounting records and reports
🗑
|
||||
| Financial statements | Financial reports that summarize the financial condition and operations of a business
🗑
|
||||
| Net worth statement | A formal report that shows what an individual owns, what an individual owes, and the difference between the two
🗑
|
||||
| Asset | Anything of value that is owned
🗑
|
||||
| Liability | An amount owed
🗑
|
||||
| Personal net worth | The difference between personal assets and personal liabilities
🗑
|
||||
| Equity | The difference between assets and liabilities
🗑
|
||||
| Ethics | The principles of right and wrong that guide an individual in making decisions
🗑
|
||||
| Business Ethics | The use of ethics in making business decisions
🗑
|
||||
| Service business | A business that performs an activity for a fee
🗑
|
||||
| Proprietorship | business owned by one person
🗑
|
||||
| Business plan | formal written document that describes the nature of a business and how it will operate
🗑
|
||||
| Interest | An amount paid for the use of money for a period of time
🗑
|
||||
| Compound Interest | is interest paid on an original amount deposited in a bank plus any interest that has been paid.
🗑
|
||||
| GAAP | The standards and rules that accountants follow while recording and reporting financial activities are commonly referred to as generally accepted accounting principles
🗑
|
||||
| Equities | Financial rights to the assets of a business
🗑
|
||||
| Owners equity | The amount remaining after the value of all liabilities is subtracted from the value of all assets
🗑
|
||||
| Accounting equation | The equation showing the relationship among assets, liabilities, and owner’s equity
🗑
|
||||
| Transaction | Accountants call any business activity that changes assets, liabilities, or owner’s equity
🗑
|
||||
| Account | A record that summarizes all the transactions pertaining to a single item in the accounting equation
🗑
|
||||
| Account title | The name given to an account is called
🗑
|
||||
| Account balance | The difference between the increases and decreases in an account
🗑
|
||||
| Capital account | An account used to summarize the owner’s equity in a business
🗑
|
||||
| Sale on account | A sale for which payment will be received at a later date
🗑
|
||||
| Expense | the cost of goods or services used to operate a business
🗑
|
||||
| Withdrawals | Assets taken from the business for the owner’s personal use
🗑
|
||||
| Creditor | A person or business to whom a liability is owed
🗑
|
||||
| Revenue | An increase in equity resulting from the sale of goods or services
🗑
|
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.
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.
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.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
nandinikaushal
Popular Accounting sets