Accounting Vocab and Important Information from Chap. 1
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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| Accounting | A record summarizing all the information pertaining to a single item in the accounting equation.
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| Accounting System | A planned process for providing financial information that will be useful to management.
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| Accounting Records | Organized summaries of a business's financial activities.
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| Financial Statements | Financial reports that summarize the financial condition and operations of a business.
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| Service Business | A business that performs and activity for a fee.
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| Proprietorship | A business owned by one person.
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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 subtracted 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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| 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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| 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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| Acount Balance | The amount in an account.
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| Capital | The account used to summaraize 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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| Sales 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 from the operation of a business.
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| Withdrawals | Assets taken out of a business for the owner's personal use.
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| What is the Acounting Equation? | A=L+OE (Assets = Liabilities+Owner's Equity)
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| What acronym do you use to remember what accounting is? | PRAI (Planning, Recording, Analyzing, and Interpreting)
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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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