Accounting Vocab and Important Information from Chap. 1
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| show | A record summarizing all the information pertaining to a single item in the accounting equation.
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| Accounting System | show 🗑
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| show | Organized summaries of a business's financial activities.
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| show | Financial reports that summarize the financial condition and operations of a business.
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| Service Business | show 🗑
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| Proprietorship | show 🗑
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| show | Anything of value that is owned.
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| show | Financial rights to the assets of a business.
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| Liability | show 🗑
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| show | The amount remaining after the value of all liabilities is subtracted from the value of all assets.
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| show | An equation showing the relationship among assets, liabilities, and owner's equity.
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| show | The principles of right and wrong that guide an individual in making decisions.
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| show | The use of ethics in making business decisions.
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| Transaction | show 🗑
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| show | A record summarizing all the information pertaining to a single item in the accounting equation.
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| show | The name given to an account.
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| show | The amount in an account.
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| Capital | show 🗑
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| show | An increase in owner's equity resulting from the operation of a business.
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| show | A sale for which cash will be received at a later date.
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| show | A decrease in owner's equity from the operation of a business.
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| Withdrawals | show 🗑
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| show | A=L+OE (Assets = Liabilities+Owner's Equity)
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| What acronym do you use to remember what accounting is? | show 🗑
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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.
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.
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Created by:
gruba2007
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