Chapter 1 vocab
Help!
|
|
||||
|---|---|---|---|---|---|
| Planning, recording, analyzing, and interpreting financial information | Accounting
🗑
|
||||
| A planned process for providing financial information that will be useful to management | Accounting system
🗑
|
||||
| Organized summaries of a business's financial activities | Accounting records
🗑
|
||||
| A business that performs an activity for a fee | Service business
🗑
|
||||
| A business owned by one person | Proprietorship
🗑
|
||||
| Anything of value that is owned | Asset
🗑
|
||||
| Financial rights to the assets of a business | Equities
🗑
|
||||
| An amount owed by a business | Liability
🗑
|
||||
| The amount remaining after the value of all liabilities is subtracted from the value of all assets | Owner's equity
🗑
|
||||
| An equation showing the relationship among assets, liabilities, and owner's equity | Accounting equation
🗑
|
||||
| A business activity that changes assets, liabilities, or owner's equity | Tracnsaction
🗑
|
||||
| A record summarizing all the information pertaining to a single item in the accounting equation | Account
🗑
|
||||
| The name given to an account | Account title
🗑
|
||||
| The amount in an account | Account balance
🗑
|
||||
| The account used to summarize the owner's equity in a business | Capital
🗑
|
||||
| A financial statement that reports assets, liabilities, and owner's equity on a specific date | Balance sheet
🗑
|
||||
| A business's financial information is recorded and reported separately from the owner's personal financial information | Business entity
🗑
|
||||
| When business transactions are stated in numbers that have common values; using a common unit of measurement | Unit of measurement
🗑
|
||||
| When financial statements are prepared with the expectation that a business will remain in operation indefinitely | Going concern
🗑
|
||||
| Single rule
🗑
|
|||||
| Double rule
🗑
|
|||||
| Generally Accepted Accounting Principles- The standards and rules that accountants follow while recording and reporting financial activities | GAAP
🗑
|
||||
| the Securities and Exchange Commission has the authority to establish GAAP | SEC
🗑
|
||||
| Financial Accounting Standards Board- the organization who has the authority to set accounting standards by getting input and feedback from many sources | FASB
🗑
|
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:
echavez0195
Popular Accounting sets