Accounting I Word Scramble
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Question | Answer |
Asset | Anything of value that is owned |
Equities | The financial rights to the assets of a business |
Liability | An amount owed by a business |
Owner's Equity | The amount remaining after the value of all liabilities is subtracted from the value of all assets |
Accounting Equation | Shows the relationship among assets, liabilities and owner's equity. It is most often stated as Assets=Liabilities + Owner's Equity |
Transaction | A business activity that changes assets, liabilities, or owner's equity. |
Account | A record summarizing all the information pertaining to a single item in the accounting equation |
Account Title | The name given to an account |
Account Balance | The amount in an account |
Capital | The account used to summarize the owner's equity in a business |
Revenue | An increase in owner's equity resulting from the operation of a business |
Sale on Account | A sale for which cash will be received at a later date |
Expense | A decrease in owner's equity resulting from the operation of a business |
Withdrawals | Assets taken out of a business for the owner's personal use |
T Account | An accounting device used to analyze transaction |
Debit | An amount recorded on the left side of a T-account |
Credit | An amount recorded on the right side of a T-account |
Normal Balance | The side of the account that is increased |
Chart of Accounts | A list of accounts used by a business |
Service Business | A business that performs an activity for a fee |
Proprietorship | A business owned and controlled by one owner |
Accounting | The planning recording, analyzing, and interpreting of financial information |
Accounting System | The process for providing financial information that will be useful to management |
Accounting Records | Organized summaries of a business's financial activities |
Financial Statement | Reports that summarize the financial condition and operations of a business |
Created by:
mercerp53
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