accounting chapter 1 Word Scramble
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| Term | Definition |
| Accounting | Planning, recording, analyzing , and interpreting financial information |
| Accounting system | A plan process for providing financial information that will be useful to management |
| accounting record | organized summaries of a business's financial activities |
| Service business | a business that performs an activity for a fee |
| Proprietorship | a business owned by one person |
| Financial statements | Financial reports that summarize the financial condition and operations of a business |
| Asset | anything of value that is owned |
| equities | 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 substracted from the value of all assets |
| Accounting equation | an equation showing the relationship among assets, liabilities, and owner's equity |
| Transaction | a business activity that changes assets, liabilities, and 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 business for the owner's personal use |
| ethics | the principles of right and wrong that guide an individual in making decisions |
| business ethics | the use of ethics in making business decisions |
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keri.faulkner03
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