Accounting Ch. 1 Word Scramble
|
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
Term | Definition |
accounting | Planning, recording, analyzing, and interpreting financial information. |
accounting system | A planned process for providing financial information that will be useful to management. |
accounting records | Organized summaries of a business's financial activities . |
financial statements | Financial reports that summarize the financial condition and operations of a business. |
service buisness | A business that performs an activity for a fee. |
proprietorship | A business owned by one person. |
asset | Anything of value that is owned. |
equities | Financial right to the assets of a business. |
liabilty | 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 | An equation showing |
ethics | The principles of right and wrong that guide an individual in making decisions. |
business ethics | The use of ethics in making business decisions. |
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 the 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 |
withdrawls | assets taken out of the business for the owner's personal use |
Created by:
bailey.baucom69
Popular Accounting sets