Accounting Chap 1 Word Scramble
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Question | Answer |
Accounting | A record summarizing all the information pertaining to a single item in the accounting equation. |
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 Business | A business that performs and activity for a fee. |
Proprietorship | A business owned by one person. |
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 subtracted from the value of all assets. |
Accounting Equation | An equation showing the relationship among assets, liabilities, and owner's equity. |
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, 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. |
Acount Balance | The amount in an account. |
Capital | The account used to summaraize the owner's equity in a business. |
Revenue | An increase in owner's equity resulting from the operation of a business. |
Sales on Account | A sale for which cash will be received at a later date. |
Expense | A decrease in owner's equity from the operation of a business. |
Withdrawals | Assets taken out of a business for the owner's personal use. |
What is the Acounting Equation? | A=L+OE (Assets = Liabilities+Owner's Equity) |
What acronym do you use to remember what accounting is? | PRAI (Planning, Recording, Analyzing, and Interpreting) |
Created by:
gruba2007
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