Chapter 1 vocab Word Scramble
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| Question | Answer |
| 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 |
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