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22 Cards in this Set
- Front
- Back
Accounting
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Planning, recording, analyzing, and interpreting financial info
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Accounting System
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A planned process for providing financial info that will be useful to mangement
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Accounting Records
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Organized summaries of a business's financial activities
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Financial Statements
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Financial reports that summarize the financial conditions and operations of a business
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Service Business
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A business that provides an activity for a fee
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Proprietorship
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A business owned by one person
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Asset
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Anything of value that is owned
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Equity
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Financial rights to the asset's of a business
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Liability
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An amount owed by a business
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Owner's Equity
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The amount remaining after the value of all liabilities is subtracted from the value of all assets
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Accounting Equation
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An equation showing the relationship between assets, liabilities, and owner's equity.
[A=L+OE] [L=A-OE] [OE=A-L] |
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Ethics
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The principles of right and wrong to guide a person in making decisions
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Business Ethics
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The use of ethics to make business decisions
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Transaction
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A business activity that changes assets, liabilities, or owner's equity
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Account
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A record summarizing all the info pertaining to a single item in the accounting equation
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Account Title
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The name given to an account
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Account Balance
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The amount in an account
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Capital
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The account used to summarize the owner's equity in a business
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Revenue
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An increase in owner's equity resulting from the operation of a business
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Sale on Account
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A sale for which cash will be recieved at a later date
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Expense
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A decrease in owner's equity due to the operation of a business
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Withdrawals
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Assets taken out of a business for the owner's personal use
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