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22 Cards in this Set
- Front
- Back
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Accounting
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planning, recording, analyzing, and interpreting financial information.
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Accounting System
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a planned process for providing financial information that will be useful to management.
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Accounting Records
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organized summaries of a buisness's finanacial activities.
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Financial Statements
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financial reports that summarize the financial condition and operations of a buisness.
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Service Buisness
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a buisness that performs an activity for a fee.
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Proprietorship
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a buisness owned by one person.
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Asset
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anything of value that is owned.
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Equities
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financial rights to the assets of a buisness.
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Liability
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an amount owed by a buisness.
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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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assests= liabilities+owner's equity
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Ethics
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the principles of right and wrong that guide an individual to making decisions.
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Buisness Ethics
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the use of ethics in making buisness decisions.
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Transaction
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a buisness activity that changes assets, liabilities, or owner's equity.
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Account
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a record summarizing all the information 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 buisness.
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Revenue
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an increase in owner's equity resulting from the operation of a buisness.
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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 resulting from the operation of a buisness.
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Withdrawals
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assets taken out of a buisness for the owner's personal use.
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