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23 Cards in this Set

  • Front
  • Back
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
Financial reports that summarize the financial condition and operations of a business
Financial Statements
A business that performs an activity for a fee
Service Business
A business owned by one person
Proprietorship
Anything of value that is owned
Assets
Financial rights to the assets of a business
Equities
An amount owed by a business.
Owner's Equity
An equation showing the relationship among assets, liabilities, and owner's equity
Accounting Equation
Accounting Equation
Assets = Liabilities + Owner's Equity
The principles of right and wrong
Ethics
Use of Ethics in making business decisions.
Business Ethics
A business activity that changes assets, liabilities, or owner's equity
Transactions
When business transactions are stated in numbers that have commonw values - Dollars in the U.S.
Unit of Measurement
A record summarizing all the information pertaining to a single item in the accounting equation
Account
The name given to the account
Account Title
The amount in the account
Account Balance
Summarizes the owner's equity
Capital
An increase in owner's equity resulting from the operation of a business
Revenue
A sale where cash will be received at a later date
(Charge)
Sale on Account
Revenue is recorded at the time goods or services are sold.
Realization of Revenue
A decrease in owner's equity resulting from the operation of a business
Expense.