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22 Cards in this Set
- Front
- Back
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account balance
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the amount in an account
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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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accounting
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planning, recording, analyzing, and interpreting financial information
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accounting equation
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an equation showing the relationship among assets, liabilities, and owner's equities.
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accounting records
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organized summaries of a business's financial activities
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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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financial statements
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financial reports that summarize the financial conditions and operations
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service business
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a business that performs 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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equities
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financial rights to the assets of a business
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liabilities
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amounts 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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ethics
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the principles of right and wrong that guide an individual in making decisions
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business ethics
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the use of ethics in making business decisions
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transaction
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a business activity that changes assets liabilities or owners equity
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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 resulting from the operation of a business
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withdrawals
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assets taken out of the business for the owner's personal use
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