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21 Cards in this Set
- Front
- Back
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accout
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a record summarizing all the information pertaining to a single item in the accouting equation.
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accout balance
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The amount in an account
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accouting
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planning, recording, annalyzing, and interpreting financial information
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accouting equation
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an equation showing the relationship amoung assets, liabilities, and owners equity.
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accouting records
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organized summaries of business's financial activites.
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accouting system
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a planned process for providing financial information that will be useful to management.
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asset
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anything of value that is owned.
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business ethics
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the use of ethics in making business decisions.
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equities
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financial rights to the assets of a business.
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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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ethics
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the principals of right and wrong that guide an individual in making decisions.
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expense
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a decrease in owners equity resulting from the operation of a business.
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finacial statements
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financial reports that summarize the finacial condition in operations 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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proprietorship
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a business owned by one person.
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revenue
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an increase in owners 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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service business
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a business that performs an activity for a fee.
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transaction
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a business activity that changes assets, liabilities, or owner's equity.
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withdraws
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assets taken out of a business for the owners personal use.
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