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14 Cards in this Set
- Front
- Back
Define asset.
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Anything of value that is owned.
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What is account balance?
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The amount in an account.
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What is the account title?
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The name of the account.
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Define accounting.
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Planning, recording, analyzing, and interpreting financial information.
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What does the accounting equation refer to?
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Shows the relationship among assets, liabilities and owner's equity.
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What is a liability?
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Anything that is owed.
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What is a balance sheet?
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A financial statement that reports assets, liabilities,and owner's equity on a specific date.
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What are equities in accounting?
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Financial rights to the assets of a business.
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What is owner's equity?
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The amount left after all liabilities are subtracted from all assets.
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What is a transaction in accounting?
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A business activity that changes assets, liabilities, or owner's equity.
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Define account.
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A record summarizing all the information about a single item in the accounting equation.
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What are accounting records?
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Organized summaries of a business's financial activities.
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What is an accounting system?
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A planned process for providing financial information that will be useful in managing a company.
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What does capital refer to in accounting?
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The account that summarizes the owner's equity.
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