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16 Cards in this Set
- Front
- Back
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Accounting |
Planning, Recording, Analyzing and interpreting Financial information |
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Accounting System |
Planned process for providing financial information that will be useful to management |
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Accounting Records |
Organized summaries of a business's financial activities |
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Financial Statements |
Financial reports that summarize the Financial condition and operation of a business |
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Service Business |
A business that preforms a activity for a fee |
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Proprietorship |
A business owned by one person |
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Business Entity |
Is applied when a business financial information is recorded separately from the owners personal financial information |
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Asset |
Anything of value that is owned (Example: tools, supplies, insurance) |
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Equities |
Financial rights to the asset of busniess (Two Types) |
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Two Types of Equities |
1) Equity of those who money is owed 2) Equity of the owner |
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Liability |
An amount owed by a business |
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Owners Equity |
The amount remaining after the value of all liabilites is subtracted from the value of all assets |
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Accounting equation |
Showing the relationship amoung asset, Liability, and owners equity |
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The Accounting Equation |
Asset= Liability + Owners Equity |
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Transaction |
Activity that changes the asset, liability, and owners equity |
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Unit of measurements |
Is applied when business transactions are of common suit |
