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22 Cards in this Set
- Front
- Back
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Accounting
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-planning, recording, analyzing, and interpreting financial information.
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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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Accounting Records
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-organized summaries of a business"s financial activities.
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Financial Statements
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-financial reports that summarize the financial conditions and operations of a business.
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Service Business
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-a business that performs an activity for a fee
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Propreitorship
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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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Liability
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-am amount owed by a business.
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Owner's Equity
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-the amount remaining after the value of liabilities is subtracted from the value of all assets.
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Accounting Equation
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-an equation showing the relationship among assets, liabilities, and owner's equity.
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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 owner's equities.
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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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Account Balance
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-the amount in an account.
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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 received 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 a business for the owners personal use.
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