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23 Cards in this Set
- Front
- Back
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account; |
a record summarizing all the information all the information pertaining to a single item in the accounting equation |
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account balance |
the amount in an account |
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account title |
the name given to an account |
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accounting |
planning, recording, analyzing,and interpreting financial information |
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accounting equation |
an equation showing the relationship among assets, liabilities and owner's equities |
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accounting records |
organized summaries of a business's financial activities |
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accounting system |
a planned process for providing financial information that will be useful to management |
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asset |
anything of value that is owned |
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business ethics |
the use of ethics in making business decisions |
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equities |
financial rights to the assets of a business |
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capital |
the account used to summarize owner's equities in a business |
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ethics |
the principles of right and wrong that guide an individual in making decisions |
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expense |
a decrease in owner's equity resulting from the operation of a business |
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financial statements |
financial reports that summarize the financial condition and operations of a business |
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liability |
an amount owed by a business |
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owner's equity |
the amount remaining after the value of all liabilities of subtracted from the value of all assets |
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proprietorship |
a business owned by one person
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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 |
a sale for which cash will be received at a later date |
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