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20 Cards in this Set

  • Front
  • Back
accounting
-planning, recording, analyzing, and interpreting financial information
accounting system
-a planned process for providing financial info that will be useful to management
accounting records
-organized summaries of a bussiness's financial activities
financial statements
-financial reports that summarize the financial conditions and operations of a business
proprietorship
-a business owned by one person
equities
-financial rights to to the assets of a business
service bussinesses
-a business that performs an activity for a fee
liability
-an amount owned by a business
owner's equity
-the amount remaining after the value of all liabilities is subtracting from the value of all assets
accounting equation
-an equation showing the relationship among assets, liability and owner's equity
ethics
-the principles of right and wrong that guide an indivisual in making decisions.
transaction
-a business activity that changes assets, liabilities, or owners equity
account
-a record summarizing all yhe info pertaining to a single item in the account equation.
account title
-the name given to an account
account balance
-the amount in an account
capital
-the account used to summarize the owner's equity in a business
revenue
-an increase in owner's equity resulting from the operation of a business.
sale on account
-a sale for which cash will be recieved at a later date
expence
-a decrease in owner's equity resulting from the operation of a business
withdrawals
-assets taken out of a business for the owner's personal use.