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16 Cards in this Set
- Front
- Back
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Planning, recording, analyzing, and interpreting financial information
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Accounting
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The planned process for providing financial information that a business can use
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Accounting system
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Records of financial activity
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Accounting records
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A business that performs a service for a fee
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Service business
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A business owned by one person
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Proprietorship
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Anything of value that is owned
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Asset
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Financial rights to the assets of a business
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Equities
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An amount owed by a business
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Liability
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The amount remaining after liabilities are subtracted from assets in the accounting equation
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Owner’s equity
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An equation showing the relationship among assets, liabilities, and owner’s equity
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Accounting equation
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A business activity that changes assets, liabilities, or owner’s equity
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Transaction
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A record summarizing all the information pertaining to a single item in the accounting equation
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Account
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The name of the account
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Account title
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The amount of money in an account
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Account balance
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The account used to summarize the owner’s equity in a business
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Capital
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A financial statement that reports assets, liabilities, and owner’s equity on a specific date
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Balance Sheet
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