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22 Cards in this Set
- Front
- Back
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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 Balance
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The amount in an account
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Account title
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the name given to an account
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accounting
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planning, reporting, analyzing, and intepreting finacial information.
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accounting equation
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an equation showing the relationship among aassets lilabilties and owner's equity
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accounting records
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organize summaries of a buisness's finacial activities
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accounting system
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a plan process for providing for finacial information that weill be useful to management
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assets
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anything of value that is owned
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equity
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Finacial rights to the assets of a buisness
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capital
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the account used to summarize the ownersequity in a buisness
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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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expense
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a decrease in ower's equity resulting from the operation of a buisness.
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finacial statements
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finacial reports that summarize the finacial condition and operation of a buiseness
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lialbilty
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the amount owed by a buisness
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owner's equity
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the amount remaining after the value of all llabilites is subtracted from the value of all aassets
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proprietorship
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a buisness by one person
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revenue
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an increase in owner's equity resulting from the operation of a buisness
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sale on account
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a sale for which cash will be recieved at a later date
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service buisness
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a buisness that performs a service for a fee
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transaction
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a buisness activity that change assets, lilabilties, or owner's equity
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withdrawals
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assets taking out of a buisness for the owner's personal use.
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buisness ethics
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the use of ethics in making buisness decisions
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