936076
Description
Flashcards by Shannon Anderson-Rush, updated more than 1 year ago
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Created by Shannon Anderson-Rush
over 10 years ago
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| Question | Answer |
| Account balance | amount in an account |
| Account title | name given to an account |
| Account | record summarizing all the info pertaining to a single item in the accounting equation |
| Accounting equation | shows relationship among assets, liabilities, and owner’s equity |
| Accounting records | summaries of a business’s financial activities |
| Accounting system | planned process for providing financial information that will be useful to management |
| Accounting | planning recording, analyzing, and interpreting financial information |
| Asset | anything of value that is owned or controlled |
| Business ethics | use of ethics in making business decisions |
| Capital | account used to summarize the owner’s equity |
| Equities | financial rights to the assets of a business |
| Ethics | principles of right and wrong |
| Expense | decrease in owner’s equity resulting from the operation of a business |
| Financial statements | reports that summarize the financial condition and operations of a business |
| Liability | amount of money owed to the creditors of a business |
| Owner’s equity | amount remaining after the value of all liabilities is subtracted from the value of all assets |
| Proprietorship | business owned by one person |
| Revenue | increase in owner’s equity resulting from the operation of a business |
| Transaction | business activity that changes assets, liabilities, or owner’s equity |
| Withdrawals | assets taken out of a business for the owner’s personal use |
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