Accounting Vocabulary

Shannon Anderson-Rush
Flashcards by Shannon Anderson-Rush, updated more than 1 year ago
Shannon Anderson-Rush
Created by Shannon Anderson-Rush almost 7 years ago
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Flashcards on Accounting Vocabulary, created by Shannon Anderson-Rush on 05/27/2014.

Resource summary

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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