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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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