Details Title: accounting chapter 1 Description: vocab words Total Flash Cards: 18 Created: 01/20/2009 11:07:02		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Accounting Flashcards
Cards in this set: Term Accounting Definition Planning, recording analyzing, and interpreting financial information. Term Accounting System Definition A planned process for providing financial information that will be useful to management. Term Accounting Records   Definition Organized summaries of a business's financial activities. Term Service Business Definition A business that performs an activity for a fee. Term Proprietorship Definition A business owned by one person. Term Asset Definition Anything of value that's owned. Term Equities Definition Financial rights to the assets of a business. Term Liabilities Definition An amount owed by a business. Term Owner's Equity Definition The amount remaining after the value of all liabilites is subtracted from the value of all assets. Term Accounting Equation Definition An equation showing the relationship among assets, liabilites, and owner's equity. Term Transaction Definition A business activity that changes assets, liabilites, or owner's equity. Term Definition Term Account Definition A record summarizing all the information pertaining to a single item in the accounting equation. Term Account Title Definition The name given to an account. Term Account Balance Definition The amount in an account. Term Capital Definition The account used to summarize the owner's equity in a business. Term Revenue Definition An increase in owner's equity resulting from the operation of a business. Term Withdrawals Definition Assets taken out of a business for the owner's personal use.