Details Title: Accounting Chapter 1 Description: Vocabulary Total Flash Cards: 22 Created: 08/28/2008 09:53:57		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 peocess for providing financial information that will be useful to management. Term Accounting Records Definition Organized summaries of a business's financial activities. Term Financial Statements Definition Financial reports that summarize the financial condition and operations of a business. Term Service Business Definition A business that performs an activity for a fee. Term Proprietorship Definition A business owed by one person. Term Asset Definition Anything of value that is owned. Term Equities Definition Financial rights to the assets of a business. Term Liability Definition An amount owned by a business. Term Owner's Equity Definition The amount remaining after the value of all liabilities is subtracted from the value of all assets. Term Accounting Equation Definition An equation showing the relationship among assets, liabilities, and owner's equity. Term Ethics Definition The principles of right and wrong that guide an individual in making decisions. Term Business Ethics Definition The use of ethics in making business decisions. Term Transaction Definition A business activity that changes assets, liabilities, or Owner's equity. Term Account Definition A record summarizing all 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 acount. Term Capital Definition The account used to summarize the owner's equity in a business. Term Revenue Definition An increase in the owner's equity resulting from the operation of a business. Term Sell on Account Definition A sale for which cash will be recieved at a later date. Term Expense Definition A decrease in owner's equity resulting from the operation of a business. Term Withdrawals Definition assets taken out of a business for the owner's own personal use.