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accounting I vocab
vocab for acconting
16
Accounting
11th Grade
01/30/2013

Additional Accounting Flashcards

 


 

Cards

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

Financial statements

Definition

·         financial reports that summarize the financial condition and operations of a business

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 owed 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

·         the amount remaining after the value of all liabilities is subtracted from the value of all assets

Term

Transaction

Definition

 a business activity that changes assets, liabilities, or owner’s equity

Term

Account

Definition

    

       a record summarizing all the information pertaining to a single item in the

 

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
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