Details Title: Accounting Description: 21century Total Flash Cards: 16 Created: 09/11/2008 07:41:23		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 is called accounting system Term accounting records Definition organized summaries of a business's financial activities are called... Term service business Definition a business that performs an activity for a fee is called a service business Term proprietorship Definition a business owned 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 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 assets = liabilities + owner's equity 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 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. the capital account is an owner's equity account. Term balance sheet Definition a financial statement that reports assets, liabilities, and owner's equity on a specific date