Home > Flashcards > Accounting > Amina's chapter 1.1 fact

Details Title: Amina's chapter 1.1 fact Description: Chapter 1,1 Facts Total Flash Cards: 15 Created: 09/06/2006 07:08:08	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term What is accounting? Definition Accounting is planning, recording, analyzing, and interpreting financial data. Term What is an accounting system? Definition A planned process for providing financial info that will be useful to management. Term What are accounting records? Definition Organized summaries of a business financial activities. Term What often contributes to business failures or bankruptcy? Definition Inaccurate accounting records. Term What is a service business? Definition A business that performs an activity for a fee. Term What is a proprietorship? Definition A business that is owned by one person. Term What does encore music do? Definition They rent office space and instruments used to teach music lessons Term What is the Accounting Equation? Definition Assets equals liability plus owner's equity Term What is an asset? Definition It is anything of value that is owned. Term What are some examples of some assets? Definition Cash and supplies. Term What are equities? Definition Financial rights to the assets of a business Term What is a liability? Definition An amount owned by a business. Term What is owners equity? Definition The amount left over after subtracting liabilities from assets. Term What is a balance sheet? Definition A financial statement that reports assets, liabilties, and owner's equity on a specific date. Term What is Going Concern? Definition Applied when financial statements are prepared with the expectation that the business will remain indefinately.