Home > Flashcards > Accounting > Brooke's Chapter 1.1 facts

Details Title: Brooke's Chapter 1.1 facts Description: Chapter 1 facts Total Flash Cards: 17 Created: 09/06/2006 07:08:05	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 a record summerizing all information to a single item in an accounting equation Term what is an asset? Definition anything of value that is owned Term what is owner equity? Definition The amount left over after subtracting liability from assets Term what is liability? Definition an amount owned by a business Term what are two examples of assets? Definition cash and supplies Term assets=Liabilities+ ? Definition owners equity Term what is a proprietorship? Definition a business owned by a person Term what are equities? Definition Financial rights to the assets of a business Term what is important to remember about accounting equations? Definition It must be inbalance in order to be correct. Term what is an accounting system? Definition A planined process for providing financial information that will help with managment Term what is a service business? Definition A business that performs activities for a fee Term what often contribute to business failures and bankruptcy? Definition inaccurate records Term what are accounting records? Definition organized summeries of a business'financial activities Term What is a transaction? Definition a business activity that changes assets, liabilities and owner equity Term What is an account title? Definition name given to an account Term what is the capital amount? Definition It's used to summarize the owner's equity in a business. Term what is an account? Definition A record summarizing all information about the amount of money a business has available.