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Latifah's Ch. 1 Accounting
Latifah's Ch. 1 Accounting
19
Accounting
10th Grade
09/12/2006

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Term
accounting
Definition
Plannning, recording , analyzing, and interprepating financial information
Term
accounting system
Definition
a planned process for providing financial that will be useful to management
Term
accounting records
Definition
Oranized summaries of a business's fianncial activities
Term
sevice business
Definition
a business that performa an activity for a fee
Term
proprietorship
Definition
a business owned by is also one person
Term
assets
Definition
anything of value that is owned
Term
equities
Definition
fiancial right to be assets of a business
Term
liability
Definition
An amount owned by a business
Term
Owner's equity
Definition
the aount remaining after the value of all values of liabities is substracted from the value of all assets
Term
accounting equation
Definition
an equation showing the realtionship among assets,liabilities,and owner's equity
Term
assets
Definition
Anything of value that is owned
Term
equities
Definition
Financial rights to the assets of a business
Term
owner's equity
Definition
the amount remaining after the value of all liabilities is subtraced from the value of all assets
Term
accounting equation
Definition
an equation showing the realtionship among assets, liabilities,and owner's equity
Term
transaction
Definition
A business activity 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
acount balance
Definition
the amount in the account
Term
capital
Definition
the account used to summarize the owner's equity in a business
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