Home > Flashcards > Accounting > Latifah's Ch. 1 Accounting

Details Title: Latifah's Ch. 1 Accounting Description: Latifah's Ch. 1 Accounting Total Flash Cards: 19 Created: 09/12/2006 07:30:04	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 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