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Details Title: Norma Gomez Description: Chapter 1.1 Facts Total Flash Cards: 24 Created: 09/06/2006 07:28:29	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 planning, recording, analyzing, and interpreting financial information. Term Accounting System- Definition a planned process for providing financial information that will be useful to management. Term Accounting Records- Definition organized summaries of a business's financial activities. Term Service Business- Definition a business that performs an activity for a fee. Term Proprietorship- Definition a business owned by one person. Term Proprietorship- Definition a business owned by one person. Term Asset- Definition anything of value that is owned. Term Asset- Definition anything of value that is owned. Term Asset- Definition anything of value that is owned. Term Asset- Definition anything of value that is owned. Term Asset- Definition anything of value that is owned. Term Equities- Definition financial rights to the assets of a business. Term Equities- Definition financial rights to the assets of a business. Term Liability- Definition an amount owned 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 What is a Transaction? Definition Is a business activity that changes assets, liabilities, or owner's equity. Term What is an account? Definition A record summarizing all the information pertaining to a single item in the accounting equation. Term What is an account title? Definition The name given to an account. Term What is the cash account for? Definition The Cash account is used to summarize information about the amount of money the business has available. The Cash account is an asset account. Term What is the account balance? Definition The amount in an account. Term What is Capital? Definition The account used to summarize the owner's equity in a business. The Capital account is an owner's equity account. Term What is Encore Music's Capital account called? Definition Barbra Trevino, Capital This account summarizes the owner's equity in Encore. Term What is a balance sheet? Definition It is a financial statement that reports assets, liabilities, and owner's equity on a specific date. Term What are the major sections of a balance sheet? Definition 1) Assets- located on the left side of the accounting equation, which means that assets are also listed on the left side of the balance sheet. 2) Liabilities-located on the right side of the accounting equation, which means that liabilities are also on the right side of the balance sheet. 3) Owner's Equity- located on the right side of the accounting equation, which means that Owner's Equity is also listed on the right side of the balance sheet.