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Brooke's Chapter 1.1 facts
Chapter 1 facts
17
Accounting
10th Grade
09/06/2006

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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.
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