Term
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Definition
| recording analyzing interpreting financial data |
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Term
| What is an accounting system |
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Definition
| a planned process for providing financial data. |
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Term
| what are accountings records |
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Definition
3organized summaries of business
financial activities |
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Term
| What often contributes to business failures or bankruptcy |
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Definition
| inaccurate accounting records |
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Term
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Definition
| they rent office space and the istruments |
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Term
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Definition
| they rent office space and the istruments |
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Term
| 5What does encore music do? |
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Definition
instruments used to teach music
lesson |
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Term
| Assets= liabilities+ owners equity |
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Definition
| Assets= liabilities+ owners equity |
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Term
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Definition
| anything of value that is owned |
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Term
| What are some examples of an assets? |
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Definition
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Term
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Definition
| An amount owned by a business |
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Term
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Definition
| Finical rights to the assets of business |
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Term
| What is important about the accounting equation? |
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Definition
| Equal the total of accounts on the right side. |
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Term
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Definition
| Accounting planning recording analyzing and interpreting data |
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Term
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Definition
A financial statement that reports assets, liability
and owner equity on a specific date. |
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Term
| What are the major sections of a balance sheet? |
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Definition
Assets-located on the left side of the accounting equation
Which means that assets are also listed on the right side.
Owner equity located on the right side of the balance sheet.
Liabilities in the middle. |
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Term
| What are the steps to preparing a balance sheet? |
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Definition
Write the heading centered in the on the top of the page word asset
On the wide column under the heading write the owner equity account title. Prepare liability section center word liabilities on the first of the wide
Column on the under this heading put liability. Prepare the owner's equity
Section center words Owner's equity next to liability section under the section write owner equity. All assets accounts. Add the liability and owner's equity amounts if total equal balance sheet is right. A rule the single line across amount that means that the line is added or subtracted.
Rule double line that it is correct. |
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Term
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Definition
| A transaction is a business activity that changes assets, liability or owner's equity. |
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Term
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Definition
| an is a record summarizing all the information pertaining to a single item in the accounting equation. |
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Term
| What is an account title? |
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Definition
| The name given to the account. |
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Term
| What is the cash account for? |
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Definition
| The Cash account is used to summarized information about the amount of money the business has available. The cash account is in assets account. |
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Term
| What is the account balance? |
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Definition
| The amount in the account. |
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Term
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Definition
| The account used to summarize the owner's equity in a business. |
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Term
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Definition
| business entity- is applied when a business is record and reported separately from the owner's personal financial information. |
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Term
| what is a unit of measurement? |
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Definition
| unit of measurement is applied when business |
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Term
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Definition
| Going concerns that financial stamens are prepared with the expirations that a business will remain operation indefinitely. |
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