Term
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Definition
| *Planning recording analyzing, and interpreting financial data |
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Term
| what is an accounting system? |
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Definition
| *Planning recording analyzing, and interpreting financial data |
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Term
| What are accounting records? |
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Definition
| *Organized summaries of a business's financial activities. |
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Term
| What often contributes to business failure or bankruptcy? |
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Definition
| *inaccurate accounting records. |
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Term
| 5. What is a service business? |
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Definition
| *A business that performs an activity for a fee |
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Term
| What is a proprietorship? |
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Definition
| *a business owned by one person |
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Term
| 7. What does Encore music do? |
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Definition
| *They rent office space and the instruments used to teach music lessons |
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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
| *It is anything of value that is owned. |
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Term
| What are some examples of Assets? |
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Definition
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Term
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Definition
| *Financial rights to the assets of a business |
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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
| *The amount left over after subtracting liabilities from assets |
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Term
| What is important to remember about the accounting equasion? |
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Definition
| *It Must be in balance in order to be correct. This means that the total of the account on the left side of the equation must always equal the total amount on the right side |
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Term
| 1.What is an transaction? |
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Definition
| *A business activity that changes assets, liabilities, or owners equity |
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Term
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Definition
| *A recording 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 giving to an account |
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Term
| What is the Cash amount for? |
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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) |
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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
| What is a Capital account? |
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Definition
| *the Account used to summarize the owners equity in a business(The capitals account is an owners equity account) |
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Term
| what is encore music's capital account called? |
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Definition
| Barbara Trevino, (capital this account summarizes the owners equity in encore |
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Term
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Definition
| *A financial statement that reports assets, liabilities, and owner's 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 of the balance sheet
*Liabilities-is located on the right side of the accounting equation, which means that liabilities are also listed on the right side of the balance sheet
*Owner's Equity-located on the right side of the accounting equation, which means that Owners equity is also listed on the right side of the balance sheet. |
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