Shared Flashcard Set

Details

Chapter 1: Vocab
Vocabulary terms for Chapter 1: Accounting for a Service Business Organized as a Proprietorship
22
Accounting
11th Grade
01/09/2015

Additional Accounting Flashcards

 


 

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
Financial Statements
Definition
Financial reports that summarize the financial conditions and operations of a business.
Term
Service Business
Definition
A business that performs an activity for a fee.
Term
Proprietorship
Definition
A business owned by one person.
Term
Asset
Definition
Anything of value that is owned.
Term
Equities
Definition
Financial rights to the assets of a business.
Term
Liability
Definition
An amount owed 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
Accounting Equation
Definition
An equation showing the relationship among assets, liabilities, and owner's equity.
Term
Ethics
Definition
The principle of right and wrong that guide an individual in making decisions.
Term
Business Ethics
Definition
The use of ethics in making business decisions.
Term
Transaction
Definition
A business activity that 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
Account Balance
Definition
The amount in an account.
Term
Capital
Definition
The account used to summarize the owner's equity in a business.
Term
Revenue
Definition
An increase in owner's equity resulting from the operation of a business.
Term
Sale on Account
Definition
A sale for which cash will be received at a later date.
Term
Expense
Definition
A decrease in owner's equity resulting from the operation of a business.
Term
Withdrawals
Definition
Assets taken out of a business for the owner's personal use.
Supporting users have an ad free experience!