Shared Flashcard Set

Details

chapter 1
Chapter 1, sections 1-3
21
Accounting
11th Grade
03/24/2011

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 summaryies of a business's financial activites.
Term
Financial statement
Definition
financial reports that summarize the financial conditions and operations of a business.
Term
Service buisness
Definition
a buisness that performs an activity for a fee.
Term
Proprietorship
Definition
a business owned by one person
Term
Assets
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 equationshowing the relationship among assets, liabilites and owner's equity.
Term
Ethics
Definition
the principles 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 equaiton.
Term
Account Title
Definition
the name given to 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
Sales 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
Withdrawls
Definition
assets taken out of business for the owner's personal use.
Supporting users have an ad free experience!