Term
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Definition
| Planning, recording, analyzing, and interpreting financial information is called accounting. |
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Term
| What is an accounting system? |
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Definition
| A planned process for providing financial information will be useful to management. |
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Term
| What are accounting records? |
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Definition
| Organized summaries of a financial activities. |
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Term
| What contributed to business failures? |
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Definition
| Inaccurate accounting records. |
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Term
| What is service business? |
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Definition
| A business that performs an activities 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
| What does encore music do? |
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Definition
| Encore music rents office space and instruments used to teach music lessons. |
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Term
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Definition
| Anything of value that is own. Cash and supplies. |
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Term
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Definition
| Financial right to the assets of a business. |
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Term
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Definition
| An amount own by a business. |
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Term
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Definition
| The amount left over after the value of all liabilities. |
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Term
| What is important to remember about the accounting Equation? |
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Definition
| It must be in balance order to be correct. This means the total of the amount on both side must be equal. |
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Term
| What is an accounting equation? |
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Definition
| It must be in balance order to be correct. This means the total of the amount on both side must be equal. |
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Term
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Definition
| A business activity that changes assets, liabilities, and owners equity. |
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Term
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Definition
| 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 an account. |
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Term
| What is the Cash account for? |
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Definition
| Use to summarize information about the amount of money the business has available. The cash account is the asset account. |
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Term
| What is the account balance? |
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Definition
| The amount in an account. |
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Term
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Definition
| It is the amount used to summarize the owner's equity in a business. This is the owner's equity account. |
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Term
| What is encore music Capital Account called? |
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Definition
| Barbara ,Capital this account summarizes the owner's 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 majors section of a balance sheet? |
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Definition
| Assets located on the left side of the accounting equation, which mean that the assets are also on the left side of the sheet. Liabilities located on the right side of the accounting equation, which means that the liabilities are also on the right side of the balance sheet. Owner's equity- located on the on the right side of the accounting equation, which means that owner's equity is also listed on right side of the balance sheet. |
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