Accounting Chapter 1
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Created by:
annakayholland on August 18, 2009
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15 terms
Terms | Definitions |
|---|---|
 Account | A record summarizing all the information pertaining to a single item in the accounting equation |
| Asset | Anything of value that is owned |
| Account Balance | The amount in an account |
| Account Title | The name given to an account |
| Accounting Equation | An equation showing the relationship among assets, liabilities, and owner's equity |
| Accounting Records | Organized summaries of a business's financial activities |
| Accounting System | A planned process for providing financial information that will be useful to management |
| Balance Sheet | A financial statement that reports assets, liabilities, and owner's equity on a specific date |
| Capital | The account used to summarize the owner's equity in the business |
| Equities | Financial rights to the assets of a business |
| Liability | An amount owed by a business |
| Owner's Equity | The amount remaining after the value of all liabilities is subtracted from the value of all assets |
| Proprietorship | A business owned by one person |
| Service Business | A business that performs an activity for a fee |
| Transaction | A business activity that changes assets, liabilities, or owner's equity |
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