Accounting Chapter 1

15 terms by annakayholland

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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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