Chapter 1
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Created by:
mfiler on August 31, 2009
Subjects:
Classes:
JTW114, Accounting, PTC FSE, accounting-4th period, Mrs. Perry's Accounting, Accounting I
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16 terms
Terms | Definitions |
|---|---|
 account | A record summarizing all the information pertaining to a single item in the accounting equation |
| account balance | The amount in an account. |
| account title | The name given to an account. |
| accounting | Planning, recording, analyzing, and interpreting financial information. |
| accounting equation | An equation show 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. |
| asset | Anything of value that is owned. |
| 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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