Chapter 1 accounting century 21

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Chapter 1: Starting a proprietorship: Chanes that affect the accounting Equation


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


planning, recording, analyzing, and interpreting financial information

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 wil be useful to management


anything of value that is owned

business ethics

the use of ethics in making business decisions


financial rights to the assets of a business


the account used to summarize the owner's equity in a business


the principles of right and wrong that guidea an individual in making decisions


a decrease in the owner's equity resulting from the operation of a business

financial statements

financial reports that summarize the financial condition and operation of a business


an amount owned by a business

owner's equity

the amount remaining after the value of all liabilities is subtracted from the value of all assets


a business owned by one person


an increase in owner's equity resulting from the operation of a business

sale on account

a sale for which cash will be recieved at a later date

service business

a business that performs an activity for a fee


a business activity that changes the assets, liabilities, or owner's equity


assets taken out of a business for owner's personal use

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