Chapter 1 accounting century 21

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

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 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

asset

anything of value that is owned

business ethics

the use of ethics in making business decisions

equities

financial rights to the assets of a business

capital

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

ethics

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

expense

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

liability

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

proprietorship

a business owned by one person

revenue

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

transaction

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

withdrawls

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

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