Accounting 1
Accounting 2
Accounting 3
Accounting 4
Accounting 5
100
Assets taken out of a business for the owner's personal use.
What are "withdrawals?"
100
A record summarizing all the information pertaining to a single item in the accounting equation.
What is an account?
100
An asset that may sometimes be confusing because it is not a tangible property.
What is "Prepaid Insurance?"
100
Another word for "Net Worth."
What is "Owner's Equity?"
100
Planning, recording, analyzing, and interpreting financial information.
What is "accounting?"
200
The name given to an account.
What is an "Account Title?"
200
The account used to summarize the owner's equity in a business.
What is "Capital?"
200
A planned process for providing financial information that will be useful to management.
What is an "Accounting System?"
200
A decrease in owner's equity resulting from the operation of a business.
What is an "expense?"
200
An increase in owner's equity resulting from the operation of a business.
What is "Revenue?"
300
The amount remaining after the value of all liabilities is subtracted from the value of all assets.
What is "Owner's equity?"
300
A sale for which cash will be received at a later date.
What is a "Sale on account?"
300
An equation showing the relationship among assets, liabilities and owner's equity.
What is "the Accounting Equation?"
300
The principles of right and wrong that guide an individual in making decisions.
What are "ethics?"
400
A business owned by one person.
What is "Proprietorship?"
400
Organized summaries of a business's financial activities.
What are "Accounting Records?"
400
A business that performs an activity for a fee.
What is a "Service Business?"
400
Anything of value that is owned.
What is an "asset?"
400
The amount in an account.
What is an "Account Balance?"
500
An amount owed by a business.
What is a "Liability?"
500
Financial reports that summarize the financial condition and operations of a business.
What are "Financial Statements?"
500
The use of ethics in making business decisions.
What are "Business Ethics?"
500
A business activity that changes assets, liabilities, or owner's equity.
What is a "Transaction?"
500
Financial rights to the assets of a business.
What are "Equities?"
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