Vocab
Vocab
Vocab
100
A sale for which cash will be recieved at a later date.
What is Sale on Account?
100
The account used to summarize the owner's equity in the business.
What is capital?
100
Planning, recording, analyzing, and interpreting financial information.
What is accounting?
200
Anything of value that is owned.
What is asset?
200
The amount in a account.
What is account balance?
200
The use of ethics in making business decisions.
What is Business ethics?
300
Organized summaries of a business's financial activities.
What is accounting records.
300
A planned process for providing financial information that will be useful to management.
What is accounting system.
400
A record summarizing all the information pertaining to a single item in the accounting equation.
What is account?
400
A business activity that changes assets, liabilities, or owner's equity.
What is transaction?
500
The amount remaining after the value of all liabilities is subtracted frm the value of all assets.
What is owner's equity?
500
An equation showing the relationship among assets, liabilities, and owner's equity.
What is Accounting Equation?
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