My Business
My Bling
My Checkbook
Let's Go Shopping
Misc. & Lemonade Stand
100
A business owned by one person.
What is a proprietorship?
100
Anything of value that is owned.
What is an Asset?
100
A business activity that changes assets, liabilities, or owner's equity.
What is a Transaction?
100
An increase in owner's equity resulting from the operation of a business.
What is Revenue?
100
The principle's of right and that guide an individual in making decisions.
What are Ethics?
200
Planning, recording, analyzing, and interpreting financial information.
What is Accounting?
200
Financial rights to the assets of a business.
What are Equities?
200
A record summarizing all the information pertaining to a single item in the accounting equation.
What is an Account?
200
A sale for which cash will be received at a later date.
What is Sale on Account?
200
Financial reports that summarize the financial condition and operations of a business.
What are Financial Statements?
300
A business that performs an activity for a fee.
What is a Service Business?
300
An amount owed by a business.
What is a Liability?
300
The name given to an account.
What is an Account Title?
300
A decrease in owner's equity resulting from the operation of a business.
What is an expense.
300
COGS
What are Cost of Goods Sold?
400
Organized summaries of a business's financial activities.
What are Accounting Records?
400
The amount remaining after the value of all liabilities is subtracted from the value of all assets.
What is Owner's Equity?
400
The amount in an account.
What is an Account Balance?
400
Assets taken out of a business for the owner's personal use.
What are Withdrawals?
400
What the amount is called on the balance sheet that I owe Mom and Dad for the $10.00 loan.
What is a liability or notes payable.
500
A planned process for providing financial information that will be useful to management.
What is an Accounting System?
500
An equation showing the relationship among assets, liabilities and owner's equity.
What is the Accounting Equation?
500
The account used to summarize the owner's equity in a business.
What is Capital?
500
The use of ethics in making business decisions.
What are Business Ethics?
500
The term for the $5.00 original money the young man in The Lemonade Stand started his business with.
What is Original Investment or Owner's Equity?
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