chapter 1
Planning, recording, analyzing, and interpreting financial information
what is accounting
A business that performs an activity for a fee
what is service bussiness
An increase in owner's equity resulting from the operation of a business.
what is revenue
a list of accounts used by a business
what is a Chart of accounts
a form of recording transactions in chronological order
what is a journal
A planned process for providing financial information that will be useful to management
What is accounting system
A business owned by one person
what is Proprietorship
a decrease in owners equityresulting from the operation of a business
what is expense
an accounting device used to analyze transactions
what is T account
recording transactions in a journal
what is journalizing
Organized summarized of a business' financial activities
what is accounting records
Financial rights to an asset of a business
what is equities
assets taken out of a business for the owners personal use
what is a withdrawal
an amount recorded on the left side of a T account
what is debit
a journal amount column headed with an account
what is special amount column
A person who plans summarizes, analyzes, and interprets accounting information
what is an accountant
an amount owed by a business
what is liability
after the transaction is recorded what goes on the left side
what is sum of ballance
An amount recorded on the right side of a T account
What is credit
a journal amount column that is not headed withan account title
what is a genersl amount column
A business selling accounting services to the general public
what is a public accounting firm
The amount in an account
what is account balance
assets=liabilities+_______
what is owners equity
an account that reduces a related account on a financial statement
what is contra account
Info for each transaction recorded in a journal
what is an entry