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Types of Accounting
What is accounting?
Business Activities
Changing Owner's Equity
Transactions
100
Anything of value that is owned
What is an asset?
100
Planning, recording, analyzing, and interpreting financial information is
What is accounting?
100
The account used to summarize the owner's equity in a business
What is capital?
100
An increase in owner's equity resulting from the operation of a business
What is revenue?
100
Paid cash for supplies
What is an increase in supplies and decrease in cash?
200
The amount remaining after the value of all liabilities is subtracted from the value of all assets
What is owner's equity?
200
A planned process for providing financial information that will be useful to management
What is an accounting system?
200
A business activity that changes assets, liabilities, or owner's equity
What is a transaction?
200
A sale for which cash will be received at a later date
What is a sale of account?
200
Paid cash for rent
What is an decrease in owner's equity and a decrease in cash?
300
An amount owed by a business
What is a liability?
300
Organized summaries of a business's financial activities
What are accounting records?
300
The amount in a account
What is the account balance?
300
A decrease in owner's equity resulting from the operation of the business
What is an expense?
300
Received cash on account from Jones Computers
What is an increase in cash and decrease in Accounts Receivable-Jones Computers?
400
Financial rights to the assets of a business
What is equities?
400
Financial reports that summarize the financial condition and operations of the a business
What are financial statements?
400
The name given to an account
What is the account title?
400
Assets taken out of a business for owner's personal use are
What is withdrawals?
400
Paid cash on account to Lee's Supplies
What is decrease in cash and decrease to Accounts Payable-Lee's Supplies?
500
An equation showing the relationship among assets, liabilities, and owner's equity?
What is the accounting equation?
500
A business owned by one person
What is a proprietorship?
500
A record summarizing all the information pertaining to a single item in the accounting equation
What is an account?
500
Owner makes an investment in the business
What is owner's equity?
500
Received cash from owner as an investment
What is increase in cash and increase in Owner's Equity?