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accounts
Accounting
Equity
vocab
principals
100
Anything of value owned by a company.
What is Asset
100
A record summarizing all the information pertaining to a single item in the accounting equation.
What is Account
100
A business owned by one person
What is Proprietorship
100
A business that performs an activity for a fee.
What is Service business.
100
The use of ethics in making business decisions.
What is Business ethics
200
The account used to summarize the owner's equity in the business.
What is capital
200
Planning, recording, analyzing, and interpreting financial information.
What is accounting
200
Increase in owners equity resulting from the operation of a business
What is revenue
200
A business activity that changes assets, liabilities, or owner's equity.
What is Transaction
200
The principles of right and wrong that guide an individual in making decisions.
What is ethics
300
An amount OWED by a business
What is Liability
300
An equation showing the relationship among assets, liabilities, and owner's equity.
What is accounting equation
300
A decrease in owner's equity resulting from the operation of a business.
What is Expense
300
The amount in an account
What is Account balance
300
Assets taken out of a business for the owner's personal use.
What is Withdrawals
400
The name given to an account
What is Account Title
400
Organized summaries of a business's financial activities.
What is Accounting records
400
Financial rights to the assets of a business
What is equities.
400
A sale for which cash will be received at a later date.
What is sale on account
500
The amount remaining after the value of all liablities is subtracted from the value of all assets.
What is Owner's equity
500
A planned process for providing financial information that will be useful to management
What is Accounting System
500
Financial reports that summarize the financial conditions and operations of a business.
What is Financial Statements
500
Paid cash for telephone bill
What is expense
500
Received cash on account
What is Accounts receivable