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Accounting chapter 1
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Accounting

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Zachary_Birrer

Terms in this set (22)

Accounting

Planning, recording, analyzing, and

interpreting financial information

Accounting system

A planned process for providing financial

information that will be useful to
management

Accounting records

Organized summaries of a businesses

financial activities

Financial statements

Financial reports that summarize the

financial condition and operations of a
business

Service business

A business that performs an activity for a fee

Proprietorship

A business owned by one person

Asset

Anything of value that is owned

Equities

Financial rights to the assets of a business

Liability

An amount owed by a business

Owners equity

The amount remaining after the value of all

liabilities is subtracted from the values of all
assets

Accounting equation

An equation showing the relationship among

assets liabilities and owners equity

Ethics

The principles of right and wrong that guide

individual in making decisions

Business ethics

The use of ethics in making business

decisions

Transaction

A business activity that changes assets

liabilities or owners equity

Account

A recording summarizing all the information

pertaining to a single item in the accounting
equation

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