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accounting 1 > accounting 1 test chapter 1 > Flashcards

accounting 1 test chapter 1 Flashcards

1
Q

accounting system

A

designed to compile financial date

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2
Q

equities

A

financial rights to the assets of a business

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3
Q

account

A

a record that summarizes all the transaction pertaining

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4
Q

account balance

A

the difference between the increases and decreases

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5
Q

accounting

A

planning, recording, analyzing

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6
Q

asset

A

value that is owned

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7
Q

capital account

A

summarize the owners equity in a business

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8
Q

equity

A

difference between assets and liabilities

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9
Q

ethics

A

principles of right and wrong

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10
Q

financial statements

A

financial reports that summarize the financial condition

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11
Q

GAAP

A

Generally Accepted Accounting Principles

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12
Q

liability

A

amount owed

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13
Q

net worth statement

A

formal report that shows what an individual owns

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14
Q

owners equity

A

amount remaining after the value of all liabilities is subtracted

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15
Q

personal net worth

A

difference between personal assets and personal liabilities

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16
Q

sale on account

A

a sale for which payment will be received at a later date

17
Q

service business

A

performs an activity for a fee

18
Q

transaction

A

any business activity that changes, asset, liabilities, or owners equity

19
Q

withdrawals

A

assets taken from the business for the owners personal use

20
Q

accounting equation

A

the equation showing the relationship among assets, liabilities, and owners equity

21
Q

business ethics

A

ethics in making business decisions

22
Q

business plan

A

a formal written document

23
Q

creditor

A

to whom a liability

24
Q

expense

A

the cost of goods used to operate a business

25
Q

proprietorship

A

owned by one person

26
Q

revenue

A

an increase in equity resulting from the sale of goods or services

27
Q

account title

A

the name given to an account

accounting 1 (1 decks)

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