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Accounting > Accounting Unit 1 > Flashcards

Accounting Unit 1 Flashcards

1
Q

What is the accounting equation?

A

Assets=liabilities+owners equity

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2
Q

Planning, recording, analyzing and interpreting financial information

A

Accounting

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3
Q

Planned process for providing financial information

A

Accounting system

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4
Q

Organized summaries of a businesses financial activities

A

Accounting records

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5
Q

Reports that summarize the financial condition and operation of a business

A

Financial statements

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6
Q

Business that performs an activity for a fee

A

Service business

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7
Q

A business owned by one person

A

Proprietorship

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8
Q

Anything of value that is owned

A

Assets

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9
Q

Amount owed

A

Liability

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10
Q

Financial rights to the assets of business

A

Equity

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11
Q

Account that summarizes the owners equity

A

Capital

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12
Q

The amount remaining after subtracting the liabilities from the assets

A

Owners equity

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13
Q

Business activity that changes assets, liabilities or owners equity

A

Transaction

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14
Q

Record summarizing all information for a single item

A

Account

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15
Q

Name given to the account

A

Account title

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16
Q

The amount in an account

A

Account balance

17
Q

An increase in owners equity resulting from the operation of the business

A

Revenue

18
Q

A sale for which cash will be received at a later date

A

Sale on account

19
Q

A decrease in owners equity resulting from the operation of a business

A

Expense

20
Q

Assets taken out of a business for the owners personal use

A

Withdrawals

21
Q

Keeping personal separate from business

A

Business entity

22
Q

Owners equity umbrella

A
  1. Revenue
  2. Expense
  3. Capital
  4. Withdrawal
23
Q

Another name for liability

A

Accounts payable

24
Q

Another name for a customer

A

Accounts receivable

25
Q

Name of the concept that states the numbers need to have the same value

A

Unit of measurement

26
Q

Name the concept that states revenue is recorded at the time of the sale

A

Realization of revenue

Accounting (1 decks)

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