Chapter 1 Accounting Vocabulary First 7 Flashcards
1
Q
Account
A
A record that summarizes all the transactions pertaining to a single item in the accounting equation
2
Q
Account Balance
A
The difference between the increase and decreases in an account
3
Q
Account Title
A
The name given to an account
4
Q
Accounting
A
The process of planning, recording, analyzing, and interpreting financial information
5
Q
Accounting equation
A
The equation showing the relationship among assets, liabilities, and owner’s equity
6
Q
Accounting System
A
A planned process designed to compile financial data and summarize the results in accounting records and reports
7
Q
Asset
A
Anything of Value that is Owned
