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Accounting > Chapter 1- both > Flashcards

Chapter 1- both Flashcards

1
Q

account

A

a record summarizing all the information pertaining to a single item in the accounting equation

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2
Q

a record summarizing all the information pertaining to a single item in the accounting equation

A

account

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3
Q

account balance

A

amount in an account

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4
Q

amount in an account

A

account balance

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5
Q

name given to an account

A

account title

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6
Q

account title

A

name given to an account

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7
Q

planning, recording, analyzing, and interpreting financial information

A

accounting

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8
Q

Accounting

A

planning, recording, analyzing, and interpreting financial information

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9
Q

accounting equation

A

an equation showing the relationship among assets, liabilities, and owner’s equity

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10
Q

an equation showing the relationship among assets, liabilities, and owner’s equity

A

accounting equation

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11
Q

accounting records

A

organized summaries of a business’s financial activities

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12
Q

organized summaries of a business’s financial activities

A

accounting records

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13
Q

a planned process for providing financial information that will be useful to management

A

accounting system

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14
Q

accounting system

A

a planned process for providing financial information that will be useful to management

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15
Q

asset

A

anything of value that is owned

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16
Q

anything of value that is owned

A

asset

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17
Q

business ethics

A

the use of ethics in making business decisions

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18
Q

the use of ethics in making business decisions

A

business ethics

19
Q

equities

A

financial rights to the assets of a business

20
Q

financial rights to the assets of a business

A

equities

21
Q

capital

A

the account used to summarize the owner’s equity in a business

22
Q

the account used to summarize the owner’s equity in a business

A

capital

23
Q

ethics

A

the principles of right and wrong that guide an individual in making decisions

24
Q

the principles of right and wrong that guide an individual in making decisions

A

ethics

25
Q

expense

A

a decrease in owner’s equity resulting from the operation of a business

26
Q

a decrease in owner’s equity resulting from the operation of a business

A

expense

27
Q

financial statements

A

financial reports that summarize the financial condition and operations of a business

28
Q

financial reports that summarize the financial condition and operations of a business

A

financial statements

29
Q

liability

A

an amount owed by a business

30
Q

an amount owed by a business

A

liability

31
Q

owner’s equity

A

the amount remaining after the value of all liabilities is subtracted from the value of all assets

32
Q

the amount remaining after the value of all liabilities is subtracted from the value of all assets

A

owner’s equity

33
Q

proprietorship

A

a business owned by one person

34
Q

a business owned by one person

A

proprietorship

35
Q

revenue

A

an increase in owner’s equity resulting from the operation of a business

36
Q

an increase in owner’s equity resulting from the operation of a business

A

revenue

37
Q

sale on account

A

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

38
Q

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

A

sale on account

39
Q

service business

A

a business that performs an activity for a fee

40
Q

a business that performs an activity for a fee

A

service business

41
Q

transaction

A

a business activity that changes assets, liabilities or owner’s equity

42
Q

a business activity that changes assets, liabilities or owner’s equity

A

transaction

43
Q

withdrawals

A

assets taken out of a business for the owner’s personal use

44
Q

assets taken out of a business for the owner’s personal use

A

withdrawals

Accounting (19 decks)

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