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planning, recording, analyzing, and interpreting finanicial information
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terms list
accounting
planning, recording, analyzing, and interpreting finanicial information
accounting system
a planned process for providing finicial information that will be useful to management
accounting records
organized summaries of business's finanicial activites
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
owner's equity
the amount remaining after the value of all liabilitites is subtracted from the value of all assets
accounting equation
an equation showing he reltionship amoung assets, liabilities
transaction
a business activity that changes assets, liabilities, or owner's equity
account
a record summarizing all teh info pertaining to a single item in the accounting equation
account title
the name given to an account
account balance
the amount in an account
capital
the account used to summarize the owner's equity in a business
balance sheet
a financial statement the reports assets, liabilities and owner's equity on a specific date
expense
a decrease in owner's equity resulting from the operation of a business
sale on account
a sale for which cash will be received at a later date
revenue
an increase in owner's equity resulting from the operation of a business
withdrawls
assets taken out of a business for the owner's personal use
account number
the number assigned to an account
correcting entry
a journal entry made to correct an error in the ledger
file maintenance
the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current
general ledger
a ledger that contains all accounts needed to prepare financial statements
ledger
a group of accounts
opening an account
writing an account title and number on the heading of an account
posting
transferring information from a journal entry to a ledger account
proving cash
determining that the amount of cash agrees with the balance of the cash account in the accounting records
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