Accounting

katie B.
Chapter 1 & 2
12 words 16 learners

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Full list of words from this list:

words only definitions & notes
  1. account
    a record or narrative description of past events
    Record summarizing all the information pertaining to a single item in the accounting equation
  2. expense
    a financial burden; money that must be paid out
    Decrease in owner’s equity resulting from operation of a business—temporary
  3. revenue
    the entire amount of income before any deductions are made
    Increase in owner’s equity resulting from operation of a business—it is a temporary account to keep capital neat
  4. transaction
    conducting business within or between groups
    Any business activity that changes the value of assets, liabilities or owner's equity
  5. asset
    a useful or valuable quality
    Anything of value OWNED by the business

    Assets = Liabilities &Owner's Equity
  6. liability
    the state of being legally obliged and responsible
    Any amount OWED by the business

    Liabilities = Assets - Owner's Equity
  7. withdrawal
    the act of pulling back
    Assets taken out of a business for owner’s personal use—this is not an expense as it is not the result of normal operations—temporary account to keep capital account neat
  8. Capital
    the federal government of the United States
    Account used to summarize the owner's equity in a business
  9. accounting
    a system that gives quantitative information about finances
    Planning, recording, analyzing, and interpreting financial information
  10. balance sheet
    a record of the financial situation of an institution on a particular date by listing its assets and the claims against those assets
    A financial statement that reports assets, liabilities, and owner's equity on a specific date
  11. proprietorship
    an unincorporated business owned by a single person who is responsible for its liabilities and entitled to its profits
    A business owned by one person
  12. accounting system
    a bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts
    Process adopted for providing financial information that will be useful to management
Created on Wed Oct 03 11:43:27 EDT 2012

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