Accounting Chapter 1

Front

Accounting

Back

planning, recording, analyzing and interpreting financial information

Front

Accounting System

Back

A planned process for providing financial information that will be used to management

Front

Equity

Back

The difference between assets and liabilites

Front

Financial Statements

Back

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

Front

Service Business

Back

A business that preforms an activity for a fee

Front

Proprietorship

Back

A business owned by one person

Front

Asset

Back

Anything of value that is owned

Front

Equities

Back

Financial rights to the assets of a business

Front

Liability

Back

A amount owed by a business

Front

Owners' Equity

Back

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