Accounting Chapter 1 Vocab

Front

Anything of value that is owned:

Back

Asset

Front

Amount remaining after liabilities subtracted from assets:

Back

Owner's Equity

Front

Process for providing financial information useful to management.

Back

Accounting System

Front

Organized summaries of a business's financial activities.

Back

Accounting Records

Front

Financial reports summarizing a business's financial conditions and operations.

Back

Financial statements

Front

Use of ethics in business decisions.

Back

Business ethics

Front

A business that performs an activity for a fee

Back

Service business

Front

Financial rights to business assets.

Back

Equities

Front

A business owned by one person

Back

Proprietorship

Front

Record summarizing info for a single item in accounting.

Back

Account