Accounting 1.1 Vocab Review

Front

Process of planning, recording, and analyzing financial info?

Back

Accounting

Front

Amount owed is called

Back

liability

Front

Principles guiding business decisions regarding right and wrong.

Back

business ethics

Front

A service business

Back

performs activities for a fee

Front

GAAP stands for:

Back

General Accepted Accounting Principles

Front

Proprietorship is a business owned by

Back

1 person

Front

Correct accounting equation: Assets - Liabilities = Owners Capital (Equity)

Back

Yes

Front

Debits are always on which side of the accounting equation?

Back

left

Front

Credits are on the _____________ side.

Back

right

Front

Gameboard on Mrs. Scott's Future bulletin board:

Back

life