Accounting I - Semester Review

Front

Anything of value that is owned.

Back

asset

Front

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

Back

owner's equity

Front

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

Back

accounting system

Front

The difference between personal assets and personal liabilities.

Back

personal net worth

Front

Financial reports that summarize the financial conditions and operations of a business.

Back

financial statements

Front

The difference between assets and liabilities

Back

equity

Front

A business that performs an activity for a fee

Back

service business

Front

Financial rights to the assets of a business

Back

equities

Front

A business owned by one person

Back

proprietorship

Front

A record summarizing all the information pertaining to a single item in the accounting equation.

Back

account