Accounting-WOB-1

Front

Something of value that is owned.

Back

Assets

Front

Financial rights to the assets of a business.

Back

Equities

Front

Organized summaries of a business's financial activities.

Back

Accounting Records

Front

An amount owed by a business.

Back

Liabilities

Front

An equation showing the relationship among assets, liabilities & owner's equity.

Back

Accounting Equation

Front

Financial reports that summarize the financial condition & operations of a business.

Back

Financial Statements

Front

Planning, recording, analyzing & interpreting financial information.

Back

Accounting

Front

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

Back

Accounting System

Front

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

Back

Owner's Equity

Front

If Assets are $10,000 and Liabilities are $3,000, how much is Owner's Equity?

Back

$7,000