Accounting Terms Chapter 1

Financial rights to the assets of a business are called

• ethics

• withdrawals

• accounting records

• equities

A business activity that changes assets, liabilities, or owner's equity

• transaction

• expense

• revenue

• sale on account

Anything of value that is owned

• account

• asset

• withdrawal

• expense

The name given to an account

• account title

• capital

• expense

• revenue

A business owned by one person

• service business

• revenue

• expense

• proprietorship

The amount in an account

• account title

• revenue

• account balance

• accounting records

A business that performs an activity for a fee

• proprietorship

• service business

• capital

• asset

The account used to summarize the owner's equity in a business

• asset

• expense

• capital

• revenue

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

• financial statements

• ethics

• withdrawals

• equities

An increase in owner's equity resulting from the operation of a business

• asset

• expense

• withdrawl

• revenue