Acct 1-2 Term 1 Review 1

Anything of value that is owned.

• Account

• Assets

• Revenue

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

• Revenue

• Owner's Equity

• Personal Net Worth

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

• Accounting System

• Business Plan

• GAAP

The difference between personal assets and personal liabilities.

• Personal Net Worth

• Revenue

• Owner's Equity

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

• Financial Statements

• Net Worth Statements

• Personal Net Worth

The difference between assets and liabilities.

• Revenue

• Owner's Equity

• Equity

A business that performs an activity for a fee.

• Proprietorship

• Service Business

• Asset

Financial rights to the assets of a business.

• Equities

• Equity

• Owner's Equity

A business owned by one person.

• Service Business

• Proprietorship

• Creditor

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

• Account

• Accounting

• Accounting Equation