ACCOUNTING FINAL CH 1-8

Planning, recording, analyzing, and interpreting financial information.

• Account

• Accounting

• Equities

• Liability

A business that performs an activity for a fee.

• Expense

• Service Business

• Accounting Equation

• Capital

A business owned by one person.

• Owner's Equity

• Business Ethics

• Proprietorship

• Account

Anything of value that is owned.

• Asset

• Account Balance

• Equities

• Liability

An amount owed by a business.

• Liability

• Asset

• Owner's Equity

• Account

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

• Account Title

• Owner's Equity

• Sale on Account

• Withdrawals

The use of ethics in making business decisions.

• Business Ethics

• Account Title

• Transaction

• Expense

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

• Transaction

• Account

• Accounting Equation

• Liability

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

• Asset

• Account

• Revenue

• Service Business

The amount in an account.

• Accounting System

• Account Balance

• Accounting

• Accounting Equation