accounting vocab

Planning, recording, analyzing, and interpreting financial information.

• accounting

• transaction

• equities

• accounting equation

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

• ethics

• capital

• assets

• accounting system

Organized summaries of a business's financial activities.

• accounting

• accounting records

• accounting equations

• accounting systems

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

• sale on account

• accounting records

• financial statements

• owner's equity

A business that performs an activity for a fee.

• service business

• proprietorship

• equities

• liability

A business owned by one person.

• owner's equity

• accountant

• proprietorship

• service business

Anything of value that is owned.

• capital

• owner's equity

• liability

• Asset

Financial rights to the assets of a business.

• ethics

• equities

• business ethics

• revenue

An amount owed by a business.

• Liability

• Revenue

• Equities

• Capital

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

• owner's equity

• revenue

• accounting equation

• transaction