Accounting I- Chapter 1 Vocab Review

Organized summaries of a business's financial activities are called

• Accounting Records

• Account

• Accounting

• Accounting System

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

• Transaction

• Equity

• Capital

• Owner's Equity

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

• Account Title

• Transaction

• Capital

• Account

Financial rights to the assets of a business are called

• Capital

• Equities

• Liabilities

• Assets

A planned process of providing financial information that will be useful to business owners and management is called

• Accounting System

• Accounting Records

• Account

• Accounting

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

• Activity

• Transaction

• Account

• Event

A business that performs an activity for a fee is called

• Proprietorship

• Accounting

• Service Business

• Owner's Equity

A business owned by one person is called

• Service Business

• Proprietorship

• Owner's Equity

• Asset

An amount owed by a business is called

• Liabilities

• Equities

• Owner's Equity

• Assets

Anything of value that is owned is called

• Liabilities

• Owner's Equity

• Capital

• Asset