Accounting Mid-Term Review 1-3

Planning, recording, analyzing, and interpreting financial information.

• Account

• Accounting

• Equities

• Liability

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

• Ethics

• Revenue

• Transaction

• Accounting System

Organized summaries of a business's financial activities.

• Accounting

• Capital

• Accounting Records

• Proprietorship

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

• Financial Statements

• Sale on Account

• Withdrawals

• Asset

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

Financial rights to the assets of a business.

• Accounting Records

• Financial Statements

• Service Business

• Equities

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