Accounting1 desse

  1. what is accounting?
    • PRAI
    • Planning
    • Record
    • Analysize
    • interpret finacial info
  2. what is an accounting system
    a planned process for providing finiacial info that will be usefil to mgt
  3. acounting records
    organized summaries of a business's finacial info activotes are called
  4. what is a finacial statment
    financial report that summarize the finical condition and operation of a business
  5. service business
    a performed activity for a fee
  6. proprietor
    a sole business owner
  7. assets
  8. equity
    fin. rights to the business
  9. liability
    what u owe
  10. owners equity
  11. accounting equation
    assets = liability +owners equity
  12. ethics
    the right and wrong decisions u make
  13. business ethics
    ethics used in business
  14. transcation
    a business activity that alter the assets and liability and owners quity
  15. account
    record summari
  16. account title
    the name on the account
  17. account balance
    account in an balance in an account
  18. capital
    the account used to summarize the owners equity in a business
  19. revenue
    wht u make in a business
  20. sale on account
    a sale for which cash will be received at a later date
  21. expense
    wht ui spend (utilites etc)
  22. withdrawal
    the personal expence or for own use
Card Set
Accounting1 desse
\8th period accounting