| questions | answers |
| plannning,recording,analyzing, & interpreting financial information | accounting |
| planned process for providing financial information that will be useful to management | accounting system |
| organized summaries of a business's financial activities | accounting records |
| a business that performs an activity for a fee | service business |
| a business owned by one person | proprietorship |
| anything of value that is owned | asset |
| financial rights to the assets of a business | equities |
| an amount owed by a business | liability |
| amount remaining after the value of all liabilities is subtracted from the value of all assets | owner's equity |
| equation showing the relationship among assets; liabilities; & owner's equity | accounting equation |
| a business activity that changes assets, liabilities; & owner's equity | transaction |
| a record summarizing all the information pertaining to a single item in the accounting equation | balance sheet |
| the name given to an account | account title |
| the amount in an account | account balance |
| the account used to summarize the owner's equity in a business | capital |
| a financial statement that reports assets; liabilities; and owner's equity on a specific date | account |
| accounting is a _______ of business | language |
| you should keep personal & business records _______ | separate |
| the relationship among assets; liabilities; & owner's equity can be written as _______ | an equation |
| the accounting equation ALWAYS has to be _________ | in balance |
| owners equity account | capital account |
| when an item is bought and paid for at a later date | buying on account |
| when cash is paid on account; what is increased? | liability |
| on a balance sheet a single line means______ | amounts are added or subtracted |
