Accounting I Chapter 1 Vocab Review

Front

Record summarizing transactions for a single item in accounting.

Back

account

Front

Relationship among assets, liabilities, and owner's equity.

Back

accounting equation

Front

Anything of value that is owned.

Back

asset

Front

Account summarizing owner's equity in a business.

Back

capital account

Front

Difference between assets and liabilities.

Back

equity

Front

Cost of goods/services to operate a business.

Back

expenses

Front

Generally Accepted Accounting Principles (GAAP): Standards for recording and reporting financial activities.

Back

GAAP

Front

Amount owed.

Back

liability

Front

Amount left after liabilities are subtracted from assets.

Back

owner's equity

Front

Business activity changing assets, liabilities, or owner's equity.

Back

transaction