Accounting Final Review

Front

Accounts used to accumulate information until it is transferred to the owner's capital account

Back

Temporary Accounts

Front

A business that performs an activity for a fee

Back

Service Business

Front

Journal entries used to prepare temporary accounts

Back

Closing entries

Front

Anything of value that is owned

Back

Asset

Front

A business owned by one person

Back

Sole proprietorship

Front

The planning, recording, analyzing, and interpreting of financial information is called

Back

Accounting

Front

An increase in owner's equity resulting from the operation of a business is called

Back

Revenue

Front

The principles of right and wrong that guides an individual in making decisions

Back

Ethics

Front

A business activity that changes assets, liabilities, or owners equity is called

Back

A transaction

Front

Assets taken out of a business for the owner's personal use is called

Back

Drawing