Accounting Terms Flashcards

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Account

Back

A record summarizing all the information pertaining to a single item in the accounting equation.

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Financial Statements

Back

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

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account balance

Back

. The amount in an account.

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account title

Back

The name given to an account.

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accounting

Back

Planning, recording, analyzing, and interpreting financial

information.

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accounting equation

Back

An equation showing the relationship among assets,

liabilities, and owner’s equity.

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accounting system

Back

A planned process for providing financial information

that will be useful to management.

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asset

Back

Anything of value that is owned.

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business ethics

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Anything of value that is owned.

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business plan

Back

A formal written document that describes the nature of a

business and how it will operate.