Accounting - Chapter 1 Questions and Graded Answers.
account - a record summarizing all the information pertaining to a single item in the
accounting equation
account balance - the amount in an account
account title - the name given to an account
accounting - planning, recording, analyzing, and interpreting financial information
accounting equation - an equation showing the relationship among assets, liabilities, and
owner's equity
accounting records - organized summaries of a business's financial activities
accounting system - a planned process for providing financial information that will be
useful to management
asset - anything of value that is owned
business ethics - the use of ethics in making business decisions
capital - the account used to summarize the owner's equity in a business
equities - financial rights to the assets of a business
account - a record summarizing all the information pertaining to a single item in the
accounting equation
account balance - the amount in an account
account title - the name given to an account
accounting - planning, recording, analyzing, and interpreting financial information
accounting equation - an equation showing the relationship among assets, liabilities, and
owner's equity
accounting records - organized summaries of a business's financial activities
accounting system - a planned process for providing financial information that will be
useful to management
asset - anything of value that is owned
business ethics - the use of ethics in making business decisions
capital - the account used to summarize the owner's equity in a business
equities - financial rights to the assets of a business
