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Accounting I (High School)

Beginning Vocabulary

Accountanta person who plans, summarizes, analyzes and interprets accounting information
Account Titlethe name given to an account
Account Balancethe amount in an account
Balance SheetA financial statement that reports assets, liabilities, and owner's equity
Equitiesfinancial rights to the assets of a business
Capitalthe account used to summarize the owner's equity
Business Ethicsthe use of personal ethics in making business decisions
Ethicsthe principles of right and wrong that guide an individual in making decisions
Accountingplanning, recording, analyzing, and intrepreting financial data
Proprietorshipa business owned by one person
Liabilityan amount owed by a business
Assetanything of value that is owned
Accounta record summarizing all the information pertaining to a single item in the accounting equation
Transactionbusiness transaction that changes assets, liability or owner's equity
ExpenseDecrease in owner's equity resulting from operation of a business
RevenueIncrease in owner's equity resulting from the operation of a business
Withdrawalsassets taken out of the business for the owner's personal use

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