| A | B |
|---|
| accounting | planning, recording, anaylyzing and interpreting financial info |
| accounting system | planned process for providing financial info useful to management |
| accounting records | organized summaries of a business' financial activities |
| accountant | a person who plans, summarizes, analyzes and interprets financial info |
| public accounting firm | a business selling accounting services to the general public |
| private accountant | an accountant emplyed by a single business |
| bookkeeper | person doing general accounting work plus fome summarizing and analyzing of accounting info |
| accounting clerk | person who records, sorts, and files accounting information |
| general office clerk | person who does general kinds of office tasks including some accounting tasks |
| ethics | principles of right and wrong that guide an individual in making decisions |
| business ethics | use of personal ethics in making business decisions |
| service business | a business that performs an activity for a fee |
| proprietorship | a business owned by one person |
| asset | anything of value that is owned |
| equities | financial rights to the assets of the business |
| liability | an amount owed |
| owner's equity | assets - liabiblities |
| accounting equation | Assets = Liabilities + Owner's Equity |
| transaction | a business activity that changes assets, liablities, of owner's equity |
| account | a record that summarizes info pertaining to a single item in the accounting equation |
| account title | name given to an account |
| account balance | amount in an account |
| capital | account used to summarize the owner's equity |
| balance sheet | financial statement that reports assets, liabilities, and owner's equity on a specific date |
