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THE ACCOUNTING EQUATION

THE ACCOUNTING EQUATION. Lesson 1-1, page 7. T ERMS REVIEW. accounting –Planning, recording analyzing and interpreting financial information accounting system – A planned process for providing financial information that will be useful to management. Lesson 1-1, page 8. T ERMS REVIEW.

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THE ACCOUNTING EQUATION

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  1. THE ACCOUNTING EQUATION Lesson 1-1, page 7

  2. TERMS REVIEW accounting –Planning, recording analyzing and interpreting financial information accountingsystem – A planned process for providing financial information that will be useful to management Lesson 1-1, page 8

  3. TERMS REVIEW accountingrecords – Organized summaries of a business’s financial activities servicebusiness – A business that performs an activity for a fee proprietorship – a business owned by one person Lesson 1-1, page 8

  4. TERMS REVIEW asset – Anything of value that is owned equities – Financial rights to the assets of a business Lesson 1-1, page 8

  5. TERMS REVIEW liability – An amount owed by a business owner’sequity – The amount remaining after the value of all liabilities is subtracted from the value of all assets Lesson 1-1, page 8

  6. TERMS REVIEW accountingequation – an equation showing the relationship among assets, liabilities, and owner’s equity. Lesson 1-1, page 8

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