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Typology: Summaries

2024/2025

Uploaded on 04/04/2025

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Mitchell VanderWal
Mrs. Frericks
Accounting
1 September 2020
Chapter 1 Review
1. Accounting is the process of planning, recording, analyzing and interpreting financial
information.
2. Accounting contains vital information that is needed to conduct business properly, for
this reason it is called the language of business.
3. When I am counting money in the concession stand and writing it down onto a balance
net worth sheet.
a. Financial statements- reports that summarize the financial condition and
operations of a business
b. Net worth statement- a formal report that shows what in individual owns, what
they owe, and the difference between the two
c. Asset- anything of value that is owned
d. Liability- an amount owed
e. Personal net worth- difference between personal assets and personal liabilities
f. Equity- difference between assets and liabilities
1. One example would be Bullock plumbing and heating, the other would be kramps
construction.
2. The right side must increase with it.
pf2

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Mitchell VanderWal Mrs. Frericks Accounting 1 September 2020 Chapter 1 Review

  1. Accounting is the process of planning, recording, analyzing and interpreting financial information.
  2. Accounting contains vital information that is needed to conduct business properly, for this reason it is called the language of business.
  3. When I am counting money in the concession stand and writing it down onto a balance net worth sheet. a. Financial statements- reports that summarize the financial condition and operations of a business b. Net worth statement- a formal report that shows what in individual owns, what they owe, and the difference between the two c. Asset- anything of value that is owned d. Liability- an amount owed e. Personal net worth- difference between personal assets and personal liabilities f. Equity- difference between assets and liabilities
  4. One example would be Bullock plumbing and heating, the other would be kramps construction.
  5. The right side must increase with it.
  1. If a liability goes up and the equity goes down, or vise vera. As long as they cancel each other out.
  2. There is money that is on a computer or is written down from a transaction, but it has not been paid off with cash yet. a. Equities- financial rights to the assets of the business b. Owner’s equity- amount remaining after the value of all liabilities is subtracted from the value of all assets c. Accounting equation- equation showing the relationship among assets, liabilities, and owner’s equity d. Transaction- any business activity that changes assets, liabilities, or owner’s equity e. Account- a record that summarizes all the transaction s pertaining to a single item in the accounting equation f. Capital account- an account used to summarize the owner’s equity in a business g. Creditor- Person or business to whom a liability is owed
  3. The owner’s equity would go up.
  4. The owner’s equity would go up.
  5. The owner’s equity would go down. a. Revenue- an increase in equity from the sale of goods or services b. Sale on account- a sale for which payment will be received at a later date c. Expense- cost of goods or services used to operate a business d. Withdrawals- assets taken from the business for the owner’s personal use