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Chapter 1 10 E

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 show the relationship among assets, liabilities, and owner’s equity.
accounting system
A planned process for providing financial information that will be useful to management.
asset
Anything of value that is owned.
capital
The account used to summarize the owner’s equity in the business.
equities
Financial rights to the assets of a business.
liability
An amount owed by a business.
owner’s equity
The amount remaining after the value of all liabilities is subtracted from the value of all assets.
proprietorship
A business owned by one person.
service business
A business that performs an activity for a fee.
transaction
A business activity that changes assets, liabilities, or owner’s equity.
net worth statement
A formal report that shows what an individual owns, what an individual owes, and the difference between the two.

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