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Lecture 1

ACC 358 Lecture Notes - Lecture 1: Financial Statement, Accounting EquationExam


Department
Accounting
Course Code
ACC 358
Professor
LaGore
Lecture
1

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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 the account.
accounting
Planning, recording, analyzing, and interpreting financial information.
accounting equation
An equation showing the relationship among assets, liabilities, and owners equity.
accounting records
Organized summaries of a business's financial activities.
accounting system
A planned process for providing financial information that will be useful to management.
asset
Anything of value that is owned.
business ethics
The use of ethics in making business decisions.
capital
The account used to summarize the owners equity in a business.
equities
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