Class Notes (1,100,000)
US (490,000)
EMU (1,000)
ACC (100)
ACC 358 (10)
LaGore (10)
Lecture 5

ACC 358 Lecture Notes - Lecture 5: Accounting EquationExam


Department
Accounting
Course Code
ACC 358
Professor
LaGore
Lecture
5

This preview shows half of the first page. to view the full 2 pages of the document.
Financial reports that summarize the financial conditions and operations of a business.
Owner's equity
The amount remaining after the value of all liabilities is subtracted from the value of all assets.
account
A record summarizing all the information pertaining to a single item in the accounting equation.
asset
Anything of value that is owned.
liability
An amount that is owed by the business.
capital
The account used to summarize the owner's equity in a business.
accounting equation
An equation showing the relationship among assets, liabilities and owner's equity.
transaction
A business activity that changes assets, liabilities or owner's equity.
account balance
The amount in the account.
proprietorship
A business owned by one person.
withdrawal
find more resources at oneclass.com
find more resources at oneclass.com
You're Reading a Preview

Unlock to view full version