Chapter 1

2. values taken from a business for an owner’s personal use
5. Breaks down all transactions to an item in an accounting equation
14. Shows the finance conditions of a business
15. Increases and decreases from an account
17. Rules that accountants follow when they record and report financial actions
19. the specific amount still there when liabilities are taken from assets
20. one person owing another business
21. whatever has value that you own
22. Choices of being right or wrong that guide you to making decisions
23. person or business that a liability is owed to
24. comparison of personal assets and personal liabilities
25. Name to an account
26. comparison of assets and liabilities

1. Shows the owner’s equity in a business
3. A business doing something for a certain amount
4. The assets of a business that gives financial rights to others
6. shows you what you own or owe
7. a payment that will be payed on a later day
8. Organized plan for financial data and to break down the results in accounting records
9. the choices you make for you business
10. equity going up from sales or services
11. A plan that gives a basic tell of how a business works and how it is
12. Business choices that may change the assets, liabilities, or owners’ equity
13. Using financial information to plan, record, and analyze
15. The relationship with assets, liabilities, and owner’s equity under a specific equation
16. The cost of services or goods used for a business
18. the amount of something you owe