Accounting Vocabulary

5. A record summarizing all the information pertaining to a single item in the accounting equation
9. Financial rights to the assets of a business
11. An equation showing the relationship among assets, liabilities, and owner’s equity
13. A business that performs an activity for a fee
14. How many types of equities are there?
15. A financial statement the reports assets, liabilities, and owner’s equity on a specific date

1. Organized summaries of a business’ financial activities
2. A planned process for providing financial information that will be useful to management
3. A business owned by one person
4. The amount remaining after the value of all liabilities is subtracted from the value of all assets
6. Anything of value that is owned
7. The amount in an account
8. A business activity that changes assets, liabilities, or owner’s equity
10. Planning, recording, analyzing, and interpreting financial information
12. An amount owned by a business