Chapter 1

7. a report that shows what a one person owns, owe, and what the difference is between the two.
11. the account name.
12. anything that is owed.
14. the accounting principle standards and rules that accountants obey by while recording financial activities.
15. reports that review the financial condition and the ways the business operates.
19. financial rights to the assets within a business.
21. when you use ethics to make a decisions.
22. the process of planning, recording, examining and explaining financial information.
26. a recorded event that summarizes all of the transactions that relate to a single item in the accounting equation.
27. a account that is used to review the owners equity within a business.

1. a item sold for which the payment will be received on a different date.
2. the remaining amount after the value of liabilities is removed from the value of assets
3. a increase in equity that results the services and or goods that has been sold.
4. a written document that explains the nature of a business and how it operates.
5. a business a single person owns.
6. a business that makes an activity for a fee.
8. the difference between an asset and a liability.
9. any asset taken from the business for the owners personal spending.
10. the difference between assets and liabilities that are personal.
13. the principles of correct and incorrect that guides one in deciding.
16. anything that is owned.
17. a person or a business that has a liability that is owed.
18. a cost of a good or service used to control a business.
20. the equation showing the relationship between the assets, owners equity, and liabilities.
23. a planned process created to assemble financial data and review the results in accounting records.
24. the differences between the positives and negatives in a account.
25. a business event that shifts assets, owners equity, and liabilities.