Chapter 1

1. a report that shows what a one person owns, owe, and what the difference is between the two.
5. a increase in
7. a written document that explains the nature of a business and how it operates.
10. a person or a business that has a liability that is owed.
13. a item sold for which the payment will be received on a different date.
16. a cost of a good or service used to control a business.
20. a business that makes an activity for a fee.
21. a account that is used to review the owners equity within a business.
24. a business event that shifts assets, owners equity, and liabilities.
25. reports that review the financial condition and the ways the business operates.
26. the equation showing the relationship between the assets, owners equity, and liabilities.
28. the process of planning, recording, examining and explaining financial information.

2. the differences between the positives and negatives in a account.
3. that results the services and or goods that has been sold.
4. anything that is owned.
6. the account name.
8. the difference between assets and liabilities that are personal.
9. a planned process created to assemble financial data and review the results in accounting records.
11. any asset taken from the business for the owners personal spending.
12. when you use ethics to make a decisions.
14. a recorded event that summarizes all of the transactions that relate to a single item in the accounting equation.
15. the remaining amount after the value of liabilities is removed from the value of assets
17. financial rights to the assets within a business.
18. the accounting principle standards and rules that accountants obey by while recording financial activities.
19. anything that is owed.
22. a business a single person owns.
23. the principles of correct and incorrect that guides one in deciding.
27. the difference between an asset and a liability.