Chapter 1

3. A report that provides what a person owns, and what they owe, and the difference.
4. A business that does actions for a payment
9. account An account used to sum the owners equity in a business
10. An increase in equity corresponding from the sale of items or actions
12. The differencing increases and decreases within a account
16. The cost of goods or services used to run a business
17. a organized setup made to compile data, and sum up results in accounting records and reports
20. The title given to an account
21. A written document that contains the fundamentals of a business and how it runs
22. Something that is owed
24. Assets taken from the business for personal usage
25. statements financial report that sums up the current state and operations of a business

1. The amounting results after the liabilities is all subtracted from the value of all assets
2. Use of ethics for making business related decisions
5. A sale for a payment that will be given later
6. The financial call to the assets of a business
7. A documented record that sums up all the transaction regarding to a single item in the accounting equation
8. A business ran by a single person
11. Generally accepted accounting principles. The expected and rules the person follows while documenting and reporting financial things
13. A person/business or business to whom something is owed
14. The steps of planning, recording, analyzing, and understanding information financially.
15. net worth-statement The difference between assets and liabilities (personally)
18. The rules of right and wrong that lead a person in making decisions
19. anything that is owned
23. any business-related thing that changes assets, liabilities, or owner’s equity