Chapter 1

4. an account that summarizes the owners equity in the business
5. anything owed
7. the difference between liabilities and asset
10. a sale that has a payment at a later date
12. the sum of all liabilities subtracted from all assets
13. anything owned
15. financial planning, recording, analyzing, and information interpretation
16. right or wrong decision making
18. the name of an account
20. general accepted accounting principle
22. a document that describes how a business will operate and its nature
25. the relationship among assets, liabilities, and owners equity through an equation
27. using ethics in business decisions

1. the sum of subtracting increase and decrease of an account
2. the rights to assets of a business
3. summarized and compiled data of accounting records and reports
6. a business that charges a fee for a service
8. the difference personal liabilities and personal assets
9. a liability that is owed by a person or business
11. any business activity that effect assets, liabilities, or owners equity
14. the cost payed for a good or service used to operate a business
17. an increase in equity through a sale
19. a business owned by a singular person
21. summarized reports of financial conditions and operations of a business
23. a report of what a individual owns, owes, and the difference between the two
24. an asset or assets taken from a business for the owners personal use
26. a summarization of all transactions pertaining to a single item in the account