Chapter 1

3. showing the relationship between
5. Reports that provide information about the financial position of a business.
7. a sale that money will be paid for later.
9. A set of standards and guidelines for financial accounting and reporting.
12. summarization of the owner equity in business.
14. the breach between increases and decreases on an account.
15. Refers to the principles and values that guide behavior and decision making.
16. A written doc that outlines a company’s goals, strategies, and plans for achieving those goals.
19. the price of good used to run a business.
20. A resource owned or controlled by an individual or business and that has an economic value.
21. a type of business that provides services to customers rather than producing physical goods.
22. refer shares of a ownership in a company.
23. a financial statement that provides a snapshot of the individuals financial position at a specific point in time.
24. an obligation or dept that is owed by an individual or business to another party
25. money, goods, or things taken out for the use of the owner.
26. The value of an asset after all liabilities have been paid off

1. The application of ethical principles and values to business practices.
2. a business in which the individual owns and operates the business.
4. an exchange of goods for money
6. the process of recording, classifying, and summarizing financial transactions to provide useful information for making business decisions.
8. an exchange of goods, services, or money between two people or businesses.
10. A set of processes and procedures used by a business to record financial transactions and produce financial reports
11. when something is sole and increases the business equity
13. A financial statement that provides a snapshot of an individuals or businesses financial position at a specific point in time.
17. a person or business you owe
18. Refers to the portion of a company’s assets that is owned by the company’s owners.
20. The name on an account.