chapter 1

4. amount owned
7. Process designed to compile financial data, it summarizes results in accounting
8. assets taken from the business for the owners personal use
10. difference between the increases and decreases
12. Record summarizes all the transaction pretraining to a single item in the accounting equation
13. Value that is owned
14. use of ethics in making business decisions
16. cost of good or services used to operate a business
18. person or business to whom a liability is owed
19. explains the difference between personal assets and liabilities
23. Generally accepted accounting principles
26. rights to assets of a business
27. account used to summarize owners equity

1. amount remaining after the value of liabilities are subtracted
2. Reports that summarizes financial condition of business
3. process of planning financial information
5. equation showing relationships between assets, liabilities and owner's equity
6. business activity changes assets, liabilities, or owners equity
9. increase in equity resulting from a sale of goods
11. business owned by a single person
15. Business that performs for a fee
17. Principles between right and wrong
20. Report that shows what an individual owns and what an individual owes, explains the difference
21. difference between assets and liabilities
22. sale of which payment will be received at a later date
24. name given to an account
25. formal written document that explains how a business is ran