vocab words

3. account an accounting device used to analyze transactions .
4. / an amount on the left side
7. equation / an equation showing the relationship among assets, liabilities ,and owners equity.
8. on account / a sale for which cash will be received on a later date.
9. / a business activity that changes assets,liabilities or owners equity.
10. / anything of value that is owned
11. equity / the amount remaining after the value of all liabilities is subtracted from the value of all assets
13. statements / financial reports that summarize financial condition and operations of a business
14. entity / is applied when a business financial information is recorded and reported separately from the owners personal financial information
16. balance / the amount in a n account.
20. / an a amount of the right side
21. / an increase in owners equity resulting from the operation of a business.

1. / assets taken out of business for the owners personal use
2. / a business owned by one person
5. of accounts / a list of accounts used by a business.
6. / the principle of right and wrong that guide an individual in making decisions
12. / an amount owned by a business
15. / financial rights to assets of a business
17. / the account used to summarize the owners equity in a business.
18. / a decrease in owners equity resulting from the operation of a business
19. balance / the side of the account that is increased.