vocab words

1. equity / the amount remaining after the value of all liabilities is subtracted from the value of all assets
5. / an amount owned by a business
7. / a decrease in owners equity resulting from the operation of a business
8. / financial rights to assets of a business
11. equation / an equation showing the relationship among assets, liabilities ,and owners equity.
13. account an accounting device used to analyze transactions .
15. on account / a sale for which cash will be received on a later date.
16. / assets taken out of business for the owners personal use
17. / an a amount of the right side
18. / a business owned by one person
19. entity / is applied when a business financial information is recorded and reported separately from the owners personal financial information
20. balance / the side of the account that is increased.

2. / an increase in owners equity resulting from the operation of a business.
3. statements / financial reports that summarize financial condition and operations of a business
4. / the principle of right and wrong that guide an individual in making decisions
6. balance / the amount in a n account.
9. / a business activity that changes assets,liabilities or owners equity.
10. / an amount on the left side
12. of accounts / a list of accounts used by a business.
14. / anything of value that is owned
17. / the account used to summarize the owners equity in a business.