Accounting 1

3. financial reports that summarize the financial condition of a business
4. an increase in owner's equity based on business operations
5. the principles of right and wrong that guide an individual in making decisions
6. money taken from the business for owner's personal use
8. the name given to an account
10. the amount remaining after the value of all liabilities is subtracted from the assets
11. an equation showing the relationship among assets, liabilities, and owner's equity
13. the account used to summarize the owner's equity in a business

1. A business owned by one person
2. the amount owed by a business
7. the planning, recording, analyzing, and interpreting of financial information
8. the amount of money in an account
9. a business activity that changes assets, liabilities, or owner's equity
11. anything of value owned
12. a decrease in owner's equity resulting from the operation of a business