Accounting

6. financial rights to the assets of a business
9. The name given to an account
10. A person or business to whom a liability is owed
11. A record that summarizes all the transactions pertaining to a single item in the accounting equation
12. any business activity that changes assets, liabilities, or owner’s equity
13. he standards and rules that accountants follow while recording and reporting financial activities

1. The equation showing the relationship among assets, liabilities, and owner’s equity
2. a business owned by one person
3. The amount remaining after the value of all liabilities is subtracted from the value of all assets
4. The difference between the increases and decreases in an account
5. a formal written document that describes the nature of a business and how it will operate.
7. An account used to summarize the owner’s equity in a business
8. A business that performs an activity for a fee