Accounting Ch. 1.1-2

4. any business activity that changes assets, liabilities or owner's equity
6. insurance premiums paid in advance are referred to as
9. business that performs an activity for a fee
10. standards/rules accountants follow while recording and reporting financial activities
11. business owned by one person
13. assets = liabilities + owner's equity
14. amount remaining after all liabilities are subtracted from all assets
15. name given to an account

1. formal written document that describes the nature of a business and how it will operate
2. a record that summarizes all the transactions pertaining to a single item in the accounting equation
3. account used to summarize the owner's equity in a business
5. arrangement that allows a business to buy now and pay later
7. financial rights to the assets of a business
8. difference between the increases and decreases in an account
12. person/business to whom a liability is owed