Accounting Chapter 1

2. anything of value that is owned
3. planning, recording, analyzing and interpreting financial information
5. decrease in owner's equity resulting from the operation of a business
6. amount owed by a business
7. business activity that changes assets, liabilities or owner's equity
9. amount remaining after the value of all liabilities are subtracted from the value of all assets
10. increase in owner's equity resulting from the operation of a business
11. use of ethics in making business decisions
12. reports that summarize the financial condition and operations of a business
20. a record summarizing all the information pertaining to a single item in the accounting equation
21. principles of right and wrong that guide an individual in making decisions

1. assets taken out of a business for the owner's personal use
2. name given to an account
4. business owned by one person
8. process for providing financial information that will be useful to management
13. shows the relationship among assets, liabilities and owner's equity
14. account used to summarize the owner's equity
15. organized summary of a business's financial activities
16. business that performs an activity for a fee
17. the amount of money in an account
18. financial rights to the assets of a business
19. sale for which cash will be received at a later date