Accounting Chapter 1

4. An equation showing the relationship among assets, liabilities, and owner's equity
8. Interest paid on an original amount deposited in a bank plus any interest that has been paid.
10. A business owned by one person
11. The cost of goods or services used to operate a business.
12. The principles of right and wrong that guide an individual in making decisions.
13. Assets taken from the business for the owner's personal use.
15. An account used to summarize the owner's equity in a business.
17. Anything of value that is owned

1. The process of planning, recording, analyzing, and interpreting financial information.
2. An increase in equity resulting from the sale of goods or services.
3. The difference between the increases and decreases in an account.
5. A planned process designed to compile financial data and summarize the results in accounting records and reports.
6. A person or business to whom a liability is owed.
7. A record that summarizes all the transactions.
9. Someone who owns, operates, and takes the risk of a business venture.
14. An amount paid for the use of money for a period of time.
16. An amount owed