Accounting Chapter 1

2. the process of planing, recording, analyzing,and interpreting financial information.
3. generally accepted accounting principles
5. is the differences between the increases and decreases of an account.
8. the equation showing the relationship among assets and liabilities.
9. financial rights to a business assets.
11. a planned process to compile financial data and summarize the results in accounting records and reports.
13. any business that does anything for a fee
14. anything that is owed
15. anything that changes assets liabilities or owners equity.
16. an increase in equity after the sale of a good or service.
17. the name given to an account.
19. is the difference between assets and liabilities
20. assets taken from the business for owners personal use.
21. a business owned by one person.
22. is the remaining amount left after all liabilities are subtracted.

1. an account used to summarize the owners equity in a business.
4. the cost to run a business
6. summarizes all transactions pertaining to a certain item
7. are financial reports that summarize the financial condition of the business
10. a formal report that shows what an individual owns.
11. anything with value that is owned.
12. the difference between what is personally owned minus what is personally owed.
18. someone who a liability is owed.