Accounting Chapter 1

2. business owned by one person
4. assets taken out of a business for the owner's personal
6. shows the relationship among assets, liabilities and owner's equity
10. amount owed by a business
11. sale for which cash will be received at a later date
15. principles of right and wrong that guide an individual in making decisions
16. increase in owner's equity resulting from the operation of a business
17. use of ethics in making business decisions
18. a record summarizing all the information pertaining to a single item in the accounting equation

1. business that performs an activity for a fee
3. planning, recording, analyzing and interpreting financial information
5. reports that summarize the financial condition and operations of a business
7. account used to summarize the owner's equity
8. name given to an account
9. amount remaining after the value of all liabilities are subtracted from the value of all assets
12. anything of value that is owned
13. business activity that changes assets, liabilities or owner's equity
14. decrease in owner's equity resulting from the operation of a business