Accounting Review

2. An equation showing the relationship among assets, liabilities, and owner's equity.
4. Financial reports that summarize the financial condition and operations of a business.
6. An amount owed.
7. A person or business to whom a liability is owed.
9. A planned process designed to compile financial data and summarize the results in accounting records and reports.
11. The cost of goods or services used to operate a business.
12. The difference between assets and liabilities.
15. The difference between personal assets and personal liabilities.
19. Anything of value that is owned.
20. Generally accepted accounting principles.
22. Financial rights to the assets of a business.
23. The principles of right and wrong that guide and individual in making decisions.
24. The name given to an account.
25. The amount remaining after the value of all liabilities is subtracted from the value of all assets.
26. Any business activity that changes assets, liabilities, or owner's equity.

1. An account used to summarize the owner's equity in a business.
3. The difference between the increases and decreases in an account.
5. A formal report that shows what an individual owns, what an individual owes, and the difference between the two.
8. The use of ethics in making business decisions.
10. A formal written document that describes the nature of a business and how it will operate.
13. A decrease in equity resulting from activity other than selling goods or services.
14. An increase in equity resulting from activity other than selling goods or services.
16. A business owned by one person.
17. A business that performs an activity for a fee.
18. An increase in equity resulting from the sale of goods or services.
19. The Process of planning, recording, analyzing, and interpreting financial information.
21. A record that summarizes all the transactions pertaining to a single item in the accounting equation.