Accounting Terms

2. An amount owed by a business.
6. A business that performs an activity for a fee
8. Anything of value that is owned.
9. A record summarizing all the information pertaining to a single item in the accounting equation.
10. Planning, recording, analyzing, and interpreting financial information.
11. A decrease in owner’s equity resulting from the operation of a business.
14. The account used to summarize the owner’s equity in a business.
15. A business owned by one person

1. Assets taken out of a business for the owner’s personal use.
3. The amount in an account.
4. The amount remaining after the value of all liabilities is subtracted from the value of all assets.
5. An equation showing the relationship among assets, liabilities, and owner’s equity.
7. A sale for which cash will be received at a later date.
12. A business activity that changes assets, liabilities, or owner’s equity.
13. An increase in owner’s equity resulting from the operation of a business.