Accounting Terms

4. An equation showing the relationship among assets, liabilities, and owner's equity.
6. The account used to summarize the owner's equity in a business.
8. Assets taken out for the owner's personal use.
9. An amount owed by a business.
11. A business that performs an activity for a fee.
13. Financial rights to the assets of a business.
16. An increase in owner's equity resulting from the operation of a business.
17. A sale for which cash will be received at a later date.
18. Anything of value that is owned.
19. The amount remaining after the value of all liabilities is subtracted from the value of all assets.

1. Planning, recording, analyzing, and interpreting financial information.
2. A record summarizing all the information pertaining to a single item in the accounting equation.
3. The amount in an account.
4. Organized summaries of a business's financial activities.
5. A planned process for providing financial information that will be useful to management.
7. The name given to an account.
10. A business owned by one person.
12. A financial statement that reports assets, liabilities, and owner's equity on a specific date.
14. A decrease in owner's equity resulting from the operation of a business.
15. A business activity that changes assets, liabilities, or owner's equity.