Accounting Vocabulary

2. Planning, recording, analyzing, and interpreting financial information
4. An equation showing the relationship among assets, liabilities, and owner’s equity
5. A planned process for providing financial information that will be useful to management
7. A business owned by one person
10. The amount remaining after the value of all liabilities is subtracted from the value of all assets
11. A financial statement the reports assets, liabilities, and owner’s equity on a specific date
12. Financial rights to the assets of a business
13. A business that performs an activity for a fee
14. How many types of equities are there?

1. Organized summaries of a business’ financial activities
3. A record summarizing all the information pertaining to a single item in the accounting equation
4. The amount in an account
6. An amount owned by a business
8. A business activity that changes assets, liabilities, or owner’s equity
9. Anything of value that is owned