Accounting Vocabulary

1. An amount owned by a business
3. Anything of value that is owned
5. The amount in an account
8. A planned process for providing financial information that will be useful to management
9. The amount remaining after the value of all liabilities is subtracted from the value of all assets
10. How many types of equities are there?
13. Organized summaries of a business’ financial activities
14. A business that performs an activity for a fee
15. A record summarizing all the information pertaining to a single item in the accounting equation

2. A business activity that changes assets, liabilities, or owner’s equity
4. A financial statement the reports assets, liabilities, and owner’s equity on a specific date
6. An equation showing the relationship among assets, liabilities, and owner’s equity
7. A business owned by one person
11. Financial rights to the assets of a business
12. Planning, recording, analyzing, and interpreting financial information