Beg. Accounting Ch 1 Review

4. Principles of right or wrong
7. Generally Accepted Accounting Principles
8. Planned process designed to compile financial data
10. The difference between assets and liabilities
12. An amount owed on a house to a bank/creditor would be classified as this
15. Casey purchased sprinklers from Bill's Sprinklers to be installed but will pay later, this is an example of ?
17. A bank is often called this or if you owe money to your parents they are considered a ?
18. When the owner takes an asset like cash from the business it is called a/an ?
19. Business owned by one person

1. used to summarize the owner's investment
2. A car or house would be classified as this
3. Purchasing a house with a loan is a ?
5. Use of ethics in making business decisions
6. An increase in equity resulting from the sale of goods or services
8. Process of planning, recording, analyzing, and interpreting financial information
9. Acronym for the accounting equation
11. A formal report that shows what an individual owns, owes, and the difference between the two
13. Formal written document describing the business and how it will operate
14. Assets - Liabilities = ?
16. A business that performs an activity for a fee
20. An amount used to operate a business: rent, supplies, etc.