chapter 1

3. – reports that summarize financial conditions and operation of business
4. – Generally Accepted Accounting Principles
6. – The language for financial information
8. – the amount that is owed
9. – The sale in which payment will be paid on a later date
13. – The changes in assets, liabilities, or owners equity in a business
14. – the cost of goods or the services used to operate a business
17. – The formal written document that states on how that business operate
19. – A record that summarizes the transactions that relate to a single item.
20. – A establishment owned by a singular individual
22. – A system to collect all the financial data and summarize and records the results
23. – the name given to an account
24. – The amount remaining after the worth of liabilities are subtracted from the worth of assets
25. _worth _statement – The formal report that shows what the individual owns and owes, and the difference between them

1. – the personal assets and liabilities of an individual and the difference between them
2. – The increase of a business worth due to sale of goods, or services.
5. – A person or a business that liability is owed to
7. – an account that records the owners equity in a business
10. – The use of ethics in a business setting
11. – The difference between assets and liabilities
12. – The equation that shows the relationship between assets, liabilities, and owners equity
15. – the owner taking assets out of a business for personal use
16. – the median of increases and decreases in a given account
18. – Item of value that is owned
21. – Principles of right and wrong that guide a person's decision making
26. – The financial rights to an asset of a business