Chapter 1 Accounting

3. the amount in an account
7. value of all assets
9. a planned process for providing financial information that will be useful to management
10. financial reports that summarize the financial condition and
12. the account used to summarize the owner’s equity in a business
15. a business owned by one person
18. the use of ethics in making business decisions
19. anything of value that is owned
20. the name given to an account
21. a business activity that changes assets, liabilities, or owner’s equity
23. financial rights to the assets of a business
24. planning, recording, analyzing, and interpreting financial information

1. a sale for which cash will be received at a later date
2. a business that performs an activity for a fee
4. an increase in owner’s equity resulting from the operation of a business
5. assets taken out of a business for the owner’s personal use
6. of a business
8. the amount remaining after the value of all liabilities is subtracted from
11. an equation showing the relationship among assets, liabilities, and owner’s equity
13. the principles of right and wrong that guide an individual in making decisions
14. a decrease in owner’s equity resulting from the operation of a business
16. organized summaries of a business’s financial activities
17. an amount owed by a business
22. a record summarizing all the information pertaining to a single item in the accounting equation