chapter 1 accoutning

4. difference between personal assets and libilities
5. the amount remaining after the value of all liabilities is subtracted from the value of all assets
9. a formal report that shows the difference between what a person owes and owns
10. generally accepted accounting principles
12. the principles of right and wrong that guide an individual in decisions
15. any business activity that changes assets, liabilities, and owners equity
16. the difference between assets and libilities
17. anything of value thats owned
18. the equation showing the relationship between assets and liabilities and owners equity
19. a formal written document that describes the nature of a business and how it will operate

1. a record that summarizes all of the transactions pertaining to a specific account in the accounting equasion
2. reports that summarize the financial state of a business
3. a business that preforms an activity for a fee
6. a business owned by one person
7. a planned process to designed to compile and summarize financial data
8. financial rights to the assets of a business
11. an amount owed
13. the use of ethics in the workplace
14. the process of planning and recording financial info