Chapters 1 & 2 Accounting Vocab

4. Summarizing all the information pertaining to a single item in the accounting equation
5. Anything of value that is owned
11. List of accounts used by a business
12. Increase in owners’ equity from the operation of a business
14. Equation showing the relationship among assets, liabilities, and owner’s equity
15. Amount recorded on the left side
17. Account used to summarize the owner’s equity
18. Side of the account that is increased
20. Business that is owned by one person
21. Financial rights to the assets of a business
22. Accounting device used to analyze transactions
24. Sale for which cash will be received at a later date
27. Financial reports that summarize the financial condition and operations of a business

1. Amount owed by a business
2. Assets taken out of a business for the owner’s personal use
3. Decrease in owner's equity resulting from the operation of a business
6. Performs an activity for a fee
7. Organized summaries of a business’s financial activities
8. Amount that is in an account
9. Amount recorded on the right side
10. Name given to an account
13. Planning, recording, analyzing, and interpreting financial information
16. Principles of right and wrong that guide an individual in making decisions
19. Planned process for providing financial information that will be useful to management
23. Use of ethics in making business decisions
25. Amount remaining after the value of all liabilities is subtracted from the value of all assets
26. Business activity that changes assets, liabilities, or owners’ equity