College Accounting

3. A record of increase and decrease in a specific asset, liability, equity, revenue, or expense item
5. An owners financial interest in a business
6. Financial investment of a business; equity
7. Accounting equation Assets = _____ + Owners Equity
8. A means of identifying each account as an asset, liability, or owners equity
12. _____accounts categories within the business's books that show the value of what it owns. They can be for either capital assets or current assets
14. _____ accounting work performed for a federal, state or local governmental unit
16. Debts or obligations of a business
18. An accounting error involving a misplaces decimal point

1. Intentional or reckless acts that result in confiscation of a firms assets or the misrepresentation of the firms accounting data
2. Accounts _____are accounts owned by charge account clients
4. On account is an arrangement to allow _____at a later date
9. _____statement is a formal report of business operations covering a specific period of time
10. _____of accounts is a list of the account used by a business to record its financial transactions
11. _____ balance is the increase side of an account
13. Net _____is when expenses are more than revenue
15. Funds taken from the business, by the owner, for personal use
17. _____ account is an account whose balance is transferred to another account at the end of the accounting period