vocab words

2. equity / the amount remaining after the value of all liabilities is subtracted from the value of all assets
4. / anything of value that is owned
7. / a business owned by one person
9. / the principle of right and wrong that guide an individual in making decisions
11. / assets taken out of business for the owners personal use
13. entity / is applied when a business financial information is recorded and reported separately from the owners personal financial information
14. balance / the amount in a n account.
18. statements / financial reports that summarize financial condition and operations of a business
19. / an a amount of the right side
20. / financial rights to assets of a business

1. balance / the side of the account that is increased.
3. / an increase in owners equity resulting from the operation of a business.
5. / a decrease in owners equity resulting from the operation of a business
6. account an accounting device used to analyze transactions .
8. / a business activity that changes assets,liabilities or owners equity.
10. of accounts / a list of accounts used by a business.
12. equation / an equation showing the relationship among assets, liabilities ,and owners equity.
15. / an amount owned by a business
16. on account / a sale for which cash will be received on a later date.
17. / an amount on the left side
19. / the account used to summarize the owners equity in a business.