A record that summarizes all the transactions pertaining to a single item in the accounting equation

An amount owed

Anything of value that is owned

Financial reports that summarize the financial condition and operations of a business.

An increase in equity resulting from the sale of goods or services

An account used to summarize the owner's equity in a business

Assets taken from the business for the owner's personal use

The cost of goods or services used to operate a business

Any business activity that changes assets, liabilities, or owner's equity

The difference between personal assets and personal liabilities.

A business that performs an activity for a fee.

The name given to an account

The amount remaining after the value of all liabilities is subtracted from the value of all assets.

A business owned by one person

The difference between the increases and decreases in an account

A formal written document that describes the nature of a business and how it will operate.

An equation showing the relationship among assets, liabilities, and owner's equity.

A person or business to whom a liability is owed.

The principles of right and wrong that guide an individual in making decisions.

A record that summarizes all the transactions pertaining to a single item in the accounting equation.

The difference between assets and liabilities

A planned process designed to compile financial date and summarize the results in accounting records and reports.

A sale for which payment will be received at a later date.

A formal report that shows what an individual owns, what an individual owes, and the difference between the two.

Generally accepted accounting principles. The standards and rules that accountants follow while recording and reporting financial activities.

Financial rights to the assets of a business

The use of ethics in making business decisions

The process of planning, recording, analyzing, and interpreting financial information.

Amounts to be received in the future due to the sale of goods or services.

Amounts to be paid in the future for goods or services already acquired.

What must be done if a transaction increases the right side of the equation?

How is owner’s equity affected when cash is paid for expenses?

How is owner’s equity affected when services are sold on account?

How is owner’s equity affected when cash is received from sales?