The Accounting Equation is most often stated as Assets=Liabilities+Owner's Equity

When two asset accounts are changed in a transaction, there must be an increase and a decrease

When items are bought and paid for at a future date, another way to state this is to say these items are bought on account

A business owned by one person is called a

An amount owed by a business is called a

Planning, recording, analyzing, and interpreting financial information is called

After each transaction, the accounting equation must remain in balance.

Detailed information about changes in owner’s equity is needed by owners and managers to make sound business decisions.

Accountants call any business activity that changes assets, liabilities, or owner’s equity a

Every transaction affects how many accounts?

Anything of value that is owned

A business that performs an activity for a fee is called a