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

The amount in an account

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

Planning, recording, analyzing, and interpreting financial information.

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

A planned process for providing financial information that will be useful to management.

Anything of value that is owned.

The name given to an account.

A person or business to whom a liability is owed.

Financial rights to the assets of a business.

The difference between assets and liabilities.

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

The cost of goods or services used to operate a business. Causes a decrease in owner's equity.

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

Generally Accepted Accounting Principles. The standards and rules that accountants follow while recording and reporting financial activities.

An amount owed by a business.

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

A business owned by one person.

An increase in owner's equity resulting from the operation of a business.

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

A business that performs an activity for a fee.

A business activity that changes assets, liabilities, and owner's equity.

Assets taken out of a business for the owner's personal use.

The difference between personal assets and personal liabilities

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

The use of ethics in making business decisions

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