ASSETS & LIABILITIES
What is anything of value that is owned?
What is Asset
What is the amount remaining after the value of all liabilities is subtracted from the value of all assets?
What is Owner's Equity
What is a record summarizing all the information pertaining to a single item in the accounting equation?
What is account.
What is planning, recording, analyzing and interpreting financial information?
What is accounting.
What is a sale for which cash will be received at a later date?
What is sale on account.
What is the account used to summarize the owner's equity in the business?
What is Capital.
What is the amount in an account?
What is account balance.
What is a business owned by one person?
What is Proprietorship.
What is an amount owed by a business?
What is liability.
What is an increase in owner's equity resulting from the operations of a business?
What is Revenue.
What is a financial report that summarizes the financial conditions and operations of a business?
What is a financial statement?
What are the principles of right and wrong that guide an individual in making decisions?
What is ethics.
What is a business that performs an activity for a fee?
What is service business.
What is a decrease in owner's equity resulting from the operation of a business?
What is expense.
What is a planned process for providing financial information that will be useful to management?
What is accounting system.
What is the use of ethics in making business decisions?
What is a business activity that changes assets, liabilities, or owner's equity?
What is a transaction.
What is assets taken out of a business for the owner's personal use?
What is withdrawals.
What is an organized summary of a business's financial activities?
What is account records.
What is the name given to an account?
What is account title.