Chapter 1 10 E
A record summarizing all the information pertaining to a single item in the accounting equation
The amount in an account.
The name given to an account.
Planning, recording, analyzing, and interpreting financial information.
An equation show 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 account used to summarize the owner’s equity in the business.
Financial rights to the assets of a business.
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.
A business that performs an activity for a fee.
A business activity that changes assets, liabilities, or owner’s equity.
net worth statement
A formal report that shows what an individual owns, what an individual owes, and the difference between the two.