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7th period

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
a record summarizing all the information pertaining to a single item in the   accounting equation  
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the amount in an account   Account balance  
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the name given to an account   Account title:  
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planning, recording, analyzing, and interpreting financial information   Accounting:  
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an equation showing the relationship among assets, liabilities, and owner’s equity   Accounting equation:  
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organized summaries of a business’s financial activities   Accounting records:  
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a planned process for providing financial information that will be useful to management   Accounting system  
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anything of value that is owned   Asset:  
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the use of ethics in making business decisions   Business ethics:  
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the account used to summarize the owner’s equity in a business   capital:  
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the principles of right and wrong that guide an individual in making decisions   ethics:  
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a decrease in owner’s equity resulting from the operation of a business   expense  
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an amount owed by a business   liability:  
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an increase in owner’s equity resulting from the operation of a business   revenue:  
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assets taken out of a business for the owner’s personal use   withdrawals:  
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Created by: ashley123
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