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Accounting Ch. 1 Test

Enter the letter for the matching Definition
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1.
expense
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2.
ethics
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3.
accounting system
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4.
liabilty
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5.
accounting records
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6.
capital
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7.
business ethics
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8.
transaction
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9.
financial statements
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10.
service buisness
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11.
asset
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12.
owner's equity
A.
An amount owed by a business.
B.
A business that performs an activity for a fee.
C.
The amount remaining after the value of all liabilities is subtracted from the value of all assets.
D.
Organized summaries of a business's financial activities .
E.
The principles of right and wrong that guide an individual in making decisions.
F.
A planned process for providing financial information that will be useful to management.
G.
The use of ethics in making business decisions.
H.
A decrease in owner's equity
I.
A business activity that changes assets, liabilities, or owner's equity.
J.
The account used to summarize the owner's equity in the business
K.
Financial reports that summarize the financial condition and operations of a business.
L.
Anything of value that is owned.
Type the Term that corresponds to the displayed Definition.
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13.
Planning, recording, analyzing, and interpreting financial information.
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14.
assets taken out of the business for the owner's personal use
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15.
A business owned by one person.
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16.
the name given to an account
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17.
An equation showing
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18.
An increase in owner's equity resulting from the operation of a business.
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19.
Financial right to the assets of a business.
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20.
A record summarizing all the information pertaining to a single item in the accounting equation
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21.
A sale for which cash will be received at a later date
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22.
the amount in an account

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