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Term	Definition
accounting equation	An equation showing
withdrawls	assets taken out of the business for the owner's personal use
revenue	An increase in owner's equity resulting from the operation of a business.
expense	A decrease in owner's equity
asset	Anything of value that is owned.

service buisness	A business that performs an activity for a fee.
business ethics	The use of ethics in making business decisions.
financial statements	Financial reports that summarize the financial condition and operations of a business.
equities	Financial right to the assets of a business.
ethics	The principles of right and wrong that guide an individual in making decisions.
account balance	the amount in an account
account title	the name given to an account
accounting system	A planned process for providing financial information that will be useful to management.
capital	The account used to summarize the owner's equity in the business
accounting records	Organized summaries of a business's financial activities .
liabilty	An amount owed by a business.
owner's equity	The amount remaining after the value of all liabilities is subtracted from the value of all assets.
sale on account	A sale for which cash will be received at a later date
proprietorship	A business owned by one person.
account	A record summarizing all the information pertaining to a single item in the accounting equation
accounting	Planning, recording, analyzing, and interpreting financial information.
transaction	A business activity that changes assets, liabilities, or owner's equity.

An equation showing	Term: accounting equation	1	1	false
business	assets taken out of the _____ for the owner's personal use	2	1	true
revenue	Definition: An increase in owner's equity resulting from the operation of a business.	3	0	false
A decrease in owner's equity	Term: expense	4	1	false
asset	Definition: Anything of value that is owned.	5	0	false
service buisness	Definition: A business that performs an activity for a fee.	7	0	true
ethics	The use of _____ in making business decisions.	8	1	true
financial statements	Definition: Financial reports that summarize the financial condition and operations of a business.	9	0	false
assets	Financial right to the _____ of a business.	10	1	true
decisions	The principles of right and wrong that guide an individual in making _____.	11	1	true
account balance	Definition: the amount in an account	12	0	false
the name given to an account	Term: account title	13	1	false
useful	A planned process for providing financial information that will be _____ to management.	14	1	true
capital	Definition: The account used to summarize the owner's equity in the business	15	0	false
financial	Organized summaries of a business's _____ activities .	16	1	true
liabilty	Definition: An amount owed by a business.	17	0	false
liabilities	The amount remaining after the value of all _____ is subtracted from the value of all assets.	18	1	true
received	A sale for which cash will be _____ at a later date	19	1	true
person	A business owned by one _____.	20	1	true
information	A record summarizing all the _____ pertaining to a single item in the accounting equation	21	1	true