Accounting Ch. 1 Review

Planning, recording, analyzing, and interpreting financial information.

• Account title
• Accounting
• Equities
• Owner's Equity

An equation showing the relationship among assets, liabilities, and owner's equity.

• Account balance
• Accounting
• Accounting system
• Accounting equation

A business activity that changes assets, liabilities, or owner's equity.

• Transaction
• Accounting
• Accounting System
• Withdrawals

The amount in an account

• Accounting
• Account Title
• Account Balance
• Accounting Equation

The account used to summarize the owner's equity in the business.

• Cash
• Accounts Receivable
• Accounts Payable
• Capital

The amount remaining after the value of all liabilities is subtracted from the value of all assets.

• assets
• owner's equity
• liabilities
• accounting equation

Anything of value that is owned. 

• owner's equity
• capital
• assets
• liabilities

A sale for which cash will be received at a later date.

• sale on account
• paid on account
• purchased on account
• received on account

Assets taken out of a business for the owner's personal use. 

• purchases
• equities
• liability
• withdrawal

An increase in owner's equity resulting from the operation of a business.

• expense
• asset
• revenue
• ethics