Accounting-WOB-1

Something of value that is owned.

• Assets
• Liabilities
• Owner's Equity
• Equities

Financial rights to the assets of a business.

• Assets
• Equities
• Liabilities
• Accounting

Organized summaries of a business's financial activities.

• Accounting
• Accounting System
• Accounting Records
• Accounting Equation

An amount owed by a business.

• Owner's Equity
• Equities
• Financial Statements
• Liabilities

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

•  Accounting Equation
• Balance Sheet
• Accounting Records
• Accounting

Financial reports the summarize the financial condition & operations of a business.

• Accounting System
• Owner's Equity
• Accounting Records
• Financial Statements

Planning, recording, analyzing & interpreting financial information.

• Equities
• Accounting
• Assets
• Liabilities

A planned process for providing financial information that will be useful to management.

• Accounting
• Accounting Records
• Accounting System
• Accounting Equation

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

• Assets
• Owner's Equity
• Liabilities
• Equities

If Assets are $10,000 and Liabilities are $3,000, how much is Owner's Equity?

• $13,000
• $7,000
• $10,000
• $3,000