Accounting Chapter 1 Test Review

A record summarizing all the information pertaining to a single item in the accounting equation

• Accounting equation
• Account
• Account balance
• Accounting Records

The amount in an account

• Account balance
• Withdrawal
• Capital
• Liability

The name given to an account

• Accounting Equation
• Account Record
• Account Title
• Financial Statements

Planning, recording, analyzing, and interpreting financial information 

• Accounting Records
• Ethics
• Accounting Equation
• Accounting

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

• Accounting Equation
• Accounting Records
• Account Title
• Capital

Organized summaries of a business’s financial activities 

• Account
• Accounting Equation
• Accounting Records
• Ethics

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

• Accounting Equation
• Accounting Records
• Accounting System
• Account Title

Anything of value that is owned

• Asset
• Liability
• Capital
• Accounting Records

The use of ethics in making business decisions

• Business Ethics
• Ethics

financial rights to the assets of a business

• Liabilities
• Assets
• Capital
• Equities