Accounting 1 Chapter 1 Review

A record that summarizes all the transactions pertaining to a single item in the accounting equation.

Assets taken from the business for the owner’s personal use.

Any business activity that changes assets, liabilities, or owner’s equity.

The difference between the increases and decreases in an account.

The name given to an account.

The process of planning, recording, analyzing, and interpreting financial information.

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

A planned process designed to compile financial data and summarize the results in accounting records and reports.

Anything of value that is owned.

The use of ethics in making business decisions.