Accounting I Chapter 1 Test

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

• Account

• Ethics

• Revenue

• Asset

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

• Asset

• Ethics

• Revenue

• Account

the principles of right and wrong that guide an individual in making decisions

• Asset

• Ethics

• Revenue

• Account

Anything of value that is owned

• Account

• Revenue

• Asset

• Ethics

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

• Financial Statements

• Account Balance

• Withdrawals

• Service Business

The amount in an account

• Account Balance

• Service Business

• Withdrawals

• Financial Statements

Financial reports that summarize the financial condition and operations of a business

• Service Business

• Withdrawals

• Account Balance

• Financial Statements

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

• Liability

• Accounting Equation

• Capital

• Accounting

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

• Liability

• Capital

• Accounting

• Accounting Equation

Planning, recording, analyzing and interpreting financial information

• Capital

• Accounting Equation

• Accounting

• Liability