Accounting (Chapters 1 - 3 Review)

Financial rights to the assets of a business are called

• ethics

• withdrawals

• accounting records

• equities

Anything of value that is owned

• account

• asset

• withdrawal

• expense

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

• asset

• expense

• capital

• revenue

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

• financial statements

• ethics

• withdrawals

• equities

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

• capital

• withdrawals

• equities

• revenue

Planning, recording, analyzing, and interpreting financial information

• accounting

• ethics

• transaction

• revenue

A decrease in owner's equity resulting from the operation of a business

• account

• capital

• asset

• expense

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

• accounting system

• ethics

• transaction

• capital

Amount owed by a business

• liability

• asset

• capital

• account

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

• business equation

• quantitative equation

• annuity equation

• accounting equation