Accounting-Chapter 1

Financial rights to the assets of a business are called

• ethics

• accounting records

• withdrawals

• equities

A business activity that changes assets, liabilities, or owner's equity

• transaction

• revenue

• expense

• sale on account

Anything of value that is owned

• account

• withdrawal

• asset

• expense

The name given to an account

• account title

• expense

• capital

• revenue

A business owned by one person

• service business

• expense

• revenue

• proprietorship

The amount in the account

• account title

• account balance

• revenue

• accounting records

A business that performs an activity for a fee

• proprietorship

• capital

• service business

• asset

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

• asset

• capital

• expense

• revenue

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

• asset

• withdrawal

• expense

• revenue

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

• capital

• equities

• withdrawals

• revenue