Ch. 1 Accnt

Anything of value that is owned =

• Asset

• Equity

• Revenue

• Accounting System

The amount remaining after the value of liabilities is subtracted from the value of all assets.

• Owner's Equity

• Ethics

• Liability

• Account

The difference between assets and liabilities

• Equity

• Proprietorship

• Equities

• Account

Financial rights to the assets of a business

• Equities

• Owner's Equity

• Assets

• Net Worth

A sale for which cash will be received at a later date

• Account Payable

• Account Title

• Account Balance

• Capital Account

The account used for the owner's equity in a business

• capital account

• liability

• business ethics

• expense

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

• Transaction

• Investment

• Withdrawal

• Expense

A person or business to whom a liability is owed.

• Creditor

• GAAP

• Net Worth Statement

• Business Plan

The amount in an account

• account balance

• account title

• liability

• service business

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

• Ethics

• GAAP

• Transaction

• Account balance