A formal report that shows what an individual owns, what an individual owes, and the difference between the two.

An amount owed

The difference between assets and liabilities.

The use of ethics in making business decisions.

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

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

Anything of value that is owned.

The difference between personal assets and personal liabilities.

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

A business that performs an activity for a fee.

A formal written document that describes the nature of a business and how it will operate.

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

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

A business owned by one person.

The standards and rules that accountants follow while recording and reporting financial activities.

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

The name given to an account.

A person or business to whom a liability is owed.

A sale for which payment will be received at a later date.

The cost of goods or services used to operate a business.

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

The difference between the increases and decreases in an account.

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

Which account(s) has a debit normal balance?