A mathematical equation showing the relationship among assets, liabilities, and owner's equity:

The formula Assets = Liabilities + Owner's Equity is known as the:

Something that has value, meaning it can be used to acquire other assets or used in the operation of the business.

The owner's stake in the business; this is the amount remaining after the value of all liabilities is subtracted from the value of all assets.

An amount owed by a business:

The accounting equation must always remain in balance.

GAAP stands for:

To ensure that financial statements are consistent across companies, accountants must follow GAAP.

When cash is paid for expenses, owner's equity increases.

A record summarizing all the information pertaining to a single item in the accounting equation is known as a(n):

The amount in an account is the account:

Organized summaries of a business's financial activities are known as accounting:

When assets are taken out of the business for the owner's personal use, it is known as a(n):

Financial rights to the assets of a business is known as:

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

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

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

A sale for which cash will be received at a later date is known as a:

When a business buys items that will be paid for at a later date it is known as a(n):

When a customer makes a payment that lessens the amount that they owe a business it is known as a(n):

A(n) ____________________ is a business activity that changes assets, liabilities, or owner's equity.

When cash is received from a sale, the total amount of both ________________________ and _______________________ is effected.

An owner withdrawal of supplies will:

An owner investment of cash will:

Your business making a payment on account will:

Purchasing supplies using cash will:

A customer making a cash payment on their account will:

Any owner withdrawal will __________ owner's equity.

If two accounts on the same side of the accounting equation are affected by a transaction, one must be positive, while the other must be negative, in order to remain in balance.

If accounts on the opposite side of the accounting equation are affected by a transaction, then their signs must be opposite in order to remain in balance.

The name given to an account is the:

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

This refers to the principles of right and wrong that guide an individual in making decisions.

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

A business owned by one person is a(n):

A business that performs an activity for a fee is a(n) __________ business.

Keeping personal and business records separate is an application of the business entity concept.

Accounting is the language of business.

Insurance is a liability.