compile financial data, summarize the results in accounting records and reports

information that must be documented

language of business

financial reports that summarize the financial conditions and operations of a business

is a planned process to compile financial data

what you earn in total

A financial report that shows what an individual owns and owes

language of business

amounts owed to friends and family

The difference between personal assets and personal liabilities

financial reports

a formal report that shows what an individual owns and owes

Generally Accepted Accounting Principles

Generally

Accepted

Accounting

procedures

I don't know

financial rights to the assets of a business

the relationship between assets, liabilities, and owner's equity

the name given to a account

Assets = Liabilities - Owner's Equity

Liabilities - Assets = Owners Equity

I don't know

any business activity that changes Assets, Liabilities, or Owner's Equity

the name given to an account

the difference between an increase and decrease

the difference between increases and decreases in an account

a record that summarizes all transactions

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

a record that summarizes all transactions

I don't know

the amount remaining after all liabilities and assets are subtracted

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

both sides of the accounting equation must be balanced

the name given to an account

an increase in equity resulting from the sale of goods or services

assets takend from the business for the owner's personal use

debt owed to someone

cost of goods or services used to operate a business

which payment will be received at a later date

assets takend from the business for the owner's personal use

assets takend from the business for the owner's personal use

a person or a business to whom a liability is owed

an increase in cash