Accounting Ch. 1 Vocabulary

Match it! Select the correct answer from the pull down...Good luck!

A financial statement that reports assets, liabilities, and owner's equity on a specific date

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

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

Fiancial rights to a business

Planning, recording, analyzing, and interpreting financial information

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

A record summarizing all the information pertaining to a single item in the accouting equation.

The amount in an account