Acct 1 - Chp 1

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

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

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

A business that performs an activity for a fee.

Anything of value that is owned.

Financial rights to the asssets of a business.

A business owned by one person.

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