Accounting Chapter 1 Vocabulary

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

A business that performs an activity for a fee.

A business owned by one person.

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

An amount owed by a business.

Assets taken out of a business for the owner's personal use.

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

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