1. Chapter One
12 Words

2. Accounting System

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

4. Accounting Records

5. Organized summaries of a business’s financial activities

6. Balance Sheet

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

8. Asset

9. Anything of value that is owned

10. Service Business

11. A business that performs an activity for a fee

12. Proprietorship

13. A business owned by one person

14. Accounting

15. Planning, recording, analyzing, and interpreting financial information

16. Liability

17. An amount owed by a business

18. Owner's Equity

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

20. Transaction

21. A business activity that changes assets, liabilities, or owner’s equity

22. Capital

23. The account used to summarize the owner’s equity in a business

24. Equities

25. Financial rights to the assets of a business