Acct I Chapter I

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

Mrs. Lynch's daughter's name is

Is it okay to choose not to record a transaction and use the money for personal use?

What is the change in Owner's Equity as a result ofselling services on account?

What is the change in Owner's Equity as a result of receiving cash from sales?

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

Anything of value that is owned

A record summarizing all the information for a single item in the accounting equation

Organized summaries of a business's financial activities

Any easy way to ensure money is properly recorded is to

What is the change in Owner's Equity as a result of paying cash to an owner for personal use?

The use of ethics in making business decsions

The name given to an account

What is the change in Owner's Equity as a result of paying cash for rent?

A business owned by one person

What is the change in Owner's Equity as a result ofreceiving cash on account?

What is the change in Owner's Equity as a result ofpaying cash for an internet bill?

The amount in an account

A business that performs an activity for a fee

Planning, recording, analyzing, and interpreting financial information is

Bought supplies on account (what happens to the accounts, + or - )

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

I like doing my accounting work with

The account use to summarize the owner's equity in a business

Mrs. Lynch's favorite fall latte is

If Mrs. Lynch could donate money to only one cause she'd choose

Paid cash for supplies (what happens to the accounts, + or - )

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

Received cash from owner as in investment (what happens to the accounts, + or - )

Financial rights to the assets of a business

Including today, how many days are there until Christmas 2018?

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

Paid cash for insurance (what happens to the accounts, + or - )

Financial reports that summarize the financial condition and operations of a business

Paid cash on account for supplies purchased previously (what happens to the accounts, + or - )

The principles of right and wrong that guide an individual in making decisions

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

A decrease in owner's equity resulting from the operation of a business

An amount owed by a business 

The accounting equation

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