A1 Chapter 1 Voc Application

This type of business has a life of its own.

The amount that is owed by a business.

A business records money in dollars. What accounting concepts applies?

Combining personal and business assets together violates which accounting concept?

This type of an account will decrease the value of owner's equity.

The name of an account.

A business buys an asset and will pay at a later date.

Standards & rules that accountants follow while recording and reporting financial activities.

Defines the financial rights to assets in a business.

The amount remaining after subtracting all liabilities from all assets.

This type of business is owned by one person.

The owner removes an asset for personal use from the business.

An organized summation of financial activities for a business.

Principle that requires accountants to record goods and services at the time they are sold.

Where would you go to find a balance for a single item listed in the accounting equation?

A planned process that provides financial data for management.

This type of account will increase the value in owner's equity.

Reports that summarize the financial condition of a business.

An accountant would be classified as what type of business?

Anything of value within a business.

Any financial activity that affects the accounting equation.

The business owner chooses the fiscal year calendar to display the financial condition of the business.

I am the amount in an account.

Planning, analyzing, and summarizing financial information for a business.

The business owner makes arrangements for the future life of the business.

Business decisions that are made based on right and wrong.

Principles of right and wrong that govern an individuals' choices.

Owner's equity is summarized in which of the following accounts?

Emily Garcia owns her own business.

The relationship between assets, liabilities & owner's equity is referred to as the: