Chapter 1- both

Question 1

account

Answer 1

a record summarizing all the information pertaining to a single item in the accounting equation

Question 2

a record summarizing all the information pertaining to a single item in the accounting equation

Answer 2

account

Question 3

account balance

Answer 3

amount in an account

Question 4

amount in an account

Answer 4

account balance

Question 5

name given to an account

Answer 5

account title

Question 6

account title

Answer 6

name given to an account

Question 7

planning, recording, analyzing, and interpreting financial information

Answer 7

accounting

Question 8

Accounting

Answer 8

planning, recording, analyzing, and interpreting financial information

Question 9

accounting equation

Answer 9

an equation showing the relationship among assets, liabilities, and owner’s equity

Question 10

an equation showing the relationship among assets, liabilities, and owner’s equity

Answer 10

accounting equation

Question 11

accounting records

Answer 11

organized summaries of a business’s financial activities

Question 12

organized summaries of a business’s financial activities

Answer 12

accounting records

Question 13

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

Answer 13

accounting system

Question 14

accounting system

Answer 14

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

Question 15

asset

Answer 15

anything of value that is owned

Question 16

anything of value that is owned

Answer 16

asset

Question 17

business ethics

Answer 17

the use of ethics in making business decisions

Question 18

the use of ethics in making business decisions

Answer 18

business ethics

Question 19

equities

Answer 19

financial rights to the assets of a business

Question 20

financial rights to the assets of a business

Answer 20

equities

Question 21

capital

Answer 21

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

Question 22

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

Answer 22

capital

Question 23

ethics

Answer 23

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

Question 24

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

Answer 24

ethics

Question 25

expense

Answer 25

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

Question 26

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

Answer 26

expense

Question 27

financial statements

Answer 27

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

Question 28

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

Answer 28

financial statements

Question 29

liability

Answer 29

an amount owed by a business

Question 30

an amount owed by a business

Answer 30

liability

Question 31

owner's equity

Answer 31

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

Question 32

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

Answer 32

owner's equity

Question 33

proprietorship

Answer 33

a business owned by one person

Question 34

a business owned by one person

Answer 34

proprietorship

Question 35

revenue

Answer 35

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

Question 36

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

Answer 36

revenue

Question 37

sale on account

Answer 37

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

Question 38

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

Answer 38

sale on account

Question 39

service business

Answer 39

a business that performs an activity for a fee

Question 40

a business that performs an activity for a fee

Answer 40

service business

Question 41

transaction

Answer 41

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

Question 42

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

Answer 42

transaction

Question 43

withdrawals

Answer 43

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

Question 44

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

Answer 44

withdrawals