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Accounting Chapter 1
A record summarizing all the information pertaining to a single item in the accounting equation
Anything of value that is owned
The amount in an account
The name given to an account
An equation showing the relationship among assets, liabilities, and owner's equity
Organized summaries of a business's financial activities
A planned process for providing financial information that will be useful to management
A financial statement that reports assets, liabilities, and owner's equity on a specific date
The account used to summarize the owner's equity in the business
Financial rights to the assets of a business
An amount owed by a business
The amount remaining after the value of all liabilities is subtracted from the value of all assets
A business owned by one person
A business that performs an activity for a fee
A business activity that changes assets, liabilities, or owner's equity