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| planning, recording, analyzing, and interpreting financial information. |
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| a planned process for providing financial information that will be useful to management is called accounting system |
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| organized summaries of a business's financial activities are called... |
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| a business that performs an activity for a fee is called a service business |
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| a business owned by one person |
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| anything of value that is owned |
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| financial rights to the assets of a business |
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| an amount owed by a business |
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| the amount remaining after the value of all liabilities is subtracted from the value of all assets |
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| assets = liabilities + owner's equity |
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| a business activity that changes assets, liabilities, or owner's equity |
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| a record summarizing all the information pertaining to a single item in the accounting equation |
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| the name given to an account |
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| the amount in an account. |
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| the account used to summarize the owner's equity in a business. the capital account is an owner's equity account. |
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| a financial statement that reports assets, liabilities, and owner's equity on a specific date |
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