1. a formal report that shows what an individual owns, what an individual owes, and the difference between…

1. a formal report that shows what an individual owns, what an individual owes, and the difference between the two.\n2. planning, recording, analyzing, and interpreting financial information.\n3. an equation showing the relationship among assets, liabilities, and owner’s equity.\n4. a business activity that changes assets, liabilities, or owner’s equity.\n5. a planned process for providing financial information that will be useful to management.\n6. the standards and rules that accountants follow while recording and reporting financial activities.\n7. the account used to summarize the owner’s equity in the business.\n8. the amount remaining after the value of all liabilities is subtracted from the value of all assets.\n9. a record summarizing all the information pertaining to a single item in the accounting equation.\n10. the difference between personal assets and personal liabilities.\naccount\naccounting\naccounting equation\naccounting system\nasset\ncapital account\ngaap\nnet worth statement\nowner’s equity\npersonal net worth\nsale on account\ntransaction\nwithdrawals

1. a formal report that shows what an individual owns, what an individual owes, and the difference between the two.\n2. planning, recording, analyzing, and interpreting financial information.\n3. an equation showing the relationship among assets, liabilities, and owner’s equity.\n4. a business activity that changes assets, liabilities, or owner’s equity.\n5. a planned process for providing financial information that will be useful to management.\n6. the standards and rules that accountants follow while recording and reporting financial activities.\n7. the account used to summarize the owner’s equity in the business.\n8. the amount remaining after the value of all liabilities is subtracted from the value of all assets.\n9. a record summarizing all the information pertaining to a single item in the accounting equation.\n10. the difference between personal assets and personal liabilities.\naccount\naccounting\naccounting equation\naccounting system\nasset\ncapital account\ngaap\nnet worth statement\nowner’s equity\npersonal net worth\nsale on account\ntransaction\nwithdrawals

Answer

Brief Explanations:

  1. A formal report showing what an individual owns, owes and the difference is a net worth statement.
  2. Planning, recording, analyzing and interpreting financial information is accounting.
  3. The equation showing relationship among assets, liabilities and owner's equity is the accounting equation.
  4. A business activity that changes assets, liabilities or owner's equity is a transaction.
  5. A planned process for providing financial information useful to management is an accounting system.
  6. The standards and rules accountants follow while recording and reporting financial activities are GAAP (Generally - Accepted Accounting Principles).
  7. The account used to summarize the owner's equity in the business is the capital account.
  8. The amount remaining after subtracting all liabilities from all assets is owner's equity.
  9. A record summarizing information pertaining to a single item in the accounting equation is an account.
  10. The difference between personal assets and personal liabilities is personal net worth.

Answer:

  1. net worth statement
  2. accounting
  3. accounting equation
  4. transaction
  5. accounting system
  6. GAAP
  7. capital account
  8. owner's equity
  9. account
  10. personal net worth