Question
Definition Term
1. Anything of value that is owned. asset
2. The amount remaining after the value of all liabilities is subtracted from the value of all assets.
3. A planned process for providing financial information that will be useful to management.
4. The difference between personal assets and personal liabilities.
5. Financial reports that summarize the financial conditions and operations of a business.
6. The difference between assets and liabilities.
7. A business that performs an activity for a fee.
8. Financial rights to the assets of a business.
9. A business owned by one person.
10. A record summarizing all the information pertaining to a single item in the accounting equation.
11. An increase in owner’s equity resulting from the operation of a business.
12. Planning, recording, analyzing, and interpreting financial information.
13. An equation showing the relationship among assets, liabilities, and owner’s equity.
Select the term that best fits each definition.
Definition Term
14. The principles of right and wrong that guide an individual in making decisions.
15. The account used to summarize the owner’s equity in the business.
16. An amount owed by a business.
17. A decrease in owner’s equity resulting from the operation of a business.
18. The name given to an account.
19. A business activity that changes assets, liabilities, or owner’s equity.
20. Assets taken out of a business for the owner’s personal use.
21. A sale for which cash will be received at a later date.
22. The use of ethics in making business decisions.
23. A formal written document that describes the nature of a business and how it will operate.
24. The standards and rules that accountants follow while recording and reporting financial activities.
25. A person or business to whom a liability is owed.
26. A formal report that shows what an individual owns, what an individual owes, and the difference between the two.
27. The amount in an account.
Answers
GPT-4o mini
Here are the terms that best fit each definition provided:
Definition | Term
--- | ---
1. Anything of value that is owned. | asset
2. The amount remaining after the value of all liabilities is subtracted from the value of all assets. | owner’s equity
3. A planned process for providing financial information that will be useful to management. | accounting
4. The difference between personal assets and personal liabilities. | net worth
5. Financial reports that summarize the financial conditions and operations of a business. | financial statements
6. The difference between assets and liabilities. | owner’s equity
7. A business that performs an activity for a fee. | service business
8. Financial rights to the assets of a business. | equity
9. A business owned by one person. | sole proprietorship
10. A record summarizing all the information pertaining to a single item in the accounting equation. | account
11. An increase in owner’s equity resulting from the operation of a business. | revenue
12. Planning, recording, analyzing, and interpreting financial information. | accounting
13. An equation showing the relationship among assets, liabilities, and owner’s equity. | accounting equation
14. The principles of right and wrong that guide an individual in making decisions. | ethics
15. The account used to summarize the owner’s equity in the business. | owner’s equity account
16. An amount owed by a business. | liability
17. A decrease in owner’s equity resulting from the operation of a business. | expense
18. The name given to an account. | account title
19. A business activity that changes assets, liabilities, or owner’s equity. | transaction
20. Assets taken out of a business for the owner’s personal use. | withdrawals
21. A sale for which cash will be received at a later date. | credit sale
22. The use of ethics in making business decisions. | ethical decision-making
23. A formal written document that describes the nature of a business and how it will operate. | business plan
24. The standards and rules that accountants follow while recording and reporting financial activities. | generally accepted accounting principles (GAAP)
25. A person or business to whom a liability is owed. | creditor
26. A formal report that shows what an individual owns, what an individual owes, and the difference between the two. | personal financial statement
27. The amount in an account. | account balance
Feel free to ask if you need further clarifications or additional information!
Definition | Term
--- | ---
1. Anything of value that is owned. | asset
2. The amount remaining after the value of all liabilities is subtracted from the value of all assets. | owner’s equity
3. A planned process for providing financial information that will be useful to management. | accounting
4. The difference between personal assets and personal liabilities. | net worth
5. Financial reports that summarize the financial conditions and operations of a business. | financial statements
6. The difference between assets and liabilities. | owner’s equity
7. A business that performs an activity for a fee. | service business
8. Financial rights to the assets of a business. | equity
9. A business owned by one person. | sole proprietorship
10. A record summarizing all the information pertaining to a single item in the accounting equation. | account
11. An increase in owner’s equity resulting from the operation of a business. | revenue
12. Planning, recording, analyzing, and interpreting financial information. | accounting
13. An equation showing the relationship among assets, liabilities, and owner’s equity. | accounting equation
14. The principles of right and wrong that guide an individual in making decisions. | ethics
15. The account used to summarize the owner’s equity in the business. | owner’s equity account
16. An amount owed by a business. | liability
17. A decrease in owner’s equity resulting from the operation of a business. | expense
18. The name given to an account. | account title
19. A business activity that changes assets, liabilities, or owner’s equity. | transaction
20. Assets taken out of a business for the owner’s personal use. | withdrawals
21. A sale for which cash will be received at a later date. | credit sale
22. The use of ethics in making business decisions. | ethical decision-making
23. A formal written document that describes the nature of a business and how it will operate. | business plan
24. The standards and rules that accountants follow while recording and reporting financial activities. | generally accepted accounting principles (GAAP)
25. A person or business to whom a liability is owed. | creditor
26. A formal report that shows what an individual owns, what an individual owes, and the difference between the two. | personal financial statement
27. The amount in an account. | account balance
Feel free to ask if you need further clarifications or additional information!