A business that performs an activity for a fee is called a

Anything of value that is owned is called a(n)

Financial rights to the assets of a business are called liens.

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

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

A sale for which cash will be received at a later date is called accounts payable

Payments for advertising, equipment repairs, utilities, and rent are liabilities.

The most common type of withdrawal by an owner from a business is the withdrawal of cash.

The accounting equation is most often stated as Assets + Liabilities = Owner’s Equity.

When items are bought and paid for at a future date, another way to state this is to say these items are bought on account.

Business ethics are the principles of right and wrong that guide an individual in making personal decisions.