CA ICAI - 2

Assets taken out of a business for the owner's personal use

• capital
• withdrawals
• equities
• revenue

Planning, recording, analyzing, and interpreting financial information

• accounting
• ethics
• transaction
• revenue

Amount owed by a business

• liability
• asset
• capital
• account

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

• transaction
• expense
• revenue
• sale on account

Anything of value that is owned

• account
• asset
• withdrawal
• expense

A business owned by one person

• service business
• revenue
• expense
• proprietorship

The amount in an account

• account title
• revenue
• account balance
• accounting records

Financial reports that summarize the financial condition and operations of a business

• financial statements
• ethics
• withdrawals
• equities

An increase in owner's equity resulting from the operation of a business

• asset
• expense
• withdrawl
• revenue

The ________________ __________________ is one of the main financial statements and reports revenues and expenses for a period of time such as a month or year.

• Income Statement

• Balance worksheet

• Income Worksheet

• Balance Sheet