Acctg Ch 1 Vocab

Front

Standards accountants follow for financial reporting

Back

GAAP

Front

Financial reports summarizing a business's financial condition and operations.

Back

financial statements

Front

Formal report showing assets, liabilities, and their difference.

Back

net worth statement

Front

Process to compile financial data and summarize results in records and reports.

Back

accounting system

Front

Planning, recording, analyzing, and interpreting financial info.

Back

accounting

Front

Anything of value that is owned.

Back

Asset

Front

Ethics in business decisions.

Back

Business Ethics

Front

A business that performs an activity for a fee.

Back

Service Business

Front

Formal document describing a business and its operations.

Back

business plan

Front

Equation showing the relationship among assets, liabilities, and owner's equity.

Back

accounting equation