CH1: Accounting Terms

Front

Planning, recording, analyzing, and interpreting financial information.

Back

Accounting

Front

A planned process for providing financial information that will be useful to management.

Back

Accounting system

Front

The name given to an account.

Back

Account Title

Front

Organized summaries of a business’s financial activities.

Back

Accounting records

Front

The principles of right and wrong that guide an individual in making decisions.

Back

Ethics

Front

The use of ethics in making business decisions.

Back

Business ethics

Front

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

Back

Financial Statements

Front

A business that performs an activity for a fee.

Back

Service Business

Front

A business owned by one person.

Back

Proprietorship

Front

Anything of value that is owned.

Back

Asset