Accounting and Financial Terms

Front

The process of planning, recording, analyzing, and interpreting financial information.

Back

Accounting

Front

A planned process designed to compile financial data and summarize the results in accounting records and reports.

Back

Accounting System

Front

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

Back

Financial Statements

Front

A formal report that shows what an individual owns, what an individual owes, and the difference between the two.

Back

Net Worth Statement

Front

Anything of value that is owned.

Back

Asset

Front

An amount owed.

Back

Liability

Front

The difference between personal assets and personal liabilities.

Back

Personal Net Worth

Front

The difference between assets and liabilities.

Back

Equity

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