Obj. 1.02 - Financial Information Terms Review

Any record or data related to an individual or a business's financial activity is considered ___________.

What are some examples of financial information?

• wages/salary

• investments, savings accounts, and other assets

• bank deposits and withdrawals

• safe deposit box

Accounts payables are

• lottery winnings

• debts a business owes

___________ is the process of gathering, recording, organizing, and reporting financial data.

• balances

• credit cards

• accounting

A balance sheet is used to see a business's assets and liabilities

• False

• True

What type of reports or statements are used to seek info about a company?

• balance sheet

• financial statement

• credit card statement

Is financial information useful?

• True

• False

The guide used for accounting practices and procedures is called the ___________.

• GAAP

• GDP

• IRS

IFRS stands for _____ _____ _____ ____.

• International Financial Reporting Standards

• Individual Finance Revenue Services

• International Federation of Reserve Services

Decision making in business is predicted by _______

• trends

• debt