Adv. Accounting 1.1

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

• Accounting

• Asset

• Liability

• Net Worth

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

• Financial Systems

• Accounting Systems

• Net worth

• Equity

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

• Accounting Systems

• Business Ethics

• Financial Statements

• Financial Data

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

• Accounting Report

• Total Assets

• Accounting System

• Net Worth Statement

Anything of value that is owned.

• Asset

• Liability

• Equity

• Accounting

An amount OWED

• Asset

• Liability

• Net Worth

• Income Statement

The difference between personal assets and personal liabilities

• Accounting Systems

• Equity

• Personal Income

• Personal Net Worth

The difference between assets and liabilities

• Equity

• Ethics

• Net Worth

• Accounting

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

• Equity

• Business Ethics

• Ethics

• Financial Statement

The use in ethics for making business decisions

• Ethics

• Business Ethics

• Business Decision Making

• Accounting Decision Making