Accounting

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

• accounting system

• Accounting equation

• Account balance

• GAAP

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

• Accounting

• Equity

• Account

• Creditor

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

• Financial statements

• Accounting system

• Accounting statements

• Account balance

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

• Net worth statement

• Personal net worth

• Expense

• GAAP

Anything of value that is owned

• Asset

• Liability

• Revenue

• Creditor

an amount owed

• Liability

• Asset

• Creditor

• Owner’s equity

The difference between personal assets and personal liabilities

• Personal net worth

• Owner’s equity

• Proprietorship

• Service business

The difference between assets and liabilities

• Equity

• GAAP

• Revenue

• Creditor

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

• Ethics

• Equity

• GAAP

• Creditor

The use of ethics in making business decisions

• Business ethics

• Business plan

• Service business

• Proprietorship