Acct - Ch 1 Vocab

_ is the process of planning, recording, analyzing, and interpreting financial information.

• Accounting

• Accounting system

• Financial Statements

• Equity

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

• Net worth statement

• Business statement

• Financial Statements

• Personal net worth

A planned process designed to compile financial data and summarize the results in accounting records and reports is known as (a/an) _.

• Net worth statement

• Accounting system

• Financial Statements

• Personal net worth

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

• Net worth statement

• Net worth system

• Net worth liability

• Personal net worth

_ is anything of value that is owned.

• Asset

• Net worth system

• Liability

• Equity

The amount owed is called a _.

• Asset

• Net worth system

• Liability

• Equity

The difference between personal assets and personal liabilities is called _.

• personal net worth

• business net work

• financial statements

• accounting

The difference between assets and liabilities is called _.

• equity

• business net work

• liability

• assets

Making decisions that will guide an individual in doing right or wrong is called _.

• equity

• ethics

• business ethics

• scandals

The use of ethics in making business decisions is called _.

• equity

• ethics

• business ethics

• scandals