accounting vocab

• ethics

• The principles of right and wrong that guide an individual in making decisions.

• Any business activity that changes assets, liabilities, or owner’s equity.

• A formal written document that describes the nature of a business and how it will operate.

• The name given to an account.

business ethics

• The principles of right and wrong that guide an individual in making decisions.

• Generally accepted accounting principles. The standards and rules that accountants follow while recording and reporting financial activities.

• The use of ethics in making business decisions.

• A business owned by one person.

accounting

• An amount owed.

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

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

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

financial statements

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

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

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

• The difference between assets and liabilities.

asset

• An amount owed.

• Anything of value that is owned.

• The principles of right and wrong that guide an individual in making decisions.

• An amount owed.

accounting system

• The use of ethics in making business decisions.

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

• The difference between personal assets and personal liabilities.

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

liability

• The principles of right and wrong that guide an individual in making decisions.

• An amount owed.

• The difference between assets and liabilities.

• • Anything of value that is owned.

personal net worth

• A business owned by one person.

• The difference between assets and liabilities.

• The use of ethics in making business decisions.

• The difference between personal assets and personal liabilities.

equity

• The principles of right and wrong that guide an individual in making decisions.

• An amount owed.

• Anything of value that is owned.

• The difference between assets and liabilities.

service business

• A business owned by one person.

• A formal written document that describes the nature of a business and how it will operate.

• The use of ethics in making business decisions.

• A business that performs an activity for a fee.