Accounting Ch 1

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

• Net Worth Statement
• Accounting
• Accounting System
• Asset
• Financial Statements

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

• Accounting System
• Accounting
• Asset
• Financial Statements
• Liability

An amount owed.

• Liability
• Accounting
• Accounting System
• Asset
• Financial Statements

Anything of value that is owned.

• Asset
• Accounting
• Accounting System
• Financial Statements
• Liability

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

• Financial Statements
• Accounting
• Accounting System
• Asset
• Liability

The difference between personal assets and personal liabilities.

• Personal Net Worth
• Accounting
• Accounting System
• Asset
• Financial Statements

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

• Accounting
• Accounting System
• Asset
• Financial Statements
• Liability

A person or business to whom a liability is owed.

• Creditor
• Account
• Sale on Account
• Capital Account
• Revenue

A record that summarizes all the transactions pertaining to a single item in the accounting equation.

• Account
• Creditor
• Sale on Account
• Capital Account
• Revenue

A sale for which payment will be received at a later date.

• Sale on Account
• Creditor
• Account
• Capital Account
• Revenue