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ACC Ch1 L1

Accounting Chapter 1 Lesson 1

TermDefinition
accounting the process of planning, recording, analyzing and interpreting financial information
accounting system planned process designed to compile financial data and summarize the results in accounting records and reports
financial statements reports that summarize the financial condition and operation of a business
net worth statement a formal report that shows what an invididual owns, what an individual owes, and the difference between the two
asset anything of value that is owned
liability amounts that are owed
personal net worth the difference between the personal assets and personal liabilities
equity the difference between assets and liabilities
ethics the principles of right and wrong that guide an individual in making decisions
business ethics the use of ethics in making business decisions
Created by: bgbusiness