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ACCTG0101
ACCOUNTING Chapter 01-01
Term | Definition |
---|---|
ACCOUNTING | The process of analyzing, and interpreting financial records |
ACCOUNTING SYSTEM | planned process to compile financial data |
FINANCIAL STATEMENTS | statements that summarizes financial data of a business |
NET WORTH STATEMENT | a report form that shows how much an individual owns |
ASSET | anything of value that is owned |
LIABILITY | an amount that is owed |
PERSONAL NET WORTH | the overall difference of a personal asset and personal liabilities |
EQUITY | the difference between liability and assets |
ETHICS | the principles of right and wrong |
BUSINESS ETHICS | the overall use of ethics used in a business environment |