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Ch. 1.1 Vocab

Vocab

TermDefinition
Accounting Accounting is the process of planning, recording, analyzing, and interpreting financial information.
Accounting System An accounting system is a planned process designed to compile financial data and summarize the results in accounting records and reports.
Financial Statements Financial reports that summarize the financial condition and operations of a business are called financial statements.
Net Worth Statement A formal report that shows what an individual owns, what an individual owes, and the difference between the two is called a net worth statement.
Asset Anything of value that is owned is called an asset.
Liability Amounts that are owed to others must be identified and assigned values. An amount owed is called a liability.
Personal Net Worth The difference between personal assets and personal liabilities is called personal net worth.
Equity Equity is defined as the difference between assets and liabilities.
Ethics The principles of right and wrong that guide an individual in making decisions are called ethics.
Business Ethics The use of ethics in making business decisions is called business ethics.
Created by: 600018423
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