ACC Ch1 L1 Word Scramble
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Term | Definition |
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 |
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