Acounting 1 ch 1 Word Scramble
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| Term | Definition |
| Accounting | The process of planning, recording analyzing and interpreting financial information. |
| Accounting system | 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. |
| net worth statement | A formal report that shows what an individual owns, what an individual owes, and the difference between the two. |
| asset | Anything of value that is owned |
| liability | An amount owed |
| personal net worth | The difference between personal assets and personal liabilities |
| equity | The difference between assets and liability |
| ethics | The principles of right and wrong that guide an individual in making decisions |
| business ethics | The use of ethics in making business decisions |
| service business | A business that performs an activity for a fee |
| proprietorship | A business owned by one person |
| business plan | A formal written document that describes the nature of a business and how it will operate |
| GAAP | Generally accepted accounting principals. The standards and rules that accountants follow while recording and reporting |
| equities | Financial rights to to the assets of a business |
| owners equity | The amount remaining after the value of all liabilities is subtracted from the value of all assests |
| accounting equation | Equation showing relationships about assets, liabilities, and owners equity |
| equities | Financials rights to the assets and liabilities |
| owners equity | |
| accounting equation | An equation showing the relationship among among assets, liabilities and owners equity |
| transaction | Any business activity that changes assets, liabilities and owners equity. |
| account | A record that summarizes all the transactions pertaining to the ccounting equation |
| account title | The name given to an account |
| account balance | Difference between increases and decreases. |
| capital amount | Account used to summarize the owners equity in a business. |
| creditor | A person or a business to whom a liability is owed. |
| revenue | An increase in equality resulting from the sale of goods or services. |
| sale on account | A sale for which payments will be received at a later date. |
| expense | The cost of good or services used to operate a business |
| withdrawals | assets taken from the business for the owners personal use. |
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