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13 Cards in this Set
- Front
- Back
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Accounting
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Planning, recording, anaylyzing, and interrpreting information
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Accounting System
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Planned process for providing financial that will be useful to management
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Accounting Records
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Organized summaries of a business's financial activities
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Financial Statements
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Financial reports that summarize the final conditions and operations of a business
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Service Business
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A business that performs an activity for a fee
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Proprietorship
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Business owned by one person
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Asset
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Anything of value that is owned
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Equities
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Financial rights to the assets of the business
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Liability
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Amount owed by a business
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Owner's Equity
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Amount remaining after the value of all liabilitiesis is subtracted from the value of assets
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Accounting Equation
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An equation showing the relationship among assets, liabilities, and owner's equity
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Ethics
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Principles of right and wrong that guide an individual in making decisions
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Business Ethics
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Use of ethics to make business's decisions
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