| A | B |
|---|
| accounting | planning, recording, analyzing, and interpreting financial information |
| accounting system | a planned process for providing financial information that will be useful to management |
| accounting records | organized summaries of a busines's financial activities |
| financial statements | financial reports that summarize the financial condition and operations of a business |
| service business | a business that performs an activity for a fee |
| proprietorship | a business owned by one person |
| asset | anything of value that is owned |
| equities | financial rights to the assets of a business |
| liability | an amount owed by a business (this is an equity) |
| owner's equity | the amount remaining after the value of all liabilities is subtracted from the value of all assets (this is an equity) |
| accounting equation | an equation showing the relationship among assets, liabilities, and owner's equity |
| ethics | the principles of right and wrong that guide an individual in making decisions |
| business ethics | the use of ethics in making business decisions |
