| 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 business'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 |
| Owner's Equity | The amount remaining after the value of all liabilities are subtracted from the value of all assests |
| 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 |
