Accounting Basics

3. organized summaries of a business's financial activities
6. planning,recording,analyzing, and interpreting financial information
7. an amount owed by a business
8. a business owned by one person
9. The principles of good and bad
11. the amount remaining after the value of all liabilities is subtracted from value of all assets
12. Assets = Liabilities + Owner’s Equity
13. the use of ethics in a business scenario

1. financial reports that summarize the financial condition and operations of a business
2. a planned process for providing financial information that will be useful to management
4. a business that requires a fee for a service
5. financial rights to the assets of a business
10. anything of value that is owned