Business and Ethics
What term refers to the use of ethics in making business decisions?
What is Business ethics?
What is anything of value that is owned?
What is an Asset?
What is the amount paid for the use of money for a period of time?
What is Interest?
What is the record that summarizes all transactions related to a single item in the accounting equation?
What is an Account
What are financial reports that summarize the financial condition and operations of a business called?
What are Financial statements?
What is a formal written document that describes the nature of a business and how it will operate?
What is a Business plan?
What is an amount owed called?
What is a Liability?
What type of interest is paid on the original amount plus any interest already earned?
What is Compound interest?
What do you call the difference between increases and decreases in an account?
What is Account balance?
What is the formal report that shows what an individual owns, owes, and the difference between the two?
What is a Net worth statement?
Who is someone that owns, operates, and takes the risk of a business venture?
Who is an Entrepreneur?
What is the financial rights to the assets of a business called?
What are Equities?
Who is a person or business to whom a liability is owed?
Who is a Creditor?
What is the name given to an account?
What is Account title?
What are the standards and rules that accountants follow while recording and reporting financial activities?
What is GAAP or Generally Accepted Accounting Principles?
What are the principles of right and wrong that guide an individual in making decisions?
What is Ethics?
What is the difference between assets and liabilities?
What is Equity?
What term describes assets taken from the business for the owner’s personal use?
What are Withdrawals?
What term describes the process of planning, recording, analyzing, and interpreting financial information?
What is Accounting?
What account is used to summarize the owner’s equity in a business?
What is the Capital account?
What type of business is owned by one person?
What is a Proprietorship
What is a sale where payment will be received at a later date?
What is a Sale on account?
Cash is always in this account.
What is asset
What is the equation that shows the relationship among assets, liabilities, and owner’s equity?
What is the Accounting equation?
What is a planned process designed to compile financial data and summarize the results in records and reports?
What is an Accounting system?