Vocabulary
What is the equation to find net worth?
What is (total assets) - (total liabilities)?
The use of ethics in order to make decisions for a business.
What is business ethics?
The costs of goods or a service with the purpose or generating revenue.
What is an expense?
Define the acronym GAAP.
What are the generally accepted accounting principles?
The planned process designed to compile financial data and summarizing the results in accounting records and reports.
Money owed to a creditor is an example of a __________?
What is a liability?
This type of business performs an activity for a fee.
What is a service business?
An increase in equity resulting from the sale of goods or services is called what?
What is revenue?
A way to find how many years it will take to double your money in an account gaining interest is called the __________________.
What is the rule of 72?
A report used to summarize the condition and operations of a business.
What is a financial statement?
The difference between personal assets and personal liabilities.
What is personal net worth?
The name for a business owned by a single person.
What is a proprietorship?
A sale to which payment will be received at a later date.
What is a sale on account?
The second in command financially for a business or corporation.
What is Chief Financial Officer?
In a business net worth is also commonly referred to as ___________.
What is equity?
When a personal net worth statement shows a greater amount of liabilities than assets, it is referred to as a ___________.
What is a negative net worth?
This must be kept in balance at all times while running a business.
What is the accounting equation?
Charging _________ is a common practice among banks and credit card companies to make money.
What is interest?
What is Mrs. Stratton's first name?
Who is Nicole?
Internal manipulation of financial statements with the disclosure of these financial misdeeds to trusted executives of corporations or governments.
What is an accounting scandal?
When statements are prepared on ruled accounting forms, doing this is standard practice to indicate a total amount.
What is writing double rules?
A formal document describing the nature of a business and how it plans to do its operation, and is commonly looked at by investors.
What is a business plan?
Interest paid on an original amount deposited in a bank plus any interest that has been paid is an example of _______________________.
What is compounding interest?
What is the course code for the G period accounting class?
What is MTPPFDFQGTT0?