Chapter 1 Accounting Vocabulary Second 7 Flashcards
1
Q
Business Ethics
A
The use of ethics in making business decisions
2
Q
Business plan
A
A formal written document that describes the nature of a business and how it will operate
3
Q
Capital Account
A
An account used to summarize the owners equity in a business
4
Q
Creditor
A
A person or business to whom a liability is owned
5
Q
Equities
A
Financial rights to the assets of a business
6
Q
Equity
A
The difference between assets and liabilities
7
Q
Expense
A
The cost of goods or services used to operate a business
