BA110 Unit 1 Terminology Exam

Question or Hint Answer or Word

The process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated to owners, managers, and other interested parties Accounting
The review of financial statements to assess their fairness and adherence to generally accepted accounting principles Auditing
An independent accountant who provides accounting services to the public for a fee Certified public accountant (CPA)
One to whom money is owed Creditor
A business or organization whose major purpose is to produce a profit for its owners Economic entity
Anything having its own separate identity, such as an individual, a town, a university, or a business Entity
Periodic reports of a firm’s financial position or operating results Financial statements