BA110 Theory Unit 1 #1 is the process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated to owners, managers, and other interested parties. 2. The review of financial statements to assess their faimess and adherence to generally accepted accounting principles is called #3. A ledger account form that shows the balance of an account after each entry is posted #4. An independent accountant who provides accounting services to the public for a fee is a #S _ is one to whom money is owed. 16. The result of an excess of expenses over revenue is #7. Anything having its own separate identity, such as an individual, a town, a university, or a business is a #8. Periodic reports of a firm's financial position or operating results are #9 Members of firms that perform accounting services for other companies are #10 are amounts a business must pay in the future. #11. Accounting work carried on by an accountant employed by a single business in industry, the branch of accounting that provides financial information about business segments, activities, or products is