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EBME
essential standard 2 - functions of business (accounting)
| Question | Answer |
|---|---|
| Accounting | The system of recording and reporting financial activity and transactions. |
| Audit | A formal examination of a company’s financial records for accuracy and compliance with regulations. |
| Budget | A plan that shows what you expect to earn and spend in a certain period of time. |
| Financial Statements | A written report which describes the financial health of a company; prepared on a quarterly and annual basis. |
| Balance Sheet | A report showing all assets, liabilities, and owner’s equity of a business as of a specific date. |
| Assets | Things (items) owned by a company. |
| Liabilities | Money owed by the business (debts, accounts payable) |
| Income Statement | A report showing the revenue, expenses, and income (or loss) of a business for a specific period of time. |
| Revenue | The amount of money that a company earns |
| Profit | Results when a business' income is greater than its expenses. |
| Expenses | Costs of maintaining and operating a business. |
| Loss | Results when a business' expenses are greater than its income. |
| Fiscal Period | The specific period of time covered by an accounting statement or report (1 month or year) |
| Statement of Change in Owner's Equity | Financial statement that reports the changes that have occurred in the owner's equity account during the fiscal period. |
| Financial Manager | Top-level professional who may have final responsibility for one of many aspects of a business’s financial activity, from accounting and taxation to preparing financial reports and supervising various financial departments of a company. |
| Accountant | A professional who produces and examines financial records, prepares financial reports and tax returns, and may give budget, tax, or investment advice to the company or customer. |
| Certified Public Accountant (CPA) | Accountants who meet specific educational requirements and pass a national examination. |
| Auditor | A professional whose work mainly involves checking on the accuracy of work performed by bookkeepers and accountants, and checking to be sure a company is following all financial laws and regulations. |
| Bank Teller | Worker who handles bank deposits and withdrawals, sell traveler’s checks and foreign currency, accept loan payments, prepare certified checks or money orders, and may handle other duties. |
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spencercte
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