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WHS PoBF 6.01A

LAP FI 05

TermDefinition
Accountant An individual who has had specialized training in accounting procedures
Accounting The process of keeping financial records
Accounting department A special department responsible for the firm’s accounting records
Accounting system The methods and procedures used in handling the business’s financial information
Accounts receivable Monies owed to a business by its customers
Accrual accounting method A method of accounting that records transactions at the time they occur even if no money changes hands at the time
Assets Anything of value that a business owns
Balance sheet A financial statement that captures the financial condition of the business at that particular moment
Bookkeeping The step in the accounting process that actually records the business’s financial information
Cash Currency and coins
Cash accounting method An accounting method in which income and expenditures are recorded at the time the money changes hands
Cost of goods The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell
Credit The arrangement by which businesses or individuals can purchase now and pay later
Creditors Individuals or businesses to whom a business owes money or from whom it wants to borrow money
Current liabilities Debts that must be paid within a year
Debts Amounts of money businesses or individuals owe to others
Disbursement journal An accounting record for recording daily expenditures
Economic forecast A prediction of what may happen in the nation’s economy
Expenses The monies that a business spends
Financial statement A summary of accounting information
Fixed assets Items of value a business owns that are not expected to change, e.g., buildings
Income Money received by a business or an individual from outside sources
Income statement A financial summary that shows how much money the business has made or has lost; also called the profit-and-loss statement
Investors Those who invest their funds in a business; may be owners or stockholders
Journal A special book or computer program in which a business’s transactions are recorded in the order in which they occur
Ledger The accounting record for a specific department or area of the business
Liabilities Debts that the business owes
Long-term liabilities Debts that will take longer than a year to pay, e.g., a mortgage
Managers Individuals whose jobs involve carrying out management functions
Net worth The total value of the business
Operating expenses All of the expenses involved in running a business
Owner’s equity The amount an owner has invested in the business plus or minus profits and losses
Posting Transferring accounting information from a daily journal to the appropriate ledger
Product mix The particular assortment of goods and services that a business offers in order to meet the needs of its market(s) and its company goals
Profit Monetary reward a business owner receives for taking the risk of investing in business
Profit-and-loss statement Income statement
Return on investment Income received from an investment in a business
Sales journal An accounting record used to record the business’s daily receipts
Sales revenues Money that comes into the business from the sale of goods and services
Sales trends The direction in which sales are moving, i.e., increasing or decreasing
Stockholders Owners of stock; also known as shareholders
Transaction A business activity such as a sale, a purchase, or a return
Created by: VNelsonWHS
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