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EBME Obj. 3.01

EBME Obj. 3.01 Accounting and Finance

TermDefinition
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)
Owner's Equity Net worth of the business
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
Created by: mmabe