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F19 Acct 1.01 Vocab

Vocabulary for Accounting 1.01

TermDefinition
Accountant A person who handles a broad range of responsibilities, makes business decisions, and prepares and interprets financial reports
Accounting clerk An entry-level job that can vary from specializing in one part of the system (i.e. Purchasing or Accounts Payable) to doing a wide range of tasks
Accounting Cycle Activities performed in an accounting period that help the business keep its records in an orderly fashion
Accounting Period The period of time covered by an accounting report
Accounting System A system designed to collect, document, and report on business transactions
Audit The review of a company’s accounting systems and financial statements to confirm that it follows generally accepted accounting principles
Calendar Year Accounting period that begins on January 1 and ends on December 31
Certified Public Accountant CPA A licensed professional who has met certain education and experience requirements and passed a national test
Computerized Accounting System A type of accounting system in which information is recorded by entering it into a computer (aka Automated Accounting System)
Financial Accounting Focuses on reporting information to external users—those not directly involved in the day-to-day operations of the business. (i.e. banks, investors, governmental taxing agencies, competitors)
Financial Reports Documents that present summarized information about the financial status of a business. (i.e. Balance Sheets, Income Statements, Cash Flow Statements)
Fiscal Year An accounting period of 12 consecutive months which CAN match the calendar year or not. Ex/ The State of North Carolina’s fiscal year begins on July 1 and ends the following June 30
GAAP Generally Accepted Accounting Principles. All accountants follow the same accounting framework or set of rules to prepare financial reports.
Management Accounting Focuses on reporting information to management and internal users of information who are involved in making day-to-day operating decisions like purchasing, hiring, production, sales and budgets.
Manual Accounting System A type of accounting system in which information is processed largely by hand recording of transactions.
Created by: denise.stevens5