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FI85 Show Me the $

Learn the nature of accounting

TermDefinition
ACCOUNTING The process of keeping and interpreting financial records
ACCOUNTING CYCLE A process or series of steps that businesses complete to maintain their financial records effectively (FI LAP 85)
ACCOUNTING STANDARDS Rules that accountants must follow when preparing financial statements (FI LAP 85)
ACCOUNTING SYSTEM The methods and procedures used in consistently handling the business's financial information (FI LAP 85)
ASSET(S) Anything of value that a business or individual owns (LAP-BL-003, EC LAP 71, FI LAP 85, FI LAP 91, LAP-FI-343, FI LAP 354, IM LAP 184, QS LAP 38, QS LAP 44, QS LAP 49)
ACCRUAL ACCOUNTING METHOD A method of accounting that records transactions at the time they occur even if no money changes hands at the time (FI LAP 85, QS LAP 38)
BALANCE SHEET A financial statement that captures the financial condition of the business at that particular moment (assets and liabilities) (FI LAP 85, LAP-FI-099, LAP-FI-351, IM LAP 184, QS LAP 36, QS LAP 38, QS LAP 39, SM LAP 7, SM LAP 13, SM LAP 400)
BOOKKEEPING The steps in the accounting cycle that involve recording each business transaction; the process of analyzing financial transactions, journalizing transactions, posting to ledgers, and balancing the books (FI LAP 85)
CASH Currency and coins (FI LAP 85)
CASH ACCOUNTING METHOD An accounting method in which income and expenditures are recorded at the time the money changes hands
CASH FLOW STATEMENT A financial summary with estimates as to when, where, and how much money will flow into and out of a business (FI LAP 85, FI LAP 91, FI LAP 94, LAP-FI-351, IM LAP 184, SM LAP 13)
CREDIT The arrangement by which businesses or individuals can purchase now and pay later (EC LAP 71, FI LAP 2, FI LAP 85, IM LAP 7, LAP-MP-001, SE LAP 57)
EXPENDITURES The monies that a business or government spends; also called spending or expenses (EC LAP 72, FI LAP 85)
EXPENSE(S) The monies that a business spends; also called expenditures (FI LAP 85, IM LAP 7, LAP-OP-190, QS LAP 19)
FINANCIAL ACCOUNTING: A type of accounting that involves preparing and reporting financial data to external users who are not directly involved in business operations (FI LAP 85, LAP-FI-351, LAP-PD-251)
FINANCIAL STATEMENT(S) Summaries of accounting information (DS LAP 2, FI LAP 85, IM LAP 184, NF LAP 1)
INCOME STATEMENT A financial summary that shows how much money the business has made or has lost; also called the profit-and-loss statement (FI LAP 85)
INVESTOR(S) Those who invest their funds in a business; may be owners or stockholders (LAP-EC-106, FI LAP 85, FI LAP 91)
JOURNAL A special book or computer program in which a business's transactions are recorded in the order in which they occur (FI LAP 85)
LEDGER The accounting record for a specific department or area of the business (FI LAP 85)
LIABILITIES Debts that the business owes (FI LAP 85, IM LAP 184) Debts (LAP-FI-093)
MANAGERIAL ACCOUNTING A type of accounting that involves preparing and reporting financial data to internal users(managers) who need financial information to control day-to-day operations and to make financial decisions and plans affecting the business (FI LAP 85, LAP-FI-351,)
NET WORTH A company’s worth according to the balance sheet; also called book value -OR-The total value of the business (FI LAP 85, QS LAP 38)
OWNER'S EQUITY The amount an owner has invested in the business plus or minus profits and losses (LAP-FI-093, FI LAP 85, FI LAP 91)
TRANSACTION A business activity such as a sale, a purchase, or a return (FI LAP 85)
TRIAL BALANCE The listing of a business’s different accounts and their current balances; used to check the accuracy of journal and ledger entries (FI LAP 85)
Created by: user-1539123
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