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4.01 A key terms

TermDefinition
Accountant: An individual who has had specialized training in accounting procedures.
Accounting: The process of keeping financial records.
Accounting cycle: A process or series of steps that businesses complete to maintain their financial records effectively.
Accounting standards: Rules that accountants must follow when preparing financial statements.
Acquisition of funds: Finance activity involving making decisions about financing.
Administration of assets: Finance activity involving making decisions about a firm’s investments.
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.
Capital investment decisions: Decisions that determine which projects a business will invest in, how the investment(s) will be financed, and whether to pay dividends to shareholders.
Cash flow statement: A financial summary with estimates as to when, where, and how much money will flow into and out of a business.
Dividends: A sum of money paid to an investor or stockholder as earnings on an investment.
Expenses: The monies that a business spends; also called expenditures.
Finance: In business, the function that involves all money and money management matters.
Financial statement: A summary of accounting information.
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.
Liabilities: Debts that the business owes.
Net worth: The total value of the business.
Owner’s equity: The amount an owner has invested in the business plus or minus profits and losses.
Created by: gisela.f538
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