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Business Essentials

accounting the process of keeping and interpreting financial records
accountas payable all monies owed by the business to others
accounts receivable all monies owed to a firm by its customers
acquisition of funds finance activity involving making decisions about financing
administration of assets finance activity involving making decisions about a firm investments
capital budgeting a process in which a firm financial financial managers determine which projects it should invest in
capital investment decisions decisions that determie which projects a business will invest in how the investments will be financed and whether to pay dividends to shareholdrs
capital structure a firm mix of financing usually some combinatian of debt and equity
cash conversion cycle ratio that refers to the number of days between a company paying for raw materials and receiving cash from selling the products made from those raw materials
debt funding using money that is lent by a bank or other institution to finance a project
dividend a sum of money paid to an investor or stockholder as earnings on an investment
equity funding using money from investors to finance a project in exchange for
finance in business the function that involves all money and money management
financing funding a business activtiy or project through debt equity or venture
return on capital a measure of how well a business generates cash flow in relation to the capital it has alreday invested in itself
venture capital invested money used for new business opportunites
working capital management management of a firm current balance of assets and liabilties involves accounts payable and recivable inventory and cash
accountant an individual who had specialized tyraining in accounting procedures
accountant cycle the process or series of steps that business complete
accounting standerds rules that accountants must follo0w when preparing financial statements
accounting system the methods and procedures used in consistently handling the business financial information
accrual accounting method a method of accounting that records transactions at the time thry aocur even if no money changes hands at the time
assets anything of value that a bussiness owns
balance sheet a financial statement that captures captures the financial condition of the business at that particular moment
bookkeeping the steps of the accounting cycle that invole recording each business transactions posting to ledger and balancing the book
cash currency and coins
cash accounting method an accounting method in which income and expenditures are recorded at the time tbe 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
credit the arrangement by which businesses or individuals can purchchaes now and pay later
expenditures the monies that a busines spends also called expenses
expenses the monies that a business spends also called exoenditures
financial accounting a type of accounting that involes preparing and reporting fiancial data to exteral users who are not directly involve in bussiness operations
financial statement a summary of accountig 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
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 transactions are recorded in the order in which they occur
ledger the accouting record for a specific department or area of the business
liabilities debts that the business owes
managerial accounting a type of accouting that involves prearing and reporting financial data to internal user usually managers who need financial information to control dsy to day operations and to make financial decisions anfd plans affecting the bussiness
net worth the tola value of the business
owner equity the amount an owner has invested in the business plus or minus profits and losses
transaction a business activity such as a sale a purchase or a return
trial balance the listing of a bussiness different accounts and their current balances uesd to check the accuracy or joural and ledger entries
Created by: nykeeia.j352
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