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Accounting terms Em

Accounting terms

TermDefinition
Accounting Information system that measures, processes and communicates financial information about an identifiable economic entity.
Financial Accounting Used by external decision makers; follows GAAP
Managerial Accounting Used by internal decision makers only, does not follow GAAP
Profitability the ability to earn enough income to attract and keep investment capital
Liquidity Have enough cash available to pay debts when due
Accounting Equation Assets=Liabilities + Owners Equity
Assets economic resources owned by a business or expected to benefit the business or expected to benefit.
Liabilities Any obligations (debts) of a business to pay cash, transfer assets, or provide a service in the future.
Equity The residual interest in the business; claims by the owners to the assets of the business after all obligations have been satisfied.
Balance Sheet Communicates the financial position of a business on a certain date, usually at end of month or year.
Income Statement Summarizes the revenues earned and expenses incurred by a business over a period of time (month/year). Revenues-expense=net income
Statement of retained earnings (owners equity) illustrates change in owners equity of period of time
Statement of cash flows cash inflow and outflow
GAAP Generally Accepted Accounting Principles (set by FASB)
Created by: LifeLike99
Popular Accounting sets

 

 



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