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4.01 Nature of Accou
Objective 4.01 Part 2
| Question | Answer |
|---|---|
| Accountant | An individual who has had specialized training in accounting procedures |
| Accounting | The process of series of steps that businesses complete to maintain their financial records effectively |
| Accounting standards | Rule that accountants must follow when preparing financial financial statements |
| Accounting system | The methods and procedures used in consistently handling the business's financial information |
| Acquisition of funds | Finance activity involving making decisions about financing |
| Administration of assets | Finance activity involving making decisions about firm's investments |
| Accrual accounting method | A method of accounting that records transactions at the time they occur even if no money changes hands at the tim e |
| Assets | Anything of value that a business owns |
| Balance sheets | A financial statement that captures the financial condition of the business at that particular moment |
| Bookkeeping | The steps of accounting cycle that involve recording each business transaction the process of analyzing financial transactions , journalizing transactions , posting to ledgers , and balancing the books |
| Cash | Currency and coins |
| Cash accounting method | An accounting method in which income and expenditures are recorded at the time the money changes |
| Cash flow statement | A financial summary with estimates as to when , where , how much money will flow into and out of a business |
| Capital investment decision | Decisions that determine which projects a business will invest in , how the investment (s) will be financed , whether to pay dividends to shareholders |
| Credit | The arrangement by which businesses or individuals can purchase now and pay later |
| Expenditures | The monies that a business spends ; also called expenses |
| Expenses | The monies that a business ; also called expenditures |
| Finance | In business, the function that involves all money and money management matters |
| Financial accounting | A type of accounting that involves preparing and reporting financial data to external users who are not directly involved in business operation |
| 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 mad or has lost also called profit-and-lost 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's transactions are recorded in the order in which they occur |
| Ledger | The accounting record for a specific department or area of the business |
| Liabilities | Debts that the business owes |
Created by:
Nevaeh.m152
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