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4.01 Nature of Accou
Objective 4.01 Part 2
| word | Definition |
|---|---|
| accountant | an individual who has had specialized training in acciuntung proedures |
| accounting | the process of keeping financiaal records |
| accounting circle | a process or series of steps that businesses complete to maintaain their fiancial records effectively |
| accounting standards | rules that accountants must follow when preparing financiaal 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 a firms investments |
| accrual accounting method | a method of accounting that records transactions at the time they occur even if no money changes hands at the time |
| assets | anything of value that a business owns |
| balance sheet | a financial statment that captures the financial condition of business at that particular moment |
| bookkeeping | the steps of the accounting cycle that involes recording each business transaction; the processs of analyzing financial transactions, journalizzing 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 te money changes hands |
| cash accounting method | an accounting method in wich income and expenditures are recorded at the time the money changes hands |
| cash flow statement | a financial summary with estimates as to whn, where, and how much money will flow into and out of a business |
| capital investment decisions | decisions that determine wich projects a business will invest in, how the investments will be financed and whether to pay dividends to shareholders |
| credit | the arrangement by which businesses or individuals can purchase noow and pay later |
| expenditures | the monies that a business spends; also called expenses |
| expenses | the monies that a business spends; 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 directl involved in business operations |
| financial statement | a summary of accounting information |
| income | money received by a business or and individual from outside sources |
| income statement | a financial summary that shows how much money the business has made o has lost;also called the profit-and-loss statement |
| investors | those who invest their funds in a business; may be owners or shockholders |
| journal | a special book or computer program in which a business's transactions are recorded in the order in whch they occur |
| ledger | the accounting record for a specific department or area of business |
| liabilities | debts that the business owes |
Created by:
christian.m206
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