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4.01 Nature of Accou
Objective 4.01 Part 2
| Term | Definition |
|---|---|
| Accountant | An Individual who has had speciallized 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 |
| Accounting Systems | The methods and procedures used in consistently handling the business's financial information |
| Acquistion of Funds | Finance activity involving decisions about financing |
| Administration of Assets | Finance activity involving making decisions about a firm's investment |
| Accrual Accounting Method | A method of accoutning 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 statement that captures the financial condition of the business at that particular moment |
| Bookkeeping | The steps of the accounting cycle that involve recording each business transaction; the process of analyzing financial transactions, jourrnalizing transactions, posting to ledgers, and balancing the books. |
| Cash | Currency and Coins |
| Cash Accounting Method | An accounting method in whichh income and expenditures are recorded at the time the money changes hands |
| Cash Flow Statement | A financial summary with estimates as to when, where, and how much money will flow in and out of a business. |
| Capital Investment Decisions | Decisions tha determine which projects a business will invest in, hoe the investment will be financed, and 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 spends; also called expenditures |
| Financial Accounting | A type of accounting that involves preparing and reporting financial data to external users who are not directly involved in business operations |
| Financial Statement | A summary of accounting information |
| Income | Money recieved by a business or an individual from outside sources |
| Income Statement | A financial summary that shows how much money that business had made or 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's transactions are recorded in the order in which they cccur |
| Ledger | The accounting record ofr a specific department or arean of the business |
| Liabilities | Debts that the business owes |
| Finance | In business, the function that inolves all money and money management matters |
| Managerial Accounting | A type of accounting that involves preparing and reporting financial data to internal users, usually mamagers, who need financial information to control day-to-day operations. |
| Net Worth | The total value of the businesss |
| Owner's Equity | The amount an owner has incested in he business plus or minus profits and losses |
| Transaction | A business activity such as a sale, a purchase, and/or a return |
| Trial Balance | The listing of a business's different accounts and their current balances; used to check the accuracy of journal and ledger entries |
Created by:
Janiya Hicks
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