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4.01 Nature of Acc.
Objective 4.01 Part 2
| Term | Definition |
|---|---|
| Accountant | an individual who has specialized 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 System | the methods and procedures used in consistently handling the business's fiinancial information |
| Acquisition of Funds | finance activity involving making decisions about financing |
| Administration of Assets | finance activity involving making decisions about a firm's investments |
| Assets | anything of value that a business owns |
| Balance Sheets | a financial statement that captures the financial condition of the business at the particular moment |
| Bookkeeping | the steps of accounting cycle that involves 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 same time the moeny chnages hand |
| Cash Flow Statement | a financial summary with estimates as to when, where, and how much money will flow into and out of a business |
| Capital Investment Decisions | decisions that determine which projects a business will invest in, how the investment(s) will be financed, and whether to pay dividend to shareholders |
| Credit | the arrangement by which businesses or individuals can purchase now ans 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 that who are not directly involves in business operations |
| Financial Statement | a summary of accounting information |
| Income | money received by a business ir an individual from outside sources |
| Income Statement | a financial summary that shows how much money the business has mad e or has lost; lso called profit-an-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 business's transactions are recorded in the order in which they occur |
| Ledger | the accounting report for a specific department or area of the business |
| Liabilities | debts that the business owes |
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