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401 Nature of Acount
Objective 4.01 Part 2
| Term | Definition |
|---|---|
| Accountant | An individual who has had 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 system | The method and procedures used in consistently handling the business's financial information |
| Acquisitions of funds | finance activity involving making decisions about financing |
| Administration of assets | Finance activity involving making decisions about a 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 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 involves recording each business transaction; the process analyzing financial transaction , journalizing transaction, posting to legers, 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 hands |
| Cash flow statement | A financial summary with estimates as to when, where, and how much money will flow into and out of business |
| Capital investments decisions | Decisions that determine which projects a business will invest in, how the investments(s) will be financed, and whether to pay dividends to shareholders |
| Credit | The arrangement by which business or individual 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 |
| Finance | In business, the function that involves all money and money management matter |
| 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 received by a business or an individual from outside sources |
| 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:
Jesus castro
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