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4.01 Nature of Acc
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 standards | Rules that accountants must follow when preparing 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 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 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 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 a business |
| Capital investment decisions | Decisions that determine which 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 now and pay later |
| Expenditures | The monies that a business spends; also called expenses |
| Expenses | The monies that a business spends; also called expenses |
| Finance | In business, the function that involves all the money and money management matters |
| Financial accounting | A type of accounting that involves preparing and reporting financial data |
| Financial statement | |
| Income | |
| Income statement | |
| Investors | |
| Journal | |
| Ledger | |
| Liabilities | |
| Managerial accounting | |
| Net worth | |
| Owner's equity | |
| Transaction | |
| Trial balance |
Created by:
sarai.r058
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