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Nature of Accounting

TermDefinition
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 of involving making decisions about financing
Administration of assets Finance activity involving making decisions about a firms investments
Accrual accounting methods A method of accounting that records transactions at the tie 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, 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 that estimates as to when, where, and how much money will flow into and out of business's
capital investment decisions Decisions that determine which project a business will invest in, how 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
Created by: zackary.a480
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