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4.01 natureof acc
Objective 4.01 part 2
| Question | Answer |
|---|---|
| Accountant | an induvial who has had specialized training in accounting procedures |
| Accounting | the process of keeping financial records |
| Accounting cycle | a process or series of steps that business 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 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 method 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 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 a business |
| capital investment decisions | decisions that determine which projects 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 monies that a business spends also called expenditures |
| finance | in business the function that involves all money and money management matters |
| financial accounting | a summary 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 |
| income statement | a financial summary that shows how much money the business has made or has lost also called a profit and loss statement |
| investors | thosse who are |
| journal | a special book or computer program in which a business transactions are recorded in the order in which they occur |
| ledger | the accounting record for a specific department or area of the business |
| liabilities | debs that the business owes |
Created by:
heavenlei.j353
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