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4.01 Nature acountin
objective 4.01 Nature of accounting
| 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 statements |
| Acquisition of funds | Finance activity involving making decisions about financing |
| Administration of assets | Finance activity involving makin descions about financing |
| Accrual accounting method | A method of accounting that records transactions at the time they occur even if they have no money hands down |
| Assets | anything of value that a business owns |
| Balance sheet | A financial statement that captures the condition of a business |
| Book keeping | The steps of the accounting cycle that involves recording a business |
| Cash | Currency and coins |
| Cash flow statements | A financial summary with estimates as to when, where and how much money will flow |
| Capital investments descions | Decisions which determines which projects a business will invent in |
| Credit | The arrangement by which business or individuals can purchase now and pay later |
| Expenditures | The monies that a business spends |
| Expenses | The monies that a business also called expenditures |
| Finance | In business the function that evolves all money management |
| Finance accounting | A type of accounting that involves preparing and reporting financial data to external users |
| Financial statements | A summary of accounting information |
| Income | Money received by a businesses an individual |
| Income statement | A financial summary that shows how much money the business has made or lost |
| Investors | Those who invest their funds in a business |
| Journal | A special book or computer program in which a business transactions are recorded in the order they occurred |
| Ledger | The accounting record for a specific department or area in a business |
| Liabilities | Debts that the business owns |
| Managerial accounting | A type of accounting that involves preparing and reporting |
| Net worth | The total value of the business |
| Owners equity | The amount an owner has invested in the business plus or minus profits |
| Transaction | A business activity such a sale, a purchase, or a return |
| Trial balance | The listing of a business different accounts and their current balances used to check the accuracy of journal and ledger entities |
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Jmeza2947
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