Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
4.01 Key terms
| 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 |
| Accrual | A method of accounting that record transactions at the time they occur |
| Acquisition of funds | Finance activity involving making decisions about financing |
| Administration of assets | Finance activity involving making decisions about a firm's investments |
| Assets | Anything of value that a business owns |
| Balance sheet | A financial statement that captures the financial condition of the business at the particular moment |
| Capital investment decisions | Decisions that determine which projects a business will invest in, how the investment(s) will be financed, and whether to pay dividends to shareholders |
| Cash flow statement | A financial summary of recording aas to when, where, and how much money will flow into and out of a business |
| Dividends | A sum of money paid to an investor or stockholders earnings on an investment |
| Expenses | The monies that a business spends; also called expenditures |
| External users | People outside the business who use accounting information - suppliers, banks, customers, lenders, investors, and tax authories |
| Finance | In business, the function that involves all money and money management matters |
| 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 loss; also called the profit-and-loss statement |
| Internal users | People within the business who use financial information- owners, managers, and employees |
| Liabilities | Debts that the business owes |
| Net worth | The total value of the business |
| Owner's equity | The amount an owner has invested in the business plus or minus profits and losses |
| Statement or owner's equity | Usually a one-page report showing the difference in total assets and total liabilities, shows the overall value of he owner's equity |
Created by:
user-1969200
Popular Business sets