An individual who has had specialized training in accounting procedures

The process of keeping financial records.

A process or series of steps that businesses complete to maintain their financial records effectively.

a method of accounting that records 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.

Anything of value that a business owns

A financial statement that captures the financial condition of the business at that 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

A financial summary of recording as to when, where, and how much money will flow into and out of a business

A sum of money paid to an investor or stockholder as earnings on an investment

The monies that a business spends; also called expenditures

people outside the business who use accounting information – suppliers, banks, customers, lenders, investors, and tax authorities.

In business, the function that involves all money and money management matters.

A summary of accounting information

Money received by a business or an individual from outside sources

A financial summary that shows how much money the business has made or has lost; also called the profit-and-loss statement

people within the business who use financial information – owners, managers, and employees

the total value of the business

The amount an owner has invested in the business plus or minus profits and losses

statement of owners equity

usually a one-page report showing the difference in total assets and total liabilities, shows the overall value of he owner’s equity.

Rules that accountants must follow when preparing financial statements

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Question	Answer
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.
accrual	a method of accounting that records 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 sheets	A financial statement that captures the financial condition of the business at that 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 as 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 stockholder as 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 authorities.
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 has lost; 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
owners equity	The amount an owner has invested in the business plus or minus profits and losses
statement of owners equity	usually a one-page report showing the difference in total assets and total liabilities, shows the overall value of he owner’s equity.
accounting standers	Rules that accountants must follow when preparing financial statements

Created by: Maliya G

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