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Vocab. 4.01

QuestionAnswer
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 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 sheet 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 account in 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.
Owner’s equity The amount an owner has invested in the business plus or minus profits and losses.
Statement of 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-1973437
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