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Obj 4.01 Vocab

TermDefinition
Accountant An individual who has had specialized training in accounting procedures
Accounting The process of keeping financial records
Accounting cycle: 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 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: 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-1969202
 

 



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