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Business Test 2
| Question | Answer |
|---|---|
| Accounting | A comprehensive system for collecting, recording, analyzing and communicating financial information |
| Bookkeeping | Process by which accounting transactions are entered. |
| Financial Accounting | Geared toward external users of the company's financial information, focuses on the company as a whole. |
| Managerial/Cost Accounting | Serves internal users and managers, focuses on measuring and allocating costs, preparing budgets and assuring adherence to them. |
| Tax Accounting | Aimed at the reduction of tax payments. |
| Auditing | Reviews and evaluates a company's financial statements. |
| Public Accounting | accountants who provide accounting services to other organizations |
| CPA | Certified Public Accountants; licensed by states and offering services to public. |
| Controller | Chief accounting executive overseeing all accounting personnel. |
| Treasurer | Directs functions dealing with receipt, disbursement, protection of cash, the preservation of company assets, investment of surplus funds or pension and trust funds, governs overall credit policy, negotiate loans, arrange insurance cover, maint bank rel |
| CFO | Advises the president of the organization with respect to financial reporting, financial stability, liquidity and financial growth. Other duties: maintenance of relationships with stockholders, financial institutions, and investment community. |
| FASB | Financial Accounting standards board. reporting to AICPA |
| GAAP | Generally accepted accounting principles. Formulated by FASB |
| Balance Sheet | Statement of a firms financial positions, what it owns and the claims against its assets - at a particular point in time. |
| Income Statement | Financial record of a company's revenues, expenses and profits over a period of time. |
| Assets | An economic resource expected to benefit a firm (or individual) who owns it. Liabilities + Owners Equity = Assets. |
| Liabilities | Debt owed by a firm to an outside organization or an individual. |
| Owners Equity | Amount of money owners would receive if they sold all of the firms assets and paid off all it liabilities. Cost of original investment plus reinvested earning. Assets - Liabilities = Owners Equity |
| Revenue | Income |
| Cost of Goods Sold | COGS. An I.S. figure which reflects the cost of obtaining raw materials and producing finished goods that are sold to consumers. Cost of Goods Sold = Beginning Merchandise Inventory + Net Purchases of Merchandise - Ending Merchandise Inventory. |
| Gross Profit | Revenue - COGS |
| Operating Profit | Gross Profit/Margin - Operating Expenses |
| Net Income | Operating Income - Taxes |
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