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Accounting Terms 1

Accounting Terms Unit 1

Accountant a person who plans, summarizes, analyzes, and interprets accounting information
Accounting planning, recording, analyzing, and interpreting financial information
Accounting concepts commonly accepted concepts that guide accounting personnel in their work
Accounting period cycle changes in financial information are reported for a specific period of time in the form of financial statements
Adequate disclosure concept financial statements contain all information necessary to understand a business' financial condition
Bookkeeper a person who does general accounting work plus some summarizing and analyzing of accounting information
Business entity financial information is recorded and reported separately from the owner's personal financial information
Business ethics the use of personal ethics in making business decisions
Consistent reporting the same accounting procedures must be followed in the same way in each accounting period
Corporation a legal entity that is separate and distinct from its owners
Ethics the principles of right and wrong that guide an individual in making decisions
Ethical business practices moral values and principles that determine our conduct in the business world
General office clerk a person who does general kinds of office tasks, including some accounting tasks
Going concern concept financial statements are prepared with the expectation that a business will remain in operation indefinitely
Historical cost when the actual amount paid for merchandise or other items bought is recorded
Honesty the quality or fact of being honest; truthfulness
Integrity adherence to moral and ethical principles; soundness of moral character; honesty
Merchandising business a business that purchases and sells goods
Objective evidence a source document is prepared for each transaction
Partnership a business in which two or more people combine their assets and skills
Privacy freedom from unauthorized intrusion; state of being let alone and ablility to keep personal matters confidential
Created by: KIMBRIEL