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401 Key Terms
Role of Finance/Accounting
| Question | Answer |
|---|---|
| Accounting | The process of keeping and interpreting finanical records / The process of keeping financial records |
| Accounts payable | All monies owed by the business to others |
| Accounts receivable | All monies owed to a firm by its customers |
| Acquisition of funds | Finance activity involving making decisions about a firm's |
| Administraion of assets | Finance activity involving making decisions about a firm's investments |
| Asset | Anything of value that a business or individual owns |
| Capital budgeting | A process in which a frim's Financial managers determine which projects it should invest in |
| Capital investment decisions | Decisions that determine which projects projects a business will in |
| Capital structure | A firm's mix of financing usually some combination of debt and equity |
| Cash converssion cycle | Ratio that refers to the number of days between a company payingfoe raw materials and receivinv cash from seling the products made from those raw materials |
| Debt funding | Using money paid to an investor or stockholder as earings on an investment |
| Divdend | A sum of moeny paid to an investor or stockholder as earings on an investment |
| Equity funding | Using money from investors to finance a project in exchange for share in the company |
| Finance | In business the function that involves all moeny and mony management matters |
| Financing | Funding a business activity or projct through debt equity or venture capital |
| Return on capital | Ameasure of hoe well a business generates cash flow in relation to the capital it has already invested in itself |
| Working Capital management | Management of a firm's current balance of assets and liabilities involves accounts payable and receivable inventory and cash |
| Accountant | An individual who has specialized training in accounting procedures |
| Accounting | The process of keeping financial records |
| Accounting cycle | A proccess or series of steps that business complete to maintain their financial records effectively |
| Accounting Standards | Rules that acccountants must follow when preparing financial statments |
| Accounting system | The methods and procedures used in cionsistently handling the business's finacial information |
| Accrual accounting method | A method of accounting that records transactions at the time they occur ven if no money changes hands at the time |
| Assets | Anything of value that a business owns |
| Balance sheet | A financial statement that captures the financial condition of the business at the particualr momnt |
| Bookkeeping | The step of the accounting cycle that involve recording each business transaction the process of analyzing the books |
| Cash | Currency and coins |
| Cash accounting method | An accounting method in which income and expenditures are recorded at the time the money changes hands |
| Cash flow statememnt | A financial summary with estimates as to when whereand how much money will flow into and out of a business |
| Credit | The arrangement by which businesse or indivduals can purchase now and pay later |
| Expenditures | The monies that a business spends also called epenses |
| Expenses | The monies that a business spend also called expenditures |
| Financial accounting | A type of accouting that involves preparing and reportiing financial data to external users who are not directly involved in business operations |
| Fiinancial statement | A summary of accounting information |
| Income | money received by a business or an indivdual 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 |
| INVESTORS | Those who invest their funds in a business may be owners or stockholders |
| Journal | A special book or computer program in whic a business's transactions are recorded in the order in which they occur |
| Ledger | The accounting record for a specific department or area of the business |
| Liabilities | debts that the business owes |
| Managerial accounting | A type of accounting that involves preparing and reporting financial data to internal uses usually mangers who need financail information to control dat to day operations and to make financial decisions and plans afffecting that bussinesss |
| Net worth | The total value of he business |
| Owner's equity | The amount an onwer has invested in the business plus or minus profits and losses |
| Transaction | A bussiness activity suh as a sale a purchase or a return |
| Trial balance | The listing of a business different accounts and thrie current balances used to check the accuracy of journal and ledger entries |
Created by:
Sandirr
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