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4.01 Natureofaccoun
Objective 4.01 Part 2
| Term | Definition |
|---|---|
| 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 business complete to maintain their financial records effectively |
| accounting standards | rules that accountants must follow when preparing financial statements |
| accounting systems | the methods and procedures used in consistently handling the business finical information |
| acquisition of funds | finance activity involving making decisions about financing |
| administration of assets | finance activity involving making decisions about a firms investments |
| accrual accounting method | a method of accounting that records transactions at the time they occur even if no money changes hands at time |
| 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 |
| book keeping | the steps of the accounting cycle that involve recording each business transaction the process of analyzing financial transactions posting to ledgers and balancing 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 statement | a financial summary with estimates as to when, where, and how much money will flow into and out of a business |
| capital investments decision | decisions that determine which projects a business will invest in , how the investments will be financed, and weather to pay dividends to shareholders |
| credit | the arrangement by which business or individuals can purchase now and pay later |
| expenditures | the monies that a business spends: also called expenses |
| expenses | the monies that a business spends; also called expenditures |
| finance | in business, the function that involves all the money and money management matters |
| financial accounting | a type of accounting that involves preparing and reporting financial data to external users who are not directly involved in business operations |
| financial statement | a summary of accounting information |
| income | money received by a business or an individual from outside sources |
| income statement | a finical summary that show how much money the business has made or lost; also called the profit-and-loss statement |
| investors | those who invest their funds n a business; may be owners or stockholders |
| journal | a special book or computer program in which a business transaction are recorded in the order in which they occur |
| ledger | the accounting record for a specific department or are of the business |
| liabilities | debts that the business owes |
| managerial accounting | a type of accounting that involves preparing and reporting finical data to internal users, usually managers who need financial information to control day-to-day operations and to make financial decision and plans affecting the business |
| net worth | the total value of the business |
| owners equity | the amount an owner has invested in the business plus or minus profits and losses |
| transactions | a business activity such as a sale, a purchase, or a return |
| trail balance | the listing of a business different accounts and their current balances used to check the accuracy of journal and ledger entries |
Created by:
jorge.115s
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