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4.01 nature of accou
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 a business complete to maintain their financial records |
| accounting system | the methods of procedures used in consistently handling the business financial information |
| acquisition of funds | finance activity involving making decisions about financing |
| administration of assets | finance activity involving making decisions about a firms investment |
| accrual accounting method | a method of accounting that records transactions at the time they occur even 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 that particular time |
| book keeping | the steps of the accounting cycle that involve recording each business transaction the process of analyzing financial transactions journalizing 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 statement that captures the financial condition |
| capital investment decisions | decisions that determine which projects a business will invest in how the investments will be financed and whether 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 |
| finiance | in business the function that involves all 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 a business operations |
| financial statement | a summary of accounting information |
| income | money received by a business or an individual from outside sources |
| income statement | a financial summary that shows how much money the business has made or lost |
| investors | those who invest their funds in a business may be owners or stockholders recorded in the order in which they occur |
| journal | a special book or computer program in which a business 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 |
Created by:
CohenB
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