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4.01 Nat. of Accoun.
Objective 4.01 Part 2
| Question | Answer |
|---|---|
| Accountant | An individual who has specialized training in accounting procederers |
| Accounting | The process of keeping financial records |
| Accounting Cycle | A process of series of steps that businesses complete to maintain their financial records effectively |
| Accounting System | The method and procedures used in consistently handling the business's financial information |
| Acquisitions of Funds | Finance activity involving g making decisions about financing |
| Administration of Assets | Finance activity involving making decisions about a firm's investements |
| 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 the particular movement |
| Bookkeeping | The steps of the accounting cycle that involves recording each business transaction, the process analyzing financial transaction |
| 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 Decisions | Decisions that determine which projects a business will invest in, how the investimentas will be financed, and weather to pay |
| Credit | The arrangement by which businesses or individuals can purchase now and pay later |
| Expenditures | The monies that business spends, also called expenses |
| Expense | The monies that business spends, also called expenditures |
| Finance | In business, the function that involves all money and money management matter |
| Financial Accounting | A type of accounting that involves preparing and reporting financial date to external users who are not directly involved |
| Financial Statement | A summary of accounting information |
| Income | Money received by a business or an individual from outside resources |
| Investors | Those who invest their funds in a business, may be owners or stockholders |
| Journal | A special book or computer program in which 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 |
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