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4.01 natureof acc

Objective 4.01 part 2

QuestionAnswer
Accountant an induvial 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 system the methods and 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 firm's investments
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 moment
bookkeeping the steps of the accounting method 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 summary with estimates as to when, where, and how much money will flow into and out of a business
capital investment decisions decisions that determine which projects a business will invest in, how the investment will be financed, and whether to pay dividends to shareholders
credit the arrangement by which businesses 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 money and money management matters
financial accounting a summary 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 financial summary that shows how much money the business has made or has lost also called a profit and loss statement
investors thosse who are
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 debs that the business owes
Created by: heavenlei.j353
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