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nature of accounting
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 businesses complete to maintain their financial records effectively |
| accounting standards | rules that accountants must follow when preparing financial statements |
| the methods and procedures used in consistently handling the business's financial information | |
| finance activity involving making decisions about financing | |
| finance activity involving making decisions about a firm's investment | |
| a method of accounting that records transactions at the time they occur even if no money changes hands at the time | |
| anything of value that a business owns | |
| a financial statement that captures the financial condition of the business at that particular moment | |
| the steps of the accounting cycle that involve recording each business transaction | |
| currency and coins | |
| an accounting method in which income and expenditures are recorded at the time the money changes hands | |
| a financial summary with estimates as to when, where, and how much money will flow into and out of a business | |
| decisions that determine which projects a business will invest in, how the investment will be financed, and whether to pay dividends to shareholders |
Created by:
maydrin.r559
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