Key Terms
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| Accountant | An individual who has had specialized training in accounting procedures
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| Accounting | The process of keeping financial records
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| Accounting cycle | A process or series of steps that businesses complete to maintain their financial records effectively
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| Accounting standards | Rules that accountants must follow when preparing financial statements
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| Acquisition of funds | Finance activity involving making decisions about financing
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| Administration of assets | Finance activity involving making decisions about a firm's investments
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| Assets | Anything of value that a business owns
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| Balance sheet | A financial statement that captures the financial condition of the business at that particular moment
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| Capital investment decisions | Decisions that determine which projects a business will invest in, how the investment(s) will be financed, and whether to pay dividends to shareholders
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| Cash flow statement | A financial summary with estimates as to when, where, and how much money will flow into and out of a business
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| Dividends | A sum of money paid to an investor or stockholder as earnings on an investment
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| Expenses | The money that a business spends; also called expenditures
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| Finance | In business, the function that involves all money and money management matters
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| Financial statement | A summary of accounting information
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| Income | Money received by a business or an individual from outside sources
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| Income statement | A financial summary that shows how much money the business has made or has lost; also called the profit-and-loss statement
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| Liabilities | Debts that the business owes
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| Net worth | The total value of the business
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| Owner's equity | The amount an owner has invested in the business plus or minus profits and losses
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