Exam (elaborations)
business chapter 14 (1)
- Institution
- 9.4.1 Transaction Processing Systems
business chapter 14 (1)
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business chapter 14accounting - ANS-planning, recording, analyzing, and interpreting financial information
public accountants - ANS--cpa
-self employed or part of large firm
-can be hired by indv. or bus.
private accountants - ANS-employed by corp., agencies, and other org. to prep and analyze
their financial statements
-can become certified mgmt accountants
bookkeeping - ANS-the recording of business transactions. day-to-day
cash flow - ANS-movement of money thru an organization over daily, weekly, monthly, or yearly
basis
uses for accounting info - ANS-internal uses:
→used by mngrs in planning and directing the organizations activities
→help prepare organizations budget
external uses:
→use accounting statements and report the business to outsiders (pot. investors &
stakeholders)
financial statements - ANS-Financial reports that summarize the financial condition and
operations of a business
assets - ANS-money and other valuables belonging to an individual or business
liabilities - ANS-what a company owes
owners equity - ANS-the amount remaining after the value of all liabilities is subtracted from the
value of all assets
Accounting Equation - ANS-An equation showing the relationship among assets, liabilities, and
owner's equity
double-entry bookkeeping - ANS-the practice of writing every business transaction in two places
accounting cycle - ANS-1)examine source doc: doc. that shows transaction took place
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