Unit 4 Vocab

Front

Accountant

Back

An individual who has had specialized training in accounting procedures.

Front

Accounting

Back

The process of keeping financial records.

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Accounting cycle

Back

A process or series of steps that businesses complete to maintain their financial records effectively.

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Accounting standards

Back

Rules that accountants must follow when preparing financial statements.

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Accrual

Back

A method of accounting that records transactions at the time they occur.

Front

Acquisition of funds

Back

Finance activity involving making decisions about financing.

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Administration of assets

Back

Finance activity involving making decisions about a firm’s investments.

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Assets

Back

Anything of value that a business owns.

Front

Balance sheet

Back

A financial statement that captures the financial condition of the business at that particular moment.

Front

Capital investment decisions

Back

Decisions that determine which projects a business will invest in, how the investment(s) will be financed, and whether to pay dividends to shareholders.