Exploring Business Activities: Accounting

The system of recording and reporting financial activity and transactions.

• Balance Sheet
• Finance Managing
• Accounting
• Auditing

A formal examination of a company's financial records for accuracy and compliance with regulations.

• accounting
• audit
• budget
• income statement

a plan that shows what you expect to earn and spend in a certain period of time

• fiscal period
• income statement
• bank teller
• budget

A written report which describes the financial health of a company. Examples include: balance sheet, income statement, statement of changes in owners equity

• financial statement
• balance sheet
• audit
• budget

a report showing all assets, liabilities, and owners equity of a business as of a specific date

• income statement
• accountant
• balance sheet
• revenue report

things owned by a company (items)

• liabilities
• assets
• belongings
• resources

money owed by a business (debts, accounts payable, taxes)

• assets
• revenue
• profit
• liabilities

net worth of the business

• Profit Goal
• Owners Equity
• Budget
• Loss

a report showing the revenue, expenses, and income (or loss) of a business

• income statement
• balance sheet
• budget report
• expense and income report

the amount of money that a company earns

• profit
• paid expenses
• revenue
• loss