Exam Review 1

An individual who has had specialized training in accounting procedures.

• accountant
• accural
• finance

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

• accural
• accountant
• finance

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

• accounting cycle
• assets
• accounting standards

The process of keeping financial records.

• accounting
• expenses
• income

finance activity involving making decisions about financing.

• acquisition of funds
• administration of assets
• statement of owner's equity

anything of value that a business owns.

• assets
• accounting cycle
• accounting standards

rules that accountants must follow when preparing financial statements.

• accounting standards
• accounting cycle
• assets

the monies that a business spends; also called expenditures.

• expenses
• accounting
• income

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

• administration of assets
• acquisition of funds
• statement of owner's equity

usually a one-page report showing the difference in total assets and total liabilities, shows the overall value of the owner’s equity.

• statement of owner's equity
• acquisition of funds
• administration of assets