The financial records for each of the specific assets, liabilities, and categories of owner’s equity

The financial claims on a company’s resources

Assets = Liabilities + Owner’s Equity

the act of recording a financial activity that results in a change in the value of an organization’s resources.

is a commitment to completing all tasks thoroughly and with the highest level of quality.

The accounting procedure that recognizes revenues and expenses when they are incurred rather than when cash is received or spent

a series of steps performed to ensure the completeness and accuracy of accounting records and to prepare summary financial statements.

means that information remains unchanged from its source and has not been accidentally or maliciously modified, altered, or destroyed.

is a structured set of processes, people, and equipment for converting data into information.

a statement of a company’s operating and financial performance issued at the end of its fiscal year.

is responsible for planning and managing its financial resources.

directs the actual operations of the business

is charged with carrying out the strategy and policy of the board of directors.

the use of borrowed money to obtain needed assets.

the ability of an organization to meet its financial obligations as they become due.

offers an ownership interest in the company to investors.

profits earned by a company that are not paid to shareholders as dividends.

the company’s earnings before interest and taxes.

a competitor that has historically demonstrated outstanding financial performance.

comparisons of important financial data used to evaluate business performance.

Using debt financing to increase the rate of return on assets