3.01 Key terms
Keeping accurate and useful financial records and analyzing and intercepting the records information
Accounting
Advantages or payments employees receive in addition to their wages.
Benefits
The values and ideas an organization encourages among the employees
Corporate culture
An individual who has had specialized training in accounting procedures
A constantly applied process for handling financial information.
What is an accounting system
An organized effort to produce and or distribute goods and services
Business
converting facts and figures into useful information
Data processing
Activities and benefits provided by a business to its customers to create goodwill and customer satisfaction
customer service
A process or series of steps that businesses complete to maintain their financial records effectively
Accounting cycle
Records income and expenditures at the time the money changes hands.
The day-to-day activities required for continued businesses functioning
operations
An integrated technology that assists with organizations information management needs
Management information system
All the opportunities that businesses have to connect with customers and reinforce their brand value.
Touchpoints
A financial summary with estimates as to when, where, and how much money will flow into and out of a business
Records income and expenditures at the time they occur, even if no money changes hands at that time.
What is the accrual accounting methods
The process or activity of producing goods and services.
Production
The management function that monitors the work efforts
controlling
Loyalty to a particular business
patronage
A sum of money paid to an investor or stockholder as earnings on an investment
What is the purpose of having accounting standards?
So the info is in a form that can be easily read and understood.
involves using outside organizations or consultants to perform one or more of perform one or more of the primary business activities.
Outsourcing
fulfilling the requirements of the law
compliance
Adapting to the environment in advance of the occurrence of events; taking advantage of opportunities rather than reacting to problems.
Proactive
The amount an owner has invested in the business plus or minus profits and losses
Owners equity
What is the purpose of a cash flow statement as a financial statement.
To estimate when, where, and how money is flowing in and out of a business during a specific period of time.