Accounting Vocab
Set of rules followed by accountants
Generally Accepted Accounting Principles (GAAP)
Anything of value that is owned or controlled
Property
One soft skill that is critical to success on the job
Leadership, Professionality, Talking, Initiative, Personality
Pension Plan
A report of the revenue and expenses for a given time period
Income Statement
A report of the balances in all assets, liability, and owner's equity accounts at the end of an accounting period
Balance Sheet
Property and other items of value owned by a business
Assets
The reason a business would list a new position as temporary but intend to have an employee in the position permanently
To test the employee
A status given to an employee based on rank and length of service
Seniority
Pay and Benefits
Compensation
Creditors claims to the assets of a business
liabilities
Is a plan specifying how money will be used or spent during a particular period
Budget
One responsibility of human resource managers after they have hired a new employee
Orientation, Insurance, Training, Videos, Evaluating
A spending plan
Budget
Documents that summarize the changes resulting from business transactions that occur during an accounting period
Financial Statements
An owner's claim to the assets of a business
Owner's Equity
An estimate of a business's financial outlook for each of the next years
Financial Forecast
One things that a human resource manager should consider about job applicants
Education, Soft Skills, Background Check
How having and extending credit on purchases can be both good and bad for business
Allows flexibility for spending, Overspending
A plan for the actual money the business owner spends on a daily, weekly, or monthly basis
Cash Budget
The money that is available to a business at any given time
Cash Flows
Set of documents that outline the essential financial facts about a new venture
Financial Plan
One way that a company attracts and rewards good employees
Pay, Benefits, Good working conditions, Morale, Pension Plans, Flex Time
Four steps in order to hiring a new employee
Application, Resume, Interview, Test
Assets = Liabilities + Owner's Equity