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20 Cards in this Set
- Front
- Back
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What is a public accountant
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A licensed independent professional who provides accounting services to the public (individuals or firms) for a fee.
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What is a private accountant
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An accountant employed by a corporation, government agency, or other organization.
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CA
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Chartered Accountant
- Member of the Canadian Institute of Chartered Accountants |
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CGA
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Certified General Accountant
- Member of the Certified General Accountant Association of Canada |
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CMA
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Certified Management Accountant
- Member of the society of the Management Accountants of Canada |
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Bookkeeping
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Routine, day-to-day recording of business transactions
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Accounting
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Not only involves the recording of financial information, but the understanding, interpretation and development of accounting systems necessary to classify and analyze complex financial information.
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Managerial Accounting
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The internal use of accounting statements by managers in planning and directing the organization activities
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Cash Flow
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The movement of money through an organization over a daily, weekly, mouthy or yearly basis
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Budget
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An internal financial plan that forecasts expenses and income over a set period of time.
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What is a current asset
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Financial resources that can be converted to cash within a year
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What is a current liabilities
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Short-term debt obligations that must be paid within a year
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What is a Line of credit
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A bank agrees to lend a specific amount of money to an organization
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Secured loans
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Loans that are back up by collateral which can be claimed
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Unsecured loans
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Loans back only by reputation and credit rating
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Unsecured bonds
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Bonds that are not backed by specific collateral
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Secure bonds
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Bonds the are back by specific collateral that must be forfeited in the event the firm defaults
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Serial Bonds
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A sequence of small bond issues of progressively longer maturity
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Floating rate bonds
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Bonds with interest rates that change with current interest rates otherwise available in the economy.
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Junk bonds
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Special type of high interest rate bond that carries higher inherent risks.
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