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20 Cards in this Set
- Front
- Back
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What is Accounting? |
The recording, measurement, and/or interpretation of financial information |
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What is a CPA? |
A Certified Public Accountant, who has been certified to provide accounting services by the state |
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What is a Private Accountant? |
An accountant employed by a corporation, government agency, or other organization to analyze financial statements. |
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Who uses accounting information? |
Managers ,owners of a business, stakeholders, etc. |
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What are the 4 Steps of Accounting? |
1) Examine documents 2) Record transactions 3) Post recorded transactions 4) Prepare financial statements |
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What goes on in Managerial Accounting? |
Planning and directing financial activity |
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What is an Income Statement? |
A financial report that shows an organization's profitability over a period of time |
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What is a Balance Sheet? |
A "snapshot" of the organization's financial position at a given point in time |
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What are Pro Forma Financial Statements used for? |
To make statements about future operation changes within a company
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What is a Statement of Cash Flow? |
A document explaining how the company's cash changed from the beginning to the end of an accounting period |
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What is Finance? |
The study of money (how it's made, lost, and managed) |
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What is Money? |
Anything generally accepted in exchange for goods and services |
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What is a Medium of Exchange? |
A measure of value, or other intermediate item used to obtain goods and services |
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What are the characteristics of money? |
Acceptable, divisible, portable, stable, durable, and difficult to counterfeit |
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What are the Types of Money? |
1) Paper Money/Coins 2) Checking/Savings account 3) Checks 4) Credit/Debit cards 5) Money market accounts |
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What is the Federal Reserve Board? |
An independent agency of the federal government designed to regulate the nation's banking and financial industry |
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What are the 4 Major Functions of the Fed? |
1) Control the Money Supply 2) Regulate financial institutions 3) Manage check clearing procedures 4) Supervise the insurance of commercial banks |
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What are Banking Systems? |
Commercial Banks, Savings and Loans Associations, Federal Deposit Insurance Corporations, and National Credit Union Associations |
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What are some Non Banking Institutions? |
Diversified Firms, Pension funds, Insurance Companies, Mutual Funds, Brokerage Firms, Investment Banks, Hedge funds, etc. |
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What is Working Capital Management? |
The managing of short term assets and liabilities |
