1.
Accountant -: a person who plans, summarizes, analyzes, and interprets accounting information
2.
Accounting -: planning, recording, analyzing, and interpreting financial information
3.
Accounting concepts -: commonly accepted concepts that guide accounting personnel in their work
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Accounting period cycle -: changes in financial information are reported for a specific period of time in the form of financial statements
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Adequate disclosure concept -: financial statements contain all information necessary to understand a business' financial condition
6.
Bookkeeper -: a person who does general accounting work plus some summarizing and analyzing of accounting information
7.
Business entity -: financial information is recorded and reported separately from the owner's personal financial information
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Business ethics -: the use of personal ethics in making business decisions
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Certified Public Accountant (CPA) -: designation by the American Institute of Certified Public Accountants for those who pass an exam and meet work-experience requirements.
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Consistent reporting -: the same accounting procedures must be followed in the same way in each accounting period
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Corporation -: a legal entity that is separate and distinct from its owners
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Ethical business practices -: moral values and principles that determine our conduct in the business world
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Ethics -: the principles of right and wrong that guide an individual in making decisions
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General office clerk -: a person who does general kinds of office tasks, including some accounting tasks
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Going concern concept -: financial statements are prepared with the expectation that a business will remain in operation indefinitely
16.
Historical cost -: when the actual amount paid for merchandise or other items bought is recorded
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Honesty -: the quality or fact of being honest; truthfulness
18.
Integrity -: adherence to moral and ethical principles; soundness of moral character; honesty
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Merchandising business -: a business that purchases and sells goods
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Objective evidence -: a source document is prepared for each transaction
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Partnership -: a business in which two or more people combine their assets and skills
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Privacy -: freedom from unauthorized intrusion; state of being let alone and ability to keep personal matters confidential
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Realization of revenue -: revenue is recorded at the time goods or services are sold
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Service business -: a business that performs an activity for a fee
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Sole proprietorship -: a business owned by one person
26.
Truthfulness -: consistently telling the truth; honest
27.
Unethical business practices -: any activitgy that contradicts moral values and principles that determines our conduct in the business world