Unit 1 Computerized Accounting 1

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Accountant

A person who plans, summarizes, analyzes, and interprets accounting information

Accounting

planning, recording, analyzing, and interpreting financial information

Accounting concepts

commonly accepted concepts that guide accounting personnel in their work

Accounting period cycle

changes in financial information are reported for a specific period of time in the form of financial statements

Adequate disclosure concept

financial statements that contain all information necessary to understand a business's financial condition

Bookkeeper

A person who does general accounting work plus some summarizing and analyzing of accounting information.

Business entity

financial information is recorded and reported separately from the owner's personal financial information

Business ethics

The use of personal ethics in making business decisions

Certified Public Accountants

professionally licensed accounts who meet certain requirements for education and experiences and who pass a comprehensive examination

Consistent reporting

the same accounting procedures must be followed in the same way in each accounting period

Corporation

a legal entity owned by individual stockholders

Ethics

the principles of right and wrong that guide an individual in making decisions

Ethical business practices

moral values and principles that determine our conduct in the business world

General office clerk

a person who does general kinds of office tasks, including some accounting tasks

Going concern concept

financial statements are prepared with the expectation that a business will remain in operation indefinitely

Historical cost

the actual amount paid for merchandise or other items bought is recorded

Honesty

the quality of being honest

Integrity

adherence to moral and ethical principles; soundness of moral character; honesty

Merchandising business

a business that purchases and sells goodsd

Objective evidence

A source document is prepared for each transaction

Partnership

a business owned by two or more people

Privacy

freedom from unauthorized intrusion, the state of being alone

Realization of revenue

Revenue is recorded at the time goods or services are sold

Service business

a business that performs an activity for a fee

Sole proprietorship

business owned by one person

Truthfulness

consistently telling the truth; honest

Unethical business practices

any activity that contradicts moral values and principles that determines our conduct in the business world

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