Upgrade to remove ads
Only $2.99/month

"Accounting Careers: The Possibilities are Endless

Terms in this set (35)

skills
the ability to do something well; expertise.
values
the regard that something is held to deserve; the importance, worth, or usefulness of something.
lifestyle
the way in which a person or group lives.
personality
the combination of characteristics or qualities that form an individual's distinctive character.
personal interest tests
that taxpayers pay on personal and consumer loans. ... Personal interest that is received by the lender is usually reported on a cash basis.
networking
connect as or operate with a network.
accountant
a person whose job is to keep or inspect financial accounts.
accounting clerk
a person who records transactions in billing, purchasing, payroll, accounts payable or accounts receivable,
for-profit business
A for-profit organization may be formed to conduct any number of lawful business activities.
not-for-profit organization
type of organization that does not earn profits for its owners
public accounting firm
The services provided by public accounting firms will vary by the size and the expertise of the firm.
audit
an official inspection of an individual's or organization's accounts, typically by an independent body.
certified public accountant
(CPA)
an accounting professional who has passed the Uniform CPA examination and has also met additional state certification and experience requirements.
free enterprise system
a type of economy where products, prices, and services are determined by the market, not the government.
profit
a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
loss
the fact or process of losing something or someone.
entrepreneur
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
capital
the most important city or town of a country or region, usually its seat of government and administrative center.
service business
service business provides intangible products, such as accounting, banking, consulting, cleaning, landscaping, education, insurance, treatment, and transportation services.
merchandising business
It is a business that purchases finished products and resells them to consumers.
manufacturing business
manufacturing business is any business that uses components, parts or raw materials to make a finished good.
sole proprietorship
A business that legally has no separate existence from its owner.
partnership
the state of being a partner or partners.
corporation
a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
charter
a written grant by a country's legislative or sovereign power, by which an institution such as a company, college, or city is created and its rights and privileges defined.
accounting system
An accounting information system is a system of collecting, storing and processing financial and accounting data that are used by decision makers.
manual accounting system
a manual accounting system, keeping their financial records by hand.
computerized accounting
system
an accounting information system that processes the financial transactions and events as per Generally Accepted Accounting Principles (GAAP) to produce reports as per user requirements.
GAAP
generally accepted accounting principles) is a collection of commonly-followed accounting rules and standards for financial reporting.
financial reports
Financial statements (or financial report) is a formal record of the financial activities and position of a business, person, or other entity.
financial accounting
a specialized branch of accounting that keeps track of a company's financial transactions.
management accounting
the provision of financial data and advice to a company for use in the organization and development of its business.
business entity
an organization created by one or more natural persons to carry on a trade or business.
accounting period
a set of financial statements.
going concern
a basic underlying assumption in accounting
THIS SET IS OFTEN IN FOLDERS WITH...