Comprehensive Accounting
Comprehensive Accounting andSystem
and Financial Financial System
Overview Overview
for Students 2026 Updatedfor Students
Study online at https://quizlet.com/_jg4uub
1. Accounting The process of recording financial transactions pertaining to a business.
2. Public accountants Accountants who provide services to a variety of clients.
3. Certified public ac- A professional designation given to accountants who pass a licensing exam.
countant (CPA)
4. Forensic account- The use of accounting skills to investigate fraud or financial discrepancies.
ing
5. Certified fraud ex- Professionals who specialize in fraud prevention and detection.
aminers (CFE's)
6. Private Accountant An accountant who works for a single organization.
7. Certified manage- Accountants who specialize in financial management and strategy.
ment accountants
(CMAs)
8. Financial state- Reports that summarize the financial status of a business.
ments
9. Managerial ac- The process of analyzing financial information for internal management use.
counting
10. Cash flow The total amount of money being transferred into and out of a business.
11. Budget A financial plan that estimates future income and expenses.
12. Master budgets Comprehensive financial plans that include all aspects of a business.
13. Filing income taxes The process of submitting tax returns to the government.
14. Audited financial Financial statements that have been examined by an independent auditor.
statements
1/8
, Comprehensive Accounting
Comprehensive Accounting andSystem
and Financial Financial System
Overview Overview
for Students 2026 Updatedfor Students
Study online at https://quizlet.com/_jg4uub
15. Accounting equa- Assets = Liabilities + Owners equity.
tion
16. Assets A firm's economic resource, or items of value that it owns.
17. Liabilities Debts that a firm owes to others.
18. Owners equity Equals assets minus liabilities and reflects historical values.
19. Double Entry Book- A system of recording and classifying business transactions.
keeping
20. The Accounting Cy- The four step procedure of an accounting system.
cle
21. Income statement Shows an organization's profitability over a period of time.
22. Balance sheet A financial statement that summarizes a company's assets, liabilities, and equity.
23. Statement of cash A financial statement that provides aggregate data regarding all cash inflows
flows and outflows.
24. Generally accepted A collection of commonly-followed accounting rules and standards for financial
accounting princi- reporting.
ples (GAAP)
25. Revenue The total amount of money received from the sale of goods and services.
26. Cost of goods sold Cost of goods sold = Beginning inventory + Interim purchases - Ending inven-
tory.
27. Gross income (prof- Revenues minus the cost of goods sold required to generate revenues.
it)
2/8
Comprehensive Accounting andSystem
and Financial Financial System
Overview Overview
for Students 2026 Updatedfor Students
Study online at https://quizlet.com/_jg4uub
1. Accounting The process of recording financial transactions pertaining to a business.
2. Public accountants Accountants who provide services to a variety of clients.
3. Certified public ac- A professional designation given to accountants who pass a licensing exam.
countant (CPA)
4. Forensic account- The use of accounting skills to investigate fraud or financial discrepancies.
ing
5. Certified fraud ex- Professionals who specialize in fraud prevention and detection.
aminers (CFE's)
6. Private Accountant An accountant who works for a single organization.
7. Certified manage- Accountants who specialize in financial management and strategy.
ment accountants
(CMAs)
8. Financial state- Reports that summarize the financial status of a business.
ments
9. Managerial ac- The process of analyzing financial information for internal management use.
counting
10. Cash flow The total amount of money being transferred into and out of a business.
11. Budget A financial plan that estimates future income and expenses.
12. Master budgets Comprehensive financial plans that include all aspects of a business.
13. Filing income taxes The process of submitting tax returns to the government.
14. Audited financial Financial statements that have been examined by an independent auditor.
statements
1/8
, Comprehensive Accounting
Comprehensive Accounting andSystem
and Financial Financial System
Overview Overview
for Students 2026 Updatedfor Students
Study online at https://quizlet.com/_jg4uub
15. Accounting equa- Assets = Liabilities + Owners equity.
tion
16. Assets A firm's economic resource, or items of value that it owns.
17. Liabilities Debts that a firm owes to others.
18. Owners equity Equals assets minus liabilities and reflects historical values.
19. Double Entry Book- A system of recording and classifying business transactions.
keeping
20. The Accounting Cy- The four step procedure of an accounting system.
cle
21. Income statement Shows an organization's profitability over a period of time.
22. Balance sheet A financial statement that summarizes a company's assets, liabilities, and equity.
23. Statement of cash A financial statement that provides aggregate data regarding all cash inflows
flows and outflows.
24. Generally accepted A collection of commonly-followed accounting rules and standards for financial
accounting princi- reporting.
ples (GAAP)
25. Revenue The total amount of money received from the sale of goods and services.
26. Cost of goods sold Cost of goods sold = Beginning inventory + Interim purchases - Ending inven-
tory.
27. Gross income (prof- Revenues minus the cost of goods sold required to generate revenues.
it)
2/8
