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The recording, classifying, summarizing, and interpreting of financial events and transactions to provide management and other interested parties the information they need to make good decisions.
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A six-step procedure that results in the preparation and analysis of the two major financial statements: the balance sheet and the income statement.
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Different types of assets, liabilities, and owners’ equity.
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The systematic writeoff of the cost of a tangible asset over its estimated useful life.
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A yearly statement of the financial condition, progress, and expectations of an organization.
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Economic resources (things of value) owned by a firm.
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The financial statement that reports a firm’s financial condition at a specific time.
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The recording of business transactions.
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Assets that are relatively permanent, such as land, buildings, and equipment.
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The difference between cash coming in and cash going out of a business.
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Financial statement that reports cash receipts and disbursements related to a firm’s three major activities: operation, investing, and financing.
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An accountant who has met the examination, education, and experience requirements of the Certified General Accountants Association of Canada.
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An accountant who has met the examination, education, and experience requirements of the Society of Management Accountants of Canada.
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An accountant who has met the examination, education, and experience requirements of the Canadian Institute of Chartered Accountants.
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The job of reviewing and evaluating the records used to prepare a company’s financial statements.
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A measure of the cost of merchandise sold or cost of raw materials and supplies used for producing items for resale.
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Items that can or will be converted into cash within one year.
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The concept of every business transaction affecting at least two accounts.
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Accounting information and analyses prepared for people outside the organization.
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A summary of all of the transactions that have occurred over a particular period.
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An accounting method for calculating cost of inventory; it assumes that the first goods to come in are the first to go out.
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A relatively new area of accounting that focuses its attention on fraudulent activity.
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Assets = liabilities + owners’ equity; this is the basis for the balance sheet.
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How much a firm earned by buying (or making) and selling merchandise.
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The financial statement that shows a firm’s profit after costs, expenses, and taxes; it summarizes all of the resources that have come into the firm (revenue), all the resources that have left the firm, and the resulting net income.
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An evaluation and unbiased opinion about the accuracy of a company’s financial statements.
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Long-term assets (e.g., patents, trademarks, copyrights) that have no real physical form but do have value.
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The record book or computer program where accounting data are first entered.
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An accounting method for calculating cost of inventory; it assumes that the last goods to come in are the first to go out.
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A specialized accounting book in which information from accounting journals is accumulated into accounts and posted so that managers can find all of the information about one account in the same place.
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What the business owes to others (debts).
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How fast an asset can be converted into cash.
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Accounting used to provide information and analyses to managers within the organization to assist them in decision making.
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Revenue left over after all costs and expenses, including taxes, are paid.
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Costs involved in operating a business, such as rent, utilities, and salaries.
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The amount of the business that belongs to the owners minus any liabilities owed by the business.
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An accountant who works for a single firm, government agency, or non-profit organization.
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An accountant who provides his or her accounting services to individuals or businesses on a fee basis.
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The assessment of a firm’s financial condition and performance through calculations and interpretations of financial ratios developed from the firm’s financial statements.
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The total amount of money a business takes in during a given period by selling goods and services.
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A summary of all of the data in the account ledgers to show whether the figures are correct and balanced.
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