POBF Unit 6 Vocabulary: Part 1

All money owed by the business to others:

An accounting method in which income / expenses are recorded at time the money changes hands:

Management of a firm's current balance of assets/liabilities; AP, AR, inventory, cash

Book or computer program - business' transactions are recorded in order in which they occur:

Listing of a business' different accounts and their current balances; used to check accuracy:

The process of keeping and interpreting financial records:

Method that records transactions at time they occur even if no money changes hands at the time:

Money remaining after operating expenses (OE) are subtracted from gross profit:

Currency and Coins:

The process of obtaining funds and using them to achieve the goals of the business:

The money a business spends; aka expenses

Summary with estimates as to when, where, how much money will FLOW into and out of a business:

A measure of how well a business generates cash flow in relation to capital already invested:

An individual who has had specialized training in accounting procedures:

Decisions determine which projects a business will invest in and how to finance the project: