Unit 6 Review - POBF

Management of a firm’s current balance of assets and liabilities

Businesses use the information collected through the accounting process to prepare accurate:

The methods and procedures used in consistently handling the business's financial information.

A balance on the left side of an account in the general ledger, usually expenses, losses and assets have debit balances

A measure of how well a business generates cash flow in relation to the capital it has already invested in itself

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

The process of keeping and interpreting financial records.

Liabilities of a business and represent money owed to others.

What is one of the main reasons why businesses need to keep accurate accounting records?

What a company owns

Assests a company already owns and can use to finance a new venture are called:

When businesses invest funds to expand, they are involved in the process of:

A Financial Statement documents the difference in revenue and expenses resulting in income.

The role of finance in business often involves:

Businesses would not be able to determine if they are meeting their financial goals without accurate:

Assets of a business and represent money owed to a business by others

What a company owes to another company.

Provides a snapshot of a business' assets, liabilities, and equity on a given date.