The process of planning, recording, analyzing, and interpreting financial information.

Generally Accepted Accounting Principles. The standards and rules that accountants follow while recording and reporting financial activities.

formal verifications of an organization's financial and operational systems

established requirements for proper financial record keeping for public companies and penalties of as much as 25 years in prison for noncompliance

Auditors must not also perform accounting services to firms they audit and firms must hire new auditors every 5 years

accounting used to provide information and analyses to managers inside the organization to assist them in decision making

accounting information and analyses prepared for people outside the organization

an accountant who works for a single firm, government agency, or nonprofit organization

an accountant who provides accounting services to individuals or businesses on a fee basis

An individual who has met certain criteria and is thus allowed to perform audits of corporations.

Bookkeepers record all transactions in two places so they can check one list of transactions against the other for accuracy.

A financial statement that reports assets, liabilities, and owner's equity on a specific date.

Anything of value that is owned

cash and other assets expected to be exchanged for cash or consumed within a year

Long-term assets that are relatively permanent such as land, buildings, or equipment.

long-term assets (e.g., patents, trademarks, copyrights) that have no real physical form but do have value

what a company owes

liabilities due within a short time, usually within a year

obligations that a company expects to pay after one year

the amount remaining after the value of all liabilities is subtracted from the value of all assets

A financial statement that reports a company's revenues and expenses and resulting net income or net loss for a specific period of time.

primary source of revenue for a merchandising company

Measures the value of inventory delivered to, and billed to, customers, often referred to as the "invoice value"

The direct expense related to producing the goods or services sold by a company. This can include the cost of the raw materials (Parts)

Costs involved in operating a business, such as rent, utilities, and salaries.

Net Income = Revenues - Expenses

Financial statement that reports cash receipts and disbursements related to a firm's three major activities: operations, investments, and financing.

Financial reports that summarize the financial condition and operations of a business

current assets divided by current liabilities

net income/net sales

cost of goods sold/average inventory

the job of managing a firm's resources so it can meet its goals and objectives

the money needed to pay for the current operating activities of a business in the next year or less

money needed for the main resources of a business that will last for many years

Managing money continuously through life in order to reach your financial goals

Sales revenue, equity capital, debt financing, sales of assets

a process in which a firm periodically compares its actual revenues, costs, and expenses with its budget

1. Trade Credit

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secured loans, unsecured loans, lines of credit, revolving credit, transaction loan

long term loans, debt financing, equity financing

loans that do not have to be repaid for at least one year

Secured bonds and unsecured bonds

Selling stock, retaining earnings, and receiving venture capital

over 2.2 billion users worldwide

1.9 billion users worldwide

1 billion users worldwide

To engage and promote customers

pictures, charts, graphs, gifographics, videos, podcasts, blogs, ratings/reviews, user-generated content

Driving users to your product website by pushing the consumer to the product

Pushes the product to the consumer

Potential customer

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Goal is to make customer buy and repeat purchase late

Attract customers

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