| A | B |
|---|
| Finance Activity | Sarah is purchasing IBM stock for a customer. |
| Accounting Activity | James is keying daily transactions into the computer. |
| Banking Activity | Megan is completing paper work for a car loan for one of her customers. |
| Accounting | The system of recording and reporting financial activity and transactions. |
| Audit | A formal examination of a company’s financial records for accuracy and compliance with regulations. |
| Budget | A plan that shows what you expect to earn and spend in a certain period of time. |
| Financial Statements | A written report which describes the financial health of a company; prepared on a quarterly and annual basis. |
| Balance Sheet | A report showing all assets, liabilities, and owner’s equity of a business as of a specific date. |
| Assets | Things (items) owned by a company. |
| Liabilities | Money owed by the business (debts, accounts payable) |
