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4.01 Accounting and Finance

AccountingMethod of reporting financial activity of a business in an orderly fashion
Accounting EquationAssets = Liabilities + Owner's Equity
Balance Sheetreports assets, liabilities, and owner's equity on a certain date
Income Statementreports revenue, expenses and net income or loss for the fiscal period
Statement of Change in Owner's Equityreports the changes in the owner's equity account during the fiscal period
BankingThe business of keeping money for savings and checking accounts or for issuing loans and credit.
FinanceAcquiring, investing, and managing money.
AccountantThis career track companies' expenses; prepare, analyze and verify financial documents
Public AccountantThis career perform audits & prepare taxes for corporations, government agencies, nonprofits and individuals
Internal AuditorsThis career is known as fiscal "police officers"
CPAAccountants who meet specific educational requirements and pass a national examination (Certified Public Accountant)
AssetsAnything of value owned by the business
LiabilitiesMoney owed by the business
Owner's EquityNet worth of the business
Financial ManagerTop level professional who may have final responsibility for aspects of a business' financial activity
Bank TellerBank employee who handles deposits, withdrawals, selling travelers checks, accepting loan payments, preparing money orders

Business & Marketing Educator
Holly Grove Middle School

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