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Accounting terms

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Key accounting terms

Created by

CARLOS MARIO SERRANO GARCIA
CARLOS MARIO SERRANO GARCIA
Colombia

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Accounting termsOnline version

Key accounting terms

by CARLOS MARIO SERRANO GARCIA
1

: accounting refers to the use of a computerized database ? usually via a ) ? to store , organize , and retrieve an organization's financial and transactional dat a

2

: in accounting is the process of capturing and entering a business's financial transactions into organized records . It involves tracking money flowing in and out through a standard framework so that businesses can generate accurate financial statements , prepare for audits , and ensure legal complianc e

3

The ) team manages a company's outgoing cash flow , short - term debts , and vendor invoices . They are a vital part of the Accounts Payable Department , ensuring financial stability , mitigating fraud , and maintaining strong supplier relationship s

4

A ( also known as an ) is a financial report that summarizes a company ? s revenues , costs , and expenses over a specific period , such as a month , quarter , or year . It shows whether a business generated a profit or incurred a loss .

 
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