POINTERS FOR FINANCIAL ACCOUNTING AND REPORTING

1. CAPITAL - wealth in the form of money or other assets owned by a person.

2. VALUE - the worth in monetary terms of the technical, economic, service, and
social benefits a customer company receives in exchange for the price it pays for
a market offering.

3. LIABILITY - means that you are responsible for something, and it can also
mean that you owe someone money or services.

4. ASSET - a resource with economic value that an individual or corporation owns

or controls with the expectation that it will provide a future benefit.

5. MONETARY UNIT - the standard unit of value of the currency of a country, as

the dollar in the U.S. and in France.

6. PERIODICITY - the tendency, quality, or fact of recurring at regular intervals.

7. QUANTIFIABLE - able to be expressed as an amount, quantity, or numerical

value.

8. ECONOMIC ENTITY - is an accounting principle that makes a legal distinction

between the transactions carried out by a business and the transactions of the
owner.

9. PARTNERSHIP BUSINESS - is an arrangement between two or more people

to oversee business operations and share its profits and liabilities.
10. CORPORATION - a company or group of people authorized to act as a single
entity (legally a person) and recognized as such in law.

11. SOLE PROPRIETORSHIP - is a non-registered, unincorporated business run

solely by one individual proprietor with no distinction between the business and
the owner.

12. COOPERATIVE - are businesses owned by “member-owners”. Co-ops are

democratically controlled by their member-owners, and unlike a traditional
business each member gets a voice in how the business is run. Services or
goods provided by the co-op benefit and serve the member owners.

13. PUBLIC ACCOUNTING - refers to a business or individual who helps a range

of clients, from individuals to corporations, prepare financial documents.

14. AUDITING - conduct an official financial examination of (an individual's or

organization's accounts).

"Companies must have their accounts audited."

15. TAXATION - is a term for when a taxing authority, usually a government, levies
or imposes a financial obligation on its citizens or resident

16. ACCOUNTANTS - a person whose job is to keep, inspect, and analyze financial
accounts.
"Accountants are responsible for their client's personal and professional
information."

17. BOOKKEEPPER - a person whose job is to keep records of the financial affairs
of a business.
 "The business had grown enough to justify hiring a bookkeeper."

18. ACCOUNTING CLERK - assists accounting departments with various tasks.

These professionals process invoices, organize office mail, record business
transactions, and manage customer accounts on any given day.

19. PRIVATE ACCOUNTING - Private accounting, also commonly called industry

or corporate accounting, refers to accountants who work for a single
organization within its internal finance department.

20. COST ACCOUNTING- is the reporting and analysis of a company's cost

structure. Cost accounting involves assigning costs to cost objects that can
include a company's products, services, and any business activities.

21. INTERNAL AUDITING - is an independent, objective assurance and

consulting activity designed to add value and improve an organization's
operations.

22. GOVERNMENT ACCOUNTING-is the recording and management of

financial activities of governments at Commonwealth, state and local levels.
Government accountants prepare and review financial documentation for the
government and its taxpayers.

23. CONFIDENTIALITY- is the process and act of keeping certain company-

related information private and away from public knowledge. The information
itself is known as confidential business information (or business confidential
information).

24. OBJECTIVITY - the quality of being able to make a decision or judgment in a

fair way that is not influenced by personal feelings or beliefs: He questioned his
manager's objectivity. An auditor must always give the appearance of objectivity
and impartiality.
25. BUSINESS INTEGRITY - Business integrity is the act of conducting business
practices by following a moral and ethical framework. As with personal integrity,
business integrity requires you to act with honesty and consistency and to hold
yourself accountable for your actions, even when nobody's watching.