Financial Statements - Written reports that describe the financial health of a company; prepared regularly on quarterly and annual basis., Balance Sheet - Reports assets, liabilities, and owner’s equity on a certain date, Assets - Anything of value that is owned by the business., Liabilities - Money owed by the business (debts, accounts payable), Owner’s Equity - Net worth of the business, Audit - To conduct an official financial examination of an individual's or organization's accounts., Income Statement - Financial Statement of a business that reports the revenue, expenses and the net income (loss) of a business for the fiscal period., Revenue - Amount of money that a company earns, Expenses - Costs of maintaining and operating a business., Income/Profit - Results when a business’s income is greater than its expenses., Loss - Results when a business’s expenses are greater than its income., Budget - A budget is an estimate of income and expenditure for a set period of time, Financial Manager - Top level professional who may have final responsibility for aspects of a business’ financial activity, Accountant - Professional who produces and examines financial records, prepares financial reports and tax returns; may give budget, tax or investment advice to company/customer, Certified Public Accountant (CPA) - Accountants who meet specific educational requirements and pass a national examination, Auditor - Professional whose work involves checking on the accuracy of work completed by bookkeepers and accountants, Bank Teller - Bank employee who handles deposits, withdrawals, selling travelers checks, accepting loan payments, preparing money orders,

Accounting

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