bluff numbers day one 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29...
TRANSCRIPT
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Bluff Numbers Day One
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48
49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68
69 70 71
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The established system of keeping track of money.
Accounting
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A report that tells you a story about money coming in and
going out of a business. No one report tells the whole story.
financial statement
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Anyone who can be affected by an organization's actions,
including managers, employees, customers, vendors, creditors,
and shareholders
stakeholder
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A categorized list of words that are related to a particular topic.
taxonomy
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The particular ways a business can be set up legally. These include sole proprietorship,
partnership, and corporation
business structures
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The industries in which a business operates. These include
manufacturing, merchandising, and service
business types
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A business that is separate and apart from any other business or person. One or more people may
own this. The owners are protected from personal liability
for the company.
corporation
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A distinct thing such as a company, a firm, a business, or a
set of principles or rules
entity
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A business structure that combines the limited personal
liability of a corporation with the tax benefits of a partnership or a
sole proprietorship.
limited liability company
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Companies that produce goods. Usually produce wholesale goods to sell to retailers (or
merchandisers) who then sell the goods to the public for a markup.
manufacturing company
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Companies sell ready-made products to their customers
merchandising company
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A business that is owned by two or more people. The owners have
personal liability for the company.
partnership
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Service companies sell a service rather than a product or a thing to
their customers.
service company
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A small or very big business that is owned by one person or a
married couple. The owner(s) has (have) personal liability for the
company sole proprietorship
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A specific type of fraud; misrepresenting the truth on any one of the financial statements.
accounting fraud
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The professional organization that CPAs may join. The AICPA
creates and administers the CPA exam and promotes CPAs in a
positive light
American Institute of Certified Public Accountants (AICPA)
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Those who run the company and are responsible for its success or
failure
executives
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A private not-for-profit board that establishes specific rules and
regulations that the SEC adopts and that accountants must follow
Financial Accounting Standards Board (FASB)
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Misrepresenting the truth, cheating, or deceiving others on
purpose.
fraud
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Guidelines that accountants use to prepare financial statements,
making multiple statements comparable to one another.
generally accepted accounting principles (GAAP)
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The government agency that collects taxes and enforces tax
laws.
Internal Revenue Service (IRS)
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Principle that requires accounting rules to be followed at all times. Same as principle of regularity.
principle of consistency
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Principle that assumes the business won’t be interrupted.
principle of continuity
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Principle that says financial statements can’t contain
counterbalancing entries simply to make a company look better
than it is.
principle of non-compensation
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Principle requiring that each transaction be accounted for in a
given period and split across many periods if necessary
principle of periodicity
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Principle requiring that statements follow the same basic
outline
principle of permanence of methods
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Principle that declares that preparers of statements must use
caution when recording transactions and error on the side
of financial safety.
principle of prudence
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Principle that requires accounting rules to be followed at all times.
Same as principle of consistency.
principle of regularity
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Principle that says that statements must be presented honestly and accurately at all
times. principle of sincerity
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The government agency that regulates securities (stocks and
bonds), enforces accounting laws, and dictates financial
reporting rules.
Securities and Exchange Commission (SEC)
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A forced contribution of money to meet the needs and wants of
government.
Tax
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A debt instrument is a legal contract—and often called an “indenture.”
Bond
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The stages that a business moves through, from an idea
through startup, growth or takeoff, maturity, decline, and
closing down (cessation of operation).
business life cycle
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A transaction in which an employer makes a lump-sum payment to compensate an
employee for leaving or retiring early from a job.
Buyout
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Any form of wealth that can be used to create more wealth, such as cash, which can be invested
to generate income.
Capital
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A legally recognized form of organizing a business that
protects its owners from being personally responsible for
business debts.
Corporation
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Owing money, goods, or services to someone else.
Debt
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A person who takes initiative in business, organizes and
manages business resources and operations, and assumes the
risks of the business. entrepreneur
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A broad category of investments that includes bonds. Get their name from the fact that the
stream of payments are fixed by contract. Corporations and the government can issue a variety
of these securities. fixed income security
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Something bought and sold that cannot be touched—for example,
legal advice. intangible
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Intangible property that is a result of something created by the mind—for example, trademarks, and
patents.
intellectual property
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In bankers’ terms, money paid for the use of another person’s
money. Interest
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Legal responsibility for damage or for debt.
liability
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Selling a business capital item such as machinery in order to have access to ready cash.
liquidation
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The percentage of total industry sales that a single company
makes on a particular product. market share
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The world of business, trade, and economics.
marketplace
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A legal form of organizing a business in which owners share
profits and are personally responsible for debts of the
business.
partnership
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The money originally invested or the amount borrowed on which
interest is calculated. Principal
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An experimental model of a product.
prototype
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A legal form of business organization in which a single
individual is personally liable for business debts.
sole proprietorship
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A share of ownership in a corporation
stock
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Top management’s “game plan” for achieving targeted, long-term
objectives. Strategy
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Estimating the value or worth of something (such as a building or machinery owned by a business).
Valuation
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A firm that often can have access to a great amount of capital and expertise to help your firm—all in
exchange for a substantial ownership stake. Though, these only invest in firms that offer the
prospect of becoming very profitable.
venture capitalist firm
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A professional who measures and assesses financial
information for an individual or firm.
accountant
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The cycle of purchasing inventory and then converting that
inventory back into cash through sales.
Cash flow cycle
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The corporate officer responsible for financial risks, record keeping, and financial reporting in a firm.
CFO (Chief Financial Officer)
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All business costs. These are deducted from revenue to
determine net income (profit or loss).
expense
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An analyst who studies financial information for a firm, ranging
from cash flow analysis to profit forecasting.
Financial manager
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A figure representing a firm’s profit or loss for a period.
Net income
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The process of bringing a new product to market, including
engineering and market research.
Product development cycle
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The decline of a product in the market due to the introduction of
better competitor products or rapid technology developments.
obsolescence
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Dollar amounts earned by a firm from selling products, services, or
both revenue
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A charge imposed by the government
Tax
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The satisfaction one receives from a good (a product, service
or combination thereof) utility
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Gifts made in a will
bequests
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The expense required to acquire or produce something.
cost
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A pool of donated money that is usually invested. The earnings
from those investments are used to fund an organization’s goals.
Endowment
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An organization whose purpose is to support activities of public or private interest. It is not operated solely for the purpose of making
a profit.
Not-for-profit organization
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Money earned after expenses are subtracted from revenue.
profit
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A measure of a company’s profitability, usually measured as
a percentage. Profit margin