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12.4: Chapter Review - Key Terms
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Key Terms
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accounting
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process of organizing, analyzing, reporting, and communicating financial information that is used for decision making
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depreciation
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steady decrease in value of an asset over time
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financial accounting
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measures the financial performance of an organization using standard conventions to prepare financial reports used by external entities
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managerial accounting
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process that uses both financial and nonfinancial information as a basis for making decisions within an organization