Background: In order for leaders to manage organizations, there is a level of kn

Background: In order for leaders to manage organizations, there is a level of knowledge they need to have as it relates to finances. A basis for the necessary knowledge is a comfort level with common financial terms utilized in Finance, Strategic Planning, and Organizational Leadership. Certainly, different types of organizations utilize financial information and concepts differently, but they are all rooted in a basic understanding around key financial terms.

Instructions:
Part A: Compose definitions to the provided financial terms. Use your own words when providing the definitions, do not quote your textbook. For each of the financial terms:
Provide a 1-3 sentence explanation of each concept.
Be precise and simple in your explanations of the financial concepts and include how these concepts are used for organizations of Higher Education. Describe them in a way that someone new to the profession can understand and grasp each concept.
Part B: For each of the prompts below, provide a paraphrased answer (1 to 2 paragraphs) to demonstrate an understanding of the similarities and differences in the relationships between financial concepts for institutions of Higher Education.
*Describe the relationship between assets and liabilities.
*Why is it important to have accounting and financial statement standards across all organizations?
*Describe the difference between the balance sheet and the income statement?
*Describe the differences and similarities between current and noncurrent liabilities?
*Describe the differences and similarities between current and noncurrent assets?
*Describe the differences and similarities between cash and accrual basis of accounting?
*Submit Provide your answers in a Microsoft Word .doc file, using APA formatting with citations and references where applicable for each article or chapter. The paper should:
*include 1-2 paragraphs in Part B for each paraphrased answer to the 6 prompts.
*include the ACU writing expectations that meet basic writing standards, including grammar usage, spelling, punctuation, and organization.