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Unit 1 Computerized Accounting 1

STUDY
PLAY
Accountant
A person who plans, summarizes, analyzes, and interprets accounting information
Accounting
planning, recording, analyzing, and interpreting financial information
Accounting concepts
commonly accepted concepts that guide accounting personnel in their work
Accounting period cycle
changes in financial information are reported for a specific period of time in the form of financial statements
Adequate disclosure concept
financial statements that contain all information necessary to understand a business's financial condition
Bookkeeper
A person who does general accounting work plus some summarizing and analyzing of accounting information.
Business entity
financial information is recorded and reported separately from the owner's personal financial information
Business ethics
The use of personal ethics in making business decisions
Certified Public Accountants
professionally licensed accounts who meet certain requirements for education and experiences and who pass a comprehensive examination
Consistent reporting
the same accounting procedures must be followed in the same way in each accounting period
Corporation
a legal entity owned by individual stockholders
Ethics
the principles of right and wrong that guide an individual in making decisions
Ethical business practices
moral values and principles that determine our conduct in the business world
General office clerk
a person who does general kinds of office tasks, including some accounting tasks
Going concern concept
financial statements are prepared with the expectation that a business will remain in operation indefinitely
Historical cost
the actual amount paid for merchandise or other items bought is recorded
Honesty
the quality of being honest
Integrity
adherence to moral and ethical principles; soundness of moral character; honesty
Merchandising business
a business that purchases and sells goodsd
Objective evidence
A source document is prepared for each transaction
Partnership
a business owned by two or more people
Privacy
freedom from unauthorized intrusion, the state of being alone
Realization of revenue
Revenue is recorded at the time goods or services are sold
Service business
a business that performs an activity for a fee
Sole proprietorship
business owned by one person
Truthfulness
consistently telling the truth; honest
Unethical business practices
any activity that contradicts moral values and principles that determines our conduct in the business world