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Study sets matching "accountancy business"

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Study sets matching "accountancy business"

52 terms
Accounting and Business (Accounting Terms)
account form
account payable
account receivable
accounting
The form of balance sheet that resembles the basic format of…
The liability created by a purchase on account.
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
account form
The form of balance sheet that resembles the basic format of…
account payable
The liability created by a purchase on account.
10 terms
Business Accounts
Motor Vehicle
Bank loan
Cash
A/P
A
L
A
L
Motor Vehicle
A
Bank loan
L
31 terms
Accounting in Business
Recordkeeping , or bookkeeping
External users
Internal users
General principles
Part of accounting that involves recording transactions and e…
Persons using accounting information who are not directly inv…
Persons using accounting information who are directly involve…
the basic assumptions, concepts, and guidelines for preparing…
Recordkeeping , or bookkeeping
Part of accounting that involves recording transactions and e…
External users
Persons using accounting information who are not directly inv…
8 terms
Business - Accounting
ACCOUNTS
Owner's Equity
Assets
Liabilities
are individual records showing all increases and decreases in…
The value of the owner's contribution in the business
Items of value owned by a business
Amounts owed by the business to other people or businesses
ACCOUNTS
are individual records showing all increases and decreases in…
Owner's Equity
The value of the owner's contribution in the business
Business accounting
Current Asset
Current Asset
Current Asset
Current Asset
Inventory (stock)
Supplies on hand
Cash at Bank
Accrued Income (Income owing)
Current Asset
Inventory (stock)
Current Asset
Supplies on hand
22 terms
Business Accounting - Ch1
skills
values
responsibility
achievement
activities you do well
principles you live by and the beliefs that are important to…
example of a value
example of a value
skills
activities you do well
values
principles you live by and the beliefs that are important to…
61 terms
business(Accounting)
Accounting
GAAP
GAAP is
Accounting Area
process of capturing, recording, analyzing and reporting
generally accepted accounting principles
set of standards
Managerial, financial, forensic, tax
Accounting
process of capturing, recording, analyzing and reporting
GAAP
generally accepted accounting principles
29 terms
Business of Accounting
Def- Accounting
Type of Accounting
Financial accounting
Managerial accounting
Information system It measures business activities processes…
Financial accounting... Managerial accounting
Provides information For internal user
Provides information For external user
Def- Accounting
Information system It measures business activities processes…
Type of Accounting
Financial accounting... Managerial accounting
16 terms
Business Accounting
Accounts
Accountants
Final Accounts
The Trading Account
are the financial records of a firm's transactions.
are the professionally qualified people who have responsibili…
are produced at the end of the financial year and give detail…
shows how the gross profit of the business is calculated.
Accounts
are the financial records of a firm's transactions.
Accountants
are the professionally qualified people who have responsibili…
25 terms
Business accounting
revenue
expenses
Accruals
Prepayment
money earned from selling goods or services
costs of Generating sales and running the organisation
Money to add-on to the costs. Bills that have not yet been re…
Money to take off the costs. payments which have been made in…
revenue
money earned from selling goods or services
expenses
costs of Generating sales and running the organisation
22 terms
Business : accounts
Purchase
Gains
Expenses
Capital
Buying something with the intent of selling
Money you receive other than sales
Something you buy regularly
Once
Purchase
Buying something with the intent of selling
Gains
Money you receive other than sales
10 terms
Business Accounting
Income statement
Balance sheet
Asset
Liability
tell owners the difference between the revenues earned and ex…
indicates assets and liabilities on the other side.
what the business owns
what the business owes
Income statement
tell owners the difference between the revenues earned and ex…
Balance sheet
indicates assets and liabilities on the other side.
24 terms
business - accounting
accountants
accounting
financial activities
financial statements
make meaningful and effectives decisions based on up to date…
the process of recording, analyzing, and interpreting the fin…
transactions
reports that summarize how well a company is doing financially
accountants
make meaningful and effectives decisions based on up to date…
accounting
the process of recording, analyzing, and interpreting the fin…
17 terms
Business Accounting - Ch2
sole proprietorship
accounting period
partnership
capital
a business with only one owner
the time period covered by an account report
a business with at least two owners
money invested in a business by an owner
sole proprietorship
a business with only one owner
accounting period
the time period covered by an account report
23 terms
Accounting in Business
Accounting
Revenue recognition
Matching
Cost
the process of identifying, measuring, and communicating econ…
Revenues are recorded when they are earned.
Expenses are recorded in the time period when they are incurr…
Assets are recorded and maintained at their historical costs.
Accounting
the process of identifying, measuring, and communicating econ…
Revenue recognition
Revenues are recorded when they are earned.
14 terms
Accounting and Business
Luca Pacioli
For-Profit Business
Not-Profit Business
Public Accounting Firm
Father of Accounting and bookkeeping
Operates to earn money for the owners (Apple, Nike)
Operate for purposes other than making a profit (Charities, C…
Provide clients a variety of accounting services (Ernst & You…
Luca Pacioli
Father of Accounting and bookkeeping
For-Profit Business
Operates to earn money for the owners (Apple, Nike)
23 terms
Business- Accounting
Accounting
CPA
Annual Report
Accounting Equation
Measuring, interpreting, and communicating financial informat…
Certified Public Accountant
A document, By law certain types of companies must prepare a…
Assets = Liabilities + Owners Equity ALOW
Accounting
Measuring, interpreting, and communicating financial informat…
CPA
Certified Public Accountant
15 terms
Business accounts
Gains
Expenses
Dividend
Reserves
Money you recieve other than sales
Something you buy regularly
Profit given to shareholders
Money the business saves
Gains
Money you recieve other than sales
Expenses
Something you buy regularly
18 terms
Business and accounting
SWOT stands for
four P's
debtors are apart of assets or liability
why do businesses do swot
strength, weakness, opportunities, threats
Price, Product, placement, promotion
assets
assess current performance where strengths and weaknesses are
SWOT stands for
strength, weakness, opportunities, threats
four P's
Price, Product, placement, promotion
13 terms
Business Accounting
Accounting
CPA
Managers
Accounting helps managers by:
Measuring, interpreting, and communicating financial informat…
Certified Public Accountant
The major people who use accounting information to help peopl…
-Interpreting past performances... -Measuring present progress... -…
Accounting
Measuring, interpreting, and communicating financial informat…
CPA
Certified Public Accountant
27 terms
Business Accounting
Accounting
Accounting priniciples
Transaction
Book keeper
The process used by an organization to keep TRACK of all the…
The fact that AT LEAST 2 things happen each time a TRANSACTIO…
occurs when something of value is exchanged for something els…
Responsible for recording all transactions. Use invoices, (ex…
Accounting
The process used by an organization to keep TRACK of all the…
Accounting priniciples
The fact that AT LEAST 2 things happen each time a TRANSACTIO…
16 terms
Business: Accounting
Net Worth
Income Statement
Accounts Receivable
Accounts Payable
overall profit of the company
profit and loss statement, shows business' financial position…
money that you gain
money that you owe
Net Worth
overall profit of the company
Income Statement
profit and loss statement, shows business' financial position…
34 terms
Business Accounting
Basic Accounting Concepts
Accounting
What do accountants do
Transaction
- How much money did they make in a year... - How much can they…
Process of recording, analyzing, and interpreting economic ac…
Individuals responsible for answering questions on the financ…
Something that has value is exchanged with something else tha…
Basic Accounting Concepts
- How much money did they make in a year... - How much can they…
Accounting
Process of recording, analyzing, and interpreting economic ac…
27 terms
Business - Accounting
Inventories
MIS
CPA
Trading enterprise
Refers to the goods a business buys for resale to customers
Management Information System
Certified Practicing Accountants
If the main purpose of a business is to buy goods as one pric…
Inventories
Refers to the goods a business buys for resale to customers
MIS
Management Information System
33 terms
business accounting
expense
depreciation
compound journal entry
budget
decreases assets with arwals
loss value fixed asset due wear and tear passage time
accounting entry involves more than two accounts
formal written statement based upon adjust historical
expense
decreases assets with arwals
depreciation
loss value fixed asset due wear and tear passage time
23 terms
Accounting in Business
accounting equation
assets
balance sheet
business entity principle
Assets=Liabilities+Equity
resources controlled by a company
describes a company's financial situation (assets, liabilitie…
assumption that a business is accounted separately from others
accounting equation
Assets=Liabilities+Equity
assets
resources controlled by a company
34 terms
Accounting in Business
accounting
external user
internal user
fraud triangle
information and measurement system that identifies, records,…
not directly involved in management ex. investors, customers,…
directly involved with management and operations ex. CEO, tre…
model with opportunity, pressure, and rationalization that mu…
accounting
information and measurement system that identifies, records,…
external user
not directly involved in management ex. investors, customers,…
45 terms
business accounting
Accounts Receivable
Earnings week to date
Cash
Sales
A asset
OE Owner's Equity
A Asset
OE Owner's Equity
Accounts Receivable
A asset
Earnings week to date
OE Owner's Equity
12 terms
Business Accounting
Assets
Liabilities
Equity
Income
Something of value owned by business as a result of a past tr…
Amounts owed by the business in the future to other organizat…
Assets- liabilities
Inflows into the business from selling a good or service ; e.…
Assets
Something of value owned by business as a result of a past tr…
Liabilities
Amounts owed by the business in the future to other organizat…
22 terms
Business: Accounting
Accounting
accounting system
Accounting records
service business
Planning, record, analyzing, and interpreting financial infor…
planned process for providing financial information that will…
organized summaries of a business's financial activities
Business that performs an activity for a fee
Accounting
Planning, record, analyzing, and interpreting financial infor…
accounting system
planned process for providing financial information that will…
Accounting, Business
Account Receivable:
Mortgage Payable:
Expenses:
Net loss:
is the amount of sales that a business has made on credit, an…
the liability of a property owner to pay a loan that is secur…
things like salaries, advertising, maintenance, and utilities…
The result that occurs when expenses exceed the income or tot…
Account Receivable:
is the amount of sales that a business has made on credit, an…
Mortgage Payable:
the liability of a property owner to pay a loan that is secur…
31 terms
business accounting
accounting
accounting equation
assets
liabilities
a process of recording, interpreting, measuring and communica…
simple formula that represents the relationship between the t…
an item of value that a business owns
an amount of money a business owes
accounting
a process of recording, interpreting, measuring and communica…
accounting equation
simple formula that represents the relationship between the t…
71 terms
Business and Accounting
el mercado en baja
el mercado alcista
los valores de primera clase
la junta directiva
bear market
bull market
blue-chip stocks
board of directors
el mercado en baja
bear market
el mercado alcista
bull market
9 terms
Business accounts
What is an accumulated fund
Debit
Credit
What is cash in hand
A list of all assets and liabilities
Money in
Money out
Balance
What is an accumulated fund
A list of all assets and liabilities
Debit
Money in
13 terms
Accounting - Business
Assets
Liabilities
Equity
Income
Something of value owned
Something of value owed
Assets less liabilities
inflows into the business from selling a good or service
Assets
Something of value owned
Liabilities
Something of value owed
19 terms
Business and Accounting
Types of Employment
Permanent workers
Casual workers
Full time workers
• Permanent workers... • Casual workers... • Full time work... • Part…
~Employed on basis of a contract... ~Work place agreement... ~Award…
~No set hours... ~Work when required... ~Paid on hourly / daily rat…
~38 + hours... ~Receive wages... ~Employment conditions identified…
Types of Employment
• Permanent workers... • Casual workers... • Full time work... • Part…
Permanent workers
~Employed on basis of a contract... ~Work place agreement... ~Award…
31 terms
Business - Accounting
Accounting
(Acct)Financing
(Acct)Investing
(Acct)Operating
Process of measuring, interpreting, and communicating financi…
activities to provide necessary funds to start and expand a b…
activities provide valuable assets required to run a business
activities focus on selling goods and services, but they also…
Accounting
Process of measuring, interpreting, and communicating financi…
(Acct)Financing
activities to provide necessary funds to start and expand a b…
10 terms
Business Accounting
Corporation
Merchandising Business
Fiscal Year
Processing
A business owned by stockholders.
A business that purchases and sells goods.
any 12 consecutive months used as an accounting period
Recognizing the effect of transactions on the assets, liabili…
Corporation
A business owned by stockholders.
Merchandising Business
A business that purchases and sells goods.
23 terms
Business - Accounting
transactions
ways to increase cash flow
a financial statement contains:
accounting equation
financial activities in a business
-increase price of goods... -minimize costs... -spread out expenses…
-balance sheet... -income statement... -cash flow statement
a+l=oe
transactions
financial activities in a business
ways to increase cash flow
-increase price of goods... -minimize costs... -spread out expenses…
16 terms
Business Accounting
Accounts Payable
Accounts Receivable
Equity
Revenue
Accounts payable (AP) is an accounting entry that represents…
Accounts receivable refers to the outstanding invoices a comp…
The value of an asset less the value of all liabilities on th…
Revenue is the amount of money that a company actually receiv…
Accounts Payable
Accounts payable (AP) is an accounting entry that represents…
Accounts Receivable
Accounts receivable refers to the outstanding invoices a comp…
16 terms
Business/ Accounting
For Profit
Not-for-Profit
__/10 businesses will fail
Risk Adverse
Revenue>Expenses
Generate profit to survive
9; risk
prefer known/ unknown (less likely to take risk)
For Profit
Revenue>Expenses
Not-for-Profit
Generate profit to survive
34 terms
Business Accounting
A Trial Balance
Accounting records are kept in two for…
Written accounting records
Computer accounting records
summary of all the entries in the double-entry system. Checks…
handwritten record or computer records
The main record is the ledger- large leather bound volume, ne…
Business transactions input into the computer and stored on d…
A Trial Balance
summary of all the entries in the double-entry system. Checks…
Accounting records are kept in two for…
handwritten record or computer records
22 terms
Business Accounting
Accounting
Accounting system
Accounting records
Financial statements
Planning, recording, analyzing, and interrupting financial in…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activities
Financial reports that summarize the financial conditions and…
Accounting
Planning, recording, analyzing, and interrupting financial in…
Accounting system
A planned process for providing financial information that wi…
22 terms
Business Accounting
Accounting Equation
Sole Proprietorship
Partnership
Limited-Liability Corporation
Assets=Liability+Owner's Equity
1 Owner... Personally Liable
2+ Owners... Liable
Members... Not Liable
Accounting Equation
Assets=Liability+Owner's Equity
Sole Proprietorship
1 Owner... Personally Liable
20 terms
Business and Accounting
Free Enterprise System
Profit
Loss
Entrepreneur
A system in which individuals are free to produce the goods a…
The amount earned above the amount of expense incurred to kee…
The result when business spends more money than it earns.
A person who transforms ideas for products or services into r…
Free Enterprise System
A system in which individuals are free to produce the goods a…
Profit
The amount earned above the amount of expense incurred to kee…
21 terms
Business Accounting
Step taken to ensure the general ledge…
Entries that create zero balances in t…
Credit entry
Debit entry
Trial Balance
Closing Entrees
Common Stock, Liability, Revenue
Asset, Expense, Dividends
Step taken to ensure the general ledge…
Trial Balance
Entries that create zero balances in t…
Closing Entrees
19 terms
Business/Accounting
Start up
Operating
Cash
Asset Records
Plans income and expenses from beginning of new business or m…
describe financial plan for on going operations of a business…
An estimate of actual money received and paid our for a speci…
list buildings and equipment owned by the business; their ori…
Start up
Plans income and expenses from beginning of new business or m…
Operating
describe financial plan for on going operations of a business…
16 terms
Business: Accounting
Balance sheet
Balance sheet equation
Order of Assets
Liquidity
A financial statement witch shows the financial position of a…
Assets = Liabilities + O/E
Liquidity Order
Order in witch assets would be most easily converted into cash.
Balance sheet
A financial statement witch shows the financial position of a…
Balance sheet equation
Assets = Liabilities + O/E
13 terms
Business and accounting
Free enterprise system
Profit
Loss
Entrepreneur
A system in which individuals are free to produce the goods a…
The amount earned above the amount of expense incurred to kee…
The result when a business spends more money than it earns.
A person who transform ideas for products or services into a…
Free enterprise system
A system in which individuals are free to produce the goods a…
Profit
The amount earned above the amount of expense incurred to kee…
20 terms
Accounting in Business
External users include lenders, shareh…
Internal users include lenders, shareh…
Owners of a corporation are called sha…
The balance sheet shows a company's ne…
True
False
True
False - Shows a period of one day.
External users include lenders, shareh…
True
Internal users include lenders, shareh…
False
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