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.
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…
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
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.
43 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
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…
providing 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…
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 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…
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
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
Business Accounts
Motor Vehicle
Bank loan
Cash
A/P
A
L
A
L
Motor Vehicle
A
Bank loan
L
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
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…
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.
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
31 terms
Business Accounting
What is Accounting?
Why do record keeping?
Accountability:
Budgeting
The process of recording, analyzing, and interpreting the eco…
Accountability:... Budgeting... Taxation... Financial Statements... Annua…
-Businesses guarantee this through bookkeeping... -Bookkeeping i…
-Businesses must be able to forecast future income and expens…
What is Accounting?
The process of recording, analyzing, and interpreting the eco…
Why do record keeping?
Accountability:... Budgeting... Taxation... Financial Statements... Annua…
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…
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
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,…
7 terms
Accounting the Language of Business
Asset
Liability
Shareholders Equity
Working Capital
something the company owns
amount the company owes
residual amount belong to the shareholders
current assets less liabilities
Asset
something the company owns
Liability
amount the company owes
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
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.
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
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
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…
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…
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
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…
17 terms
business accounting
accounting is
how much money the business has, how m…
Generally Accepted Accounting Principles
corporation
the process of keeping track of a business' finances
accounting shows..
GAAP stands for...
an organization that is made up of many owners who normally a…
accounting is
the process of keeping track of a business' finances
how much money the business has, how m…
accounting shows..
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.
22 terms
IGCSE Business : Business Accounting
profit and loss
trading account
sales revenue
gross profit
... ... ... account is an account that records business sales…
... ... is the part of the profit and loss account that recor…
... ... (... turnover) is the value of sales in a certain tim…
... ... is the profit after subtracting the cost of sales fro…
profit and loss
... ... ... account is an account that records business sales…
trading account
... ... is the part of the profit and loss account that recor…
12 terms
business accounting
preauthorized payment
cost principle
depreciation
bookkeeping
paying automatically from a back account on a specific date e…
always recording asset at the actual amount it cost the busin…
asset loses value over time (no longer actually worth the cos…
recording of all transactions
preauthorized payment
paying automatically from a back account on a specific date e…
cost principle
always recording asset at the actual amount it cost the busin…
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
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
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…
5 terms
Business Accountant
Netflix
Wal-Mart
Apple store
Dillon's
Merchandising, Service
Merchandising Business
Manufacturing, Merchandising, Service
Merchandising Business
Netflix
Merchandising, Service
Wal-Mart
Merchandising Business
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…
26 terms
Business - Accounting
Owners Equity
Asset
Inventories
Ledger
Value of the owners investment
Item of value owned by the business
Goods that a business keeps on hand to sell at a profit
A record of all accounts listed in a specific order
Owners Equity
Value of the owners investment
Asset
Item of value owned by the business
14 terms
Business accounting
Accounts receivable ledger
Cash discounts
Contra-revenue account
Controlling account
A separate ledger containing an individual account receivable…
Discounts to encourage prompt payment by customers who by mer…
An account with a debit balance that is deducted from the rel…
A summary account maintained in the general ledger with a sub…
Accounts receivable ledger
A separate ledger containing an individual account receivable…
Cash discounts
Discounts to encourage prompt payment by customers who by mer…
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…
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
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)
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…
7 terms
Business: Accounting
Income Statement
Revenue
Expenses
Balance sheet
Is a financial statement that shows a businesses profit or lo…
Is the money made from the sale of goods or services
The expenditures that help a business generate revenue
A statement that shows the financial position of a business o…
Income Statement
Is a financial statement that shows a businesses profit or lo…
Revenue
Is the money made from the sale of goods or services
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
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…
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
Business- Accounting
CPA
Net Worth(owners equity)
Income Statement
Accounts Receivable
Certified Public Accountant
Total assets - liabilities ... value of a company
revenue, gain & loss, expenses,
Money owed to a company
CPA
Certified Public Accountant
Net Worth(owners equity)
Total assets - liabilities ... value of a company
Business- Accounting
Accounting
Inputs
Processing
Outputs
The recording, classifying, summarizing, and interpreting of…
Accounting documents; sales documents, purchasing documents,…
1. Entries are made into journals: recording... 2. The effects o…
Statements; balance sheet, income statement, statement of cas…
Accounting
The recording, classifying, summarizing, and interpreting of…
Inputs
Accounting documents; sales documents, purchasing documents,…
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