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Study sets matching "accounting 1 basics"

19 terms
Learn Accounting Basics 1
Accounting
Transactions
Internal and External
Cash and Credit Sale
The process of identifying, recording and communicating busin…
An event between two or more persons
There are two broad groups of users of financial information:
Two type of sale are
Accounting
The process of identifying, recording and communicating busin…
Transactions
An event between two or more persons
16 terms
Accounting Basics
Book Keeping
Accounting
Accounting Equation
Assets
Recording business transactions in the Books of Accounts usin…
Preparation of Financial Statements from records created by B…
An equation showing the relationship among (A)Assets, ... (L)Lia…
The properties/resources owned by a business. (What a busines…
Book Keeping
Recording business transactions in the Books of Accounts usin…
Accounting
Preparation of Financial Statements from records created by B…
13 terms
Accounting Basics (Accounting Coach) #1
Cost Principle
Conservatism
In short, the cost principle generally…
Unearned Revenue
The accounting guideline requiring amounts in the accounts an…
When an accountant must choose between valuing a certain asse…
...
A liability account that reports amounts received in advance…
Cost Principle
The accounting guideline requiring amounts in the accounts an…
Conservatism
When an accountant must choose between valuing a certain asse…
14 terms
Accounting Chapter 1 Basics
Accounting
Accounting Equation
Accounting Records
Asset
Planning, recording, analyzing and interpreting financial inf…
An equation showing the relationship among assets, liabilitie…
Organized summaries of a business's financial activities
Anything of value that is owned
Accounting
Planning, recording, analyzing and interpreting financial inf…
Accounting Equation
An equation showing the relationship among assets, liabilitie…
19 terms
Learn Accounting Basics 1
Accounting
Transactions
Internal and External
Cash and Credit Sale
The process of identifying, recording and communicating busin…
An event between two or more persons
There are two broad groups of users of financial information:
Two type of sale are
Accounting
The process of identifying, recording and communicating busin…
Transactions
An event between two or more persons
33 terms
Accounting 1 Basics
"Entity" Concept
"Going Concern" Concept
"Time Period" Concept
Reliability Principle
An organization stands apart from other organizations as a se…
An entity will continue to operate long enough to recover the…
Report information at regular intervals
accounting records must be based on the most reliable data av…
"Entity" Concept
An organization stands apart from other organizations as a se…
"Going Concern" Concept
An entity will continue to operate long enough to recover the…
10 terms
Diploma Accounting Basics 1
Accounting
Transactions
Internal and External
Income Statement and Balancesheet
The process of identifying, recording and communicating busin…
An event between two or more persons
There are two broad groups of users of financial information:
The financial statement prepared by a company are
Accounting
The process of identifying, recording and communicating busin…
Transactions
An event between two or more persons
16 terms
Accounting Basics - Chapter 1
Accounting
Asset
Liability
Equity
process of planning, recording, analyzing & interpreting fina…
anything of value owned
amount owed to another
financial right to the assets of a business
Accounting
process of planning, recording, analyzing & interpreting fina…
Asset
anything of value owned
21 terms
Accounting Basics (quiz 1)
The financial statement that reports t…
The financial statement that reports a…
Under the accrual basis of accounting,…
Under the accrual basis of accounting,…
Income Statement
Balance Sheet
Service or goods have been delivered
Expense matches the revenues or is used up
The financial statement that reports t…
Income Statement
The financial statement that reports a…
Balance Sheet
17 terms
Accounting basics 2.1
Bookkeeping
Financial accounting
Management accountants or managerial a…
Cost accounting
involves recording day-to-day sales, and purchases and revenu…
involves preparing financial statements for external use by s…
provide information for internal use by company managers, abo…
involves determining the cost per unit manufactured, taking i…
Bookkeeping
involves recording day-to-day sales, and purchases and revenu…
Financial accounting
involves preparing financial statements for external use by s…
37 terms
accounting basic vocabulary 1
accountant
reliable
operation
accounts
comptable
fiable
fonctionnement
comptes
accountant
comptable
reliable
fiable
12 terms
Unit 1: Basic Accounting
Net Income Equation
Accounting Equation
Owners' Equity Equation
Contributed capital equation
Revenues - Expenses
Assets = Liabilities + Shareholders Equity
Assets - Liabilities
Beginning CC + New CC
Net Income Equation
Revenues - Expenses
Accounting Equation
Assets = Liabilities + Shareholders Equity
22 terms
1 Basic Accounting Terms
accounting
accounting system
accounting records
financial statements
planning, recording, analyzing, and interpreting 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 interpreting financial in…
accounting system
a planned process for providing financial information that wi…
16 terms
POA 1: Basic Accounting
Accounting
Increased profit
Users of information
Stakeholders
1. the process of identifying, measuring, recording and commu…
Increased Assets, Increased Wealth
Varied, but are usually the stakeholders
are various groups of people who have a vested interest in th…
Accounting
1. the process of identifying, measuring, recording and commu…
Increased profit
Increased Assets, Increased Wealth
30 terms
Basics of Accounting
accounting
proprietorship
limited resources
unlimited liability
planning,recording, analyzing, and interpreting financial info
when one person owns a business
the owner is the only one that can invest cash and other asse…
personal assets are at risk in a personal law suit
accounting
planning,recording, analyzing, and interpreting financial info
proprietorship
when one person owns a business
19 terms
Ch 1: Accounting Basics
Accounting Equation
Assets
Liabilities
Equity
Assets = Liabilities + Stockholder's Equity
economic resources; something with future economic benefits
obligations; you owe someone something; debt
ownership; residual interest
Accounting Equation
Assets = Liabilities + Stockholder's Equity
Assets
economic resources; something with future economic benefits
32 terms
Accounting 1: Basic Concepts
1. Walk me through the 3 financial sta…
2. Can you give examples of major line…
3. How do the 3 statements link togeth…
4. If I were stranded on a desert isla…
• Income Statement: revenue and expenses over a period of tim…
• Income Statement: Revenue, Cost of Goods Sold, SG&A (Sellin…
• Net Income from Income Statement becomes top line of Cash F…
• Cash Flow Statement: gives true picture of how much cash th…
1. Walk me through the 3 financial sta…
• Income Statement: revenue and expenses over a period of tim…
2. Can you give examples of major line…
• Income Statement: Revenue, Cost of Goods Sold, SG&A (Sellin…
105 terms
Basic accounting 1
a purchase
To purchase
to make a down payment
the assets
Achat
Acheter
payer un acompte
l actif
a purchase
Achat
To purchase
Acheter
23 terms
Unit 1 Accounting (Basic Accounting Principles)
Basic Accounting Equation
Expanded Accounting Equation
Owner's Equity
Drawing Account
Assets=Liabilities+Owner's Equity
Assets=Liabilities+Capital-Withdrawals+Revenue-Expenses
Capital-Withdrawals+Revenue-Expenses
Another term for Withdrawal Account
Basic Accounting Equation
Assets=Liabilities+Owner's Equity
Expanded Accounting Equation
Assets=Liabilities+Capital-Withdrawals+Revenue-Expenses
Basic accounting chapter 1
Accounting for ASC
Accounting for AICPA
Accounting for AAA
identifying, measuring, communicating
A service entity which function is to provide quantitative in…
The art of recording, classifying and summarizing in a signif…
The process of identifying, measuring and communicating econo…
3 important activities omf accounting
Accounting for ASC
A service entity which function is to provide quantitative in…
Accounting for AICPA
The art of recording, classifying and summarizing in a signif…
58 terms
Accounting 1 - Basic terms
Proprietorship
Service business
Accounting
Accounting system
A business owned by a single person
A business that charges a fee to provide a service
Recording and analyzing financial information
The process of organizing financial information for later use
Proprietorship
A business owned by a single person
Service business
A business that charges a fee to provide a service
17 terms
Accounting 1 Basic Terms
Debit Financing
Equity Financing
Accounting
Investors
raising money by borrowing from individuals or entities calle…
raising funds through owner investment (sole proprietorship/p…
the system used to measure and describe the economic results…
stock purchasers ie. stockholders
Debit Financing
raising money by borrowing from individuals or entities calle…
Equity Financing
raising funds through owner investment (sole proprietorship/p…
19 terms
Basic Financial Accounting 1
What is Financial accounting?
What is an annual report
Management letter (Annual report)
Financial statement... & components.
"The process of identifying, measuring and communicating econ…
...
...
A financial statement (or financial report) is a formal recor…
What is Financial accounting?
"The process of identifying, measuring and communicating econ…
What is an annual report
...
76 terms
Accounting Basics Ch. 1-8
Account
Account Balance
Account Title
Accounting
A record summarizing all the information pertaining to a sing…
The amount in an account.
The name given to an account.
Planning, Recording, analyzing, and interpreting financial in…
Account
A record summarizing all the information pertaining to a sing…
Account Balance
The amount in an account.
36 terms
Basic Accounting-Lecture 1
Accounting
Bookkeeping
Sole Proprietorship
Partnership
A system that measures, processes, and communicates financial…
recording financial transactions and keeping financial records
A business owned and run by one person, that is not incorpora…
A business owned by two or more people and is not incorporated
Accounting
A system that measures, processes, and communicates financial…
Bookkeeping
recording financial transactions and keeping financial records
10 terms
Accounting Basics I set1
zaksięgować
rachunek; konto
księga rachunkowa
księga przychodów i rozchodów
to book; enter; post; record /ri'cord/... e.g. to book to the de…
account;... e.g. general ~ ; control ~ ; company's account
account book; accounting book; book of account... other types of…
revenue and expense book (ledger);... e.g. small units usually k…
zaksięgować
to book; enter; post; record /ri'cord/... e.g. to book to the de…
rachunek; konto
account;... e.g. general ~ ; control ~ ; company's account
185 terms
Accounting basics
How to calculate owner's equity?
Total assets $300,000, total liabiliti…
Total liabilities + OE =
On balance sheet, where can you find r…
Total assets - liabilities = OE
$220,000
Assets
It lists on Owner's equity section
How to calculate owner's equity?
Total assets - liabilities = OE
Total assets $300,000, total liabiliti…
$220,000
23 terms
Ch. 1 Managerial Accounting Basics
managerial accounting
management functions
organizational structure
controller and treasurer
provides economic and financial information for managers and…
planning- (managers look ahead and establish objectives) ... di…
*stockholders (own corporation)--> ... *board of directors (form…
*supports CFO, ... *controller- maintains the accounting records…
managerial accounting
provides economic and financial information for managers and…
management functions
planning- (managers look ahead and establish objectives) ... di…
26 terms
Accounting Basics
Assets = Liabilities + Owner's Equity
Asset
Liability
Revenue
What is the accounting equation?
Cash is classified as an
Accounts Payable is classified as a
Sales is also known as
Assets = Liabilities + Owner's Equity
What is the accounting equation?
Asset
Cash is classified as an
12 terms
Accounting Basics
Accounting Equation
Asset
Liability
Owner's Equity
Assets = Liabilities + Owner's Equity
Any of value that a business owns
Any amount owed by a business
The owner's financial right to a business
Accounting Equation
Assets = Liabilities + Owner's Equity
Asset
Any of value that a business owns
26 terms
Basic Accounting Test 1
Accounting system
Balance Sheet
Business entity
Certified Public Accountant (CPA)
The personnel, procedures, devises, and records used by an or…
Shows the financial position as of a particular date. (quarte…
The business is assumed to have an existence separate from it…
An accountant licensed by the state after meeting certain req…
Accounting system
The personnel, procedures, devises, and records used by an or…
Balance Sheet
Shows the financial position as of a particular date. (quarte…
20 terms
Chapter 1 Basic Accounting Terminology
Asset
Cash at Bank
Inventory (Stock)
Supplies / Materials
resource controlled by a business as a result of a past event…
money kept in a business bank account. An asset to the busine…
goods a business buys at cost price and then sells at a highe…
These are resources that are used up quickly when providing s…
Asset
resource controlled by a business as a result of a past event…
Cash at Bank
money kept in a business bank account. An asset to the busine…
76 terms
Accounting Basics Ch. 1-8
Account
Account Balance
Account Title
Accounting
A record summarizing all the information pertaining to a sing…
The amount in an account.
The name given to an account.
Planning, Recording, analyzing, and interpreting financial in…
Account
A record summarizing all the information pertaining to a sing…
Account Balance
The amount in an account.
76 terms
Accounting Basics Ch. 1-8
Account
Account Balance
Account Title
Accounting
A record summarizing all the information pertaining to a sing…
The amount in an account.
The name given to an account.
Planning, Recording, analyzing, and interpreting financial in…
Account
A record summarizing all the information pertaining to a sing…
Account Balance
The amount in an account.
76 terms
Accounting Basics Ch. 1-8
Account
Account Balance
Account Title
Accounting
A record summarizing all the information pertaining to a sing…
The amount in an account.
The name given to an account.
Planning, Recording, analyzing, and interpreting financial in…
Account
A record summarizing all the information pertaining to a sing…
Account Balance
The amount in an account.
12 terms
Accounting Basics
Accounting
Financial Statements
Asset
Liability
The process of planning, recording, analyzing, and interpreti…
Financial reports that summarize the financial condition and…
Anything of value that is owned.
An amount owed.
Accounting
The process of planning, recording, analyzing, and interpreti…
Financial Statements
Financial reports that summarize the financial condition and…
23 terms
Unit 1 Accounting (Basic Accounting Principles)
Basic Accounting Equation
Expanded Accounting Equation
Owner's Equity
Drawing Account
Assets=Liabilities+Owner's Equity
Assets=Liabilities+Capital-Withdrawals+Revenue-Expenses
Capital-Withdrawals+Revenue-Expenses
Another term for Withdrawal Account
Basic Accounting Equation
Assets=Liabilities+Owner's Equity
Expanded Accounting Equation
Assets=Liabilities+Capital-Withdrawals+Revenue-Expenses
19 terms
ACCOUNTING Basics
GAAP
IFRS
3 main financial reports or statements
A balance sheet, also called
accounting rules referred to Generally Accepted Accounting Pr…
GAAP rules may be replaced by another set of similar rules re…
1 Balance sheet... 2 Income statement... 3 Statement of cash flow
a statement of financial position, is a report of the organiz…
GAAP
accounting rules referred to Generally Accepted Accounting Pr…
IFRS
GAAP rules may be replaced by another set of similar rules re…
76 terms
Accounting Basics Ch. 1-8
Account
Account Balance
Account Title
Accounting
A record summarizing all the information pertaining to a sing…
The amount in an account.
The name given to an account.
Planning, Recording, analyzing, and interpreting financial in…
Account
A record summarizing all the information pertaining to a sing…
Account Balance
The amount in an account.
76 terms
Accounting Basics Ch. 1-8
Account
Account Balance
Account Title
Accounting
A record summarizing all the information pertaining to a sing…
The amount in an account.
The name given to an account.
Planning, Recording, analyzing, and interpreting financial in…
Account
A record summarizing all the information pertaining to a sing…
Account Balance
The amount in an account.
51 terms
Accounting I Basics
Objective Evidence
Matching Expenses with Revenue
Adequate Disclosure
Accounting Period Cycle
Using a memorandum as the source document for a dishonored ch…
Making adjustments to general ledger accounts is an applicati…
When financial statements contain all necessary information t…
Preparing financial statements at the end of each monthly fis…
Objective Evidence
Using a memorandum as the source document for a dishonored ch…
Matching Expenses with Revenue
Making adjustments to general ledger accounts is an applicati…
28 terms
Accounting Basics
Balance Sheet
Income Statement
Statement of Cash Flows
Statement of Stockholders Equity
Amount of assets, liabilities, and stockholder' equity at a s…
Reports revenues, expenses, gains, losses, and net income dur…
Reports the changes in cash and cash equivalents during a per…
Reports the changes in the components of Stockholders' equity…
Balance Sheet
Amount of assets, liabilities, and stockholder' equity at a s…
Income Statement
Reports revenues, expenses, gains, losses, and net income dur…
56 terms
Basics of Accounting
Financing Activities
Equity
Equity Investors, Stock Holder or Shar…
Debt
Those transactions that raise funds for the company to operat…
Refers to ownership.
Purchasers of stock
Borrowing money from investors or banks.
Financing Activities
Those transactions that raise funds for the company to operat…
Equity
Refers to ownership.
58 terms
Accounting Coach: Accounting Basics
Revenue Recognition Principle
Balance Sheet Effect : When Revenue is…
Balance Sheet Effect: service or sale…
Balance sheet Effect: service or sale…
The accounting guideline requiring that revenues be shown on…
An increase in Cash (if the service or sale was for cash), ... A…
An increase in cash (asset) on balance sheet
An increase in Accounts Receivable (asset) on balance sheet
Revenue Recognition Principle
The accounting guideline requiring that revenues be shown on…
Balance Sheet Effect : When Revenue is…
An increase in Cash (if the service or sale was for cash), ... A…
16 terms
Accounting Basics
Balance Sheet
Income Statement
Statement of Cash Flows
Statement of Retained Earnings
At a specific point in time:... Assets... Liabilities... Shareholders…
Revenues (-) Expenses ... =Net Income
Cash receipts and disbursements ... Related to a firm's three ma…
Changes that have taken place in the retained earnings accoun…
Balance Sheet
At a specific point in time:... Assets... Liabilities... Shareholders…
Income Statement
Revenues (-) Expenses ... =Net Income
30 terms
Accounting Basics —VCE Accounting Unit 1
Recording
Financial data
Reporting
Financial information
Sorting, classifying and summarising information contained in…
Raw facts and figures upon which financial information is bas…
The preparation of financial statements that communicate fina…
Financial data that has been sorted, classified and summarise…
Recording
Sorting, classifying and summarising information contained in…
Financial data
Raw facts and figures upon which financial information is bas…
23 terms
Unit 1 Accounting (Basic Accounting Principles)
Basic Accounting Equation
Expanded Accounting Equation
Owner's Equity
Drawing Account
Assets=Liabilities+Owner's Equity
Assets=Liabilities+Capital-Withdrawals+Revenue-Expenses
Capital-Withdrawals+Revenue-Expenses
Another term for Withdrawal Account
Basic Accounting Equation
Assets=Liabilities+Owner's Equity
Expanded Accounting Equation
Assets=Liabilities+Capital-Withdrawals+Revenue-Expenses
11 terms
Accounting Basics
NET INCOME
GROSS MARGIN (GROSS PROFIT)
EXPENSES
TYPES OF REPORTS
REVENUES-(COST OF GOODS SOLD + EXPENSES)
REVENUES - COGS
OPERATING EXPENSES... INTEREST EXPENSES... TAX EXPENSES
BALANCE SHEET... INCOME STATEMENT (PROFIT AND LOSS STATEMENT)
NET INCOME
REVENUES-(COST OF GOODS SOLD + EXPENSES)
GROSS MARGIN (GROSS PROFIT)
REVENUES - COGS
10 terms
Accounting Basics
What is the Accounting Equation
What is the Dominate side of an "Asset"
What family is "Accounts Payable" in
What family is "Revenue" in
A=L+OE
Debit
Liabilities
Owner's Equity
What is the Accounting Equation
A=L+OE
What is the Dominate side of an "Asset"
Debit
47 terms
Accounting Basics
GAAP
SEC
AICPA
FASB
Generally Accepted Accounting Principles (determined by the S…
Securities and Exchange Commission (regulates public capital…
American Institute of Certified Public Accountants (regulates…
Financial Accounting Standards Board
GAAP
Generally Accepted Accounting Principles (determined by the S…
SEC
Securities and Exchange Commission (regulates public capital…
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