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Study sets matching "accounting 1 chapter 8"

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Study sets matching "accounting 1 chapter 8"

6 terms
Accounting I - Chapter 8
accounting cycle
adjusting entries
closing entries
permanent accounts
the series of accounting activities included in recording fin…
journal entries recorded to update general ledger accounts at…
journal entries used to prepare temporary accounts for a new…
accounts used to accumulate information from one fiscal perio…
accounting cycle
the series of accounting activities included in recording fin…
adjusting entries
journal entries recorded to update general ledger accounts at…
13 terms
glencoe accounting 1 chapter 8
Balance sheet section
capital
heading
Trial balance section
The ____ of the work sheet includes all permanent general led…
A net income or loss will increase or decrease the ___ account.
The _____ explains the who, what, and when of the work sheet.
The ____ of the work sheet includes all the general ledger ac…
Balance sheet section
The ____ of the work sheet includes all permanent general led…
capital
A net income or loss will increase or decrease the ___ account.
20 terms
Accounting 1: Chapter 8
Trial Balance
Balance Sheet Section
Net Income
Credit
The first two columns of the trial balance are used to enter…
The permanent general ledger accounts are extended to the ___…
A ___ results when revenue is larger than expenses.
A net loss is entered in the ___ column of the income stateme…
Trial Balance
The first two columns of the trial balance are used to enter…
Balance Sheet Section
The permanent general ledger accounts are extended to the ___…
5 terms
Accounting I ~ Chapter 8
matching principle
net income
net loss
ruling
Principle requiring that the expenses incurred in an accounti…
The amount by which total revenue exceeds total expenses for…
The amount by which total expenses exceed total revenue for t…
Drawing a line; a single rule (line) drawn under a column of…
matching principle
Principle requiring that the expenses incurred in an accounti…
net income
The amount by which total revenue exceeds total expenses for…
6 terms
Accounting 1 Chapter 8 Vocabulary
adjusting entries
permanent accounts
temporary accounts
closing entries
journal entries recorded to update general ledger accounts at…
accounts used to accumulate information from one fiscal perio…
accounts used to accumulate information until it is transferr…
journal entries used to prepare temporary accounts for a new…
adjusting entries
journal entries recorded to update general ledger accounts at…
permanent accounts
accounts used to accumulate information from one fiscal perio…
13 terms
Accounting Chapter 8
Balance sheet section
capital
heading
Trial balance section
The ____ of the work sheet includes all permanent general led…
A net income or loss will increase or decrease the ___ account.
The _____ explains the who, what, and when of the work sheet.
The ____ of the work sheet includes all the general ledger ac…
Balance sheet section
The ____ of the work sheet includes all permanent general led…
capital
A net income or loss will increase or decrease the ___ account.
16 terms
Accounting I - Chapter 8
adjusting entries
permanent accounts
temporary accounts
closing entries
journal entries recorded to update general ledger accounts at…
accounts used to accumulate information from one fiscal perio…
accounts used to accumulate information until it is transferr…
journal entries used to prepare accounts for a new fiscal per…
adjusting entries
journal entries recorded to update general ledger accounts at…
permanent accounts
accounts used to accumulate information from one fiscal perio…
14 terms
Principles of Accounting Level 1 - Chapter 8
Change in Accounting Method
Dissolution
Extraordinary Item
Initial Public Offering (IPO)
Adopting an alternative but still acceptable method of accoun…
The breakup of a partnership.
An event causing a gain or a loss that are both unusual in na…
A privately held company's offering of the first sales of its…
Change in Accounting Method
Adopting an alternative but still acceptable method of accoun…
Dissolution
The breakup of a partnership.
83 terms
Financial Accounting Chapter 8
Acid-test ratio
Commercial paper
Contingencies
Contingent gain
Cash, current investments, and accounts receivable divided by…
Borrowing from another company rather than from a bank
Uncertain situations that can result in a gain or a loss for…
An existing uncertain situation that might result in a gain
Acid-test ratio
Cash, current investments, and accounts receivable divided by…
Commercial paper
Borrowing from another company rather than from a bank
20 terms
Accounting 1 Chapter 8
Internal Control
Physical Inventory
Control Environment
Risk Assessment
A process that achieves this goal by establishing the reliabi…
Facilitates control over merchandise inventory. Involves an a…
Created by managements overall attitude. awareness, and actio…
Identifying areas in which risks of loss of assets or inaccur…
Internal Control
A process that achieves this goal by establishing the reliabi…
Physical Inventory
Facilitates control over merchandise inventory. Involves an a…
6 terms
Accounting Chapter 8
Accounting Cycle
Adjusting Entries
Closing Entries
Permanent Accounts
The series of accounting activities included in recording fin…
Journal entries recorded to update general ledger accounts at…
Journal entries used to prepare temporary accounts for a new…
Accounts used to accumulate information from one fiscal perio…
Accounting Cycle
The series of accounting activities included in recording fin…
Adjusting Entries
Journal entries recorded to update general ledger accounts at…
15 terms
Accounting 1 chapter 8
Accounting cycle
Closing entries
Permanent account
Post closing trial balance
This series of accounting Activities included and recording f…
Journal entries used to compare temporary accounts for a new…
Accounts used to accumulate information from one fiscal perio…
A trial balance prepared after the closing entries are posted
Accounting cycle
This series of accounting Activities included and recording f…
Closing entries
Journal entries used to compare temporary accounts for a new…
6 terms
Accounting Chapter 8
Accounting Cycle
Adjusting Entries
Closing Entries
Permanent Accounts
The series of accounting activities included in recording fin…
Journal entries recorded to update general ledger accounts at…
Journal entries used to prepare temporary accounts for a new…
Accounts used to accumulate information from one fiscal perio…
Accounting Cycle
The series of accounting activities included in recording fin…
Adjusting Entries
Journal entries recorded to update general ledger accounts at…
7 terms
Chapter 8 Accounting 1
Notes Payable
Current Ratio
Contingent Liability
Interest Payable
written promises to repay amounts borrowed plus interest
current assets divided by current liabilities; measures the a…
an existing uncertain situation that might result in a loss
...
Notes Payable
written promises to repay amounts borrowed plus interest
Current Ratio
current assets divided by current liabilities; measures the a…
11 terms
Accounting 1 (Chapter 8)
Sarbanes-Oxley Act
Internal Control
Publicly Held Companies
Objectives of Internal Control
Maintains public confidence and trust in the financial report…
The procedures and processes used by a company to 1) Safeguar…
Companies whose stock is traded on public exchanges.
1) Assets are safeguarded and used for business purposes, 2)…
Sarbanes-Oxley Act
Maintains public confidence and trust in the financial report…
Internal Control
The procedures and processes used by a company to 1) Safeguar…
17 terms
Accounting 1 Chapter 8
Sarbanes-Oxley Act (SOX)
bank reconciliation
bank statement
cash
An act passed by the Congress to restore public confidence an…
The analysis that details the items responsible for the diffe…
A summary of all transactions mailed to the depositor or made…
Coins, currency (paper money), checks, money orders, and mone…
Sarbanes-Oxley Act (SOX)
An act passed by the Congress to restore public confidence an…
bank reconciliation
The analysis that details the items responsible for the diffe…
22 terms
Accounting 1, Chapter 8 Vocabulary
Receivable
Debtor
Accounts Receivable
Notes Receivable
A monetary claim against a business or an individual.
The party to a credit transaction who takes on an obligation/…
The right to receive cash in the future from customers for go…
A written promise that a customer will pay a fixed amount of…
Receivable
A monetary claim against a business or an individual.
Debtor
The party to a credit transaction who takes on an obligation/…
9 terms
Accounting 1 Chapter 8
Internal Control
Sarbanes-Oxley Act (SOX)
Principles of Internal Control
Technology and Internal Control
System to monitor and control business activities, consisting…
...
1. Establish responsibilities... 2. maintain adequate records... 3.…
Reduced processing errors... More extensive testing of records... L…
Internal Control
System to monitor and control business activities, consisting…
Sarbanes-Oxley Act (SOX)
...
Accounting 1 - Chapter 8
Audit
bank collection
bank reconciliation
bank statement
the examination of financial statements by outside accountant…
collection of money by the bank on behalf of a depositor
process of explaining the reasons for the difference between…
document for a particular bank account showing its beginning…
Audit
the examination of financial statements by outside accountant…
bank collection
collection of money by the bank on behalf of a depositor
11 terms
Accounting 1, Chapter 8
Bank reconciliation
bank statement
deposit in transit
internal control structure
a company prepares this to analyze the difference between the…
summarizes the company's banking activities (deposits, paid c…
is a cash receipt that the company has added to its cash acco…
set of policies and procedures that directs how employees sho…
Bank reconciliation
a company prepares this to analyze the difference between the…
bank statement
summarizes the company's banking activities (deposits, paid c…
19 terms
Accounting 1 Chapter 8
bank reconciliation
bank statement
canceled checks
cash over and short
a report explaining any differences between the checking acco…
shows the activity of an account
checks the bank has paid and deducted from the customer's acc…
an income statement account recording the income effects of c…
bank reconciliation
a report explaining any differences between the checking acco…
bank statement
shows the activity of an account
6 terms
Accounting Chapter 8
adjusting entries
permanent accounts
temporary accounts
closing entries
Journal entries recorded to update general ledger accounts at…
Accounts used to accumulate information from one fiscal perio…
Accounts used to accumulate information until it ... is transfer…
Journal entries used to prepare temporary accounts for ... a new…
adjusting entries
Journal entries recorded to update general ledger accounts at…
permanent accounts
Accounts used to accumulate information from one fiscal perio…
8 terms
Accounting 1 Chapter 8 & 9 Vocab
worksheet
steps to complete a worksheet
steps to complete an Income Statement…
steps to complete a Statement of Chang…
working paper used to collect information from the general le…
1) heading Who? What? When-- For the Period Ending?... 2) accoun…
1) heading Who? What? When-- For the Period Ending?... 2) Sectio…
1) heading Who? What? When-- For the period ending...?... 2) sec…
worksheet
working paper used to collect information from the general le…
steps to complete a worksheet
1) heading Who? What? When-- For the Period Ending?... 2) accoun…
40 terms
Accounting 1: Chapter 8 Review
The drawing account is...
(T/F) Temporary accounts show changes…
Journal entries recorded to update gen…
(T/F) Temporary accounts begin a new f…
Neither a revenue nor an expense account
True
Adjusting entries
False
The drawing account is...
Neither a revenue nor an expense account
(T/F) Temporary accounts show changes…
True
18 terms
Accounting 1 chapter 8 VOCAB
Accounts receivable
Notes receivable
Other receivables
Uncollectible receivables... What is a b…
are normally expected to be collected within a relatively sho…
are amounts that customers OWE for which a formal, written in…
expected to be collected within one year are classified as cu…
-Companies often sell their receivables to other companies.…
Accounts receivable
are normally expected to be collected within a relatively sho…
Notes receivable
are amounts that customers OWE for which a formal, written in…
22 terms
Account 1 Chapter 8
Receivable
Debtor
Accounts Receivable
Notes Receivable
A monetary claim against a business or an individual
The party to a credit transaction who takes on an obligation/…
The right to receive cash in the future from customers for go…
A written promise that a customer will pay a fixed amount of…
Receivable
A monetary claim against a business or an individual
Debtor
The party to a credit transaction who takes on an obligation/…
Accounting Chapter 8
Permanent Accounts
Temporary Accounts
Closing Entries
Post-Closing Trial Balance
Accounts used to accumulate information from one fiscal perio…
Accounts used to accumulate information until it is transferr…
Journal entries used to prepare temporary accounts for a new…
A trial balance prepared after the closing entries are posted
Permanent Accounts
Accounts used to accumulate information from one fiscal perio…
Temporary Accounts
Accounts used to accumulate information until it is transferr…
65 terms
Accounting Chapter 8
Capital Expenditure or Revenue Expendi…
Capital Expenditure or Revenue Expendi…
Capital Expenditure or Revenue Expendi…
Capital Expenditure or Revenue Expendi…
Capital Expenditure
Capital Expenditure
Revenue Expenditure
Capital Expenditure
Capital Expenditure or Revenue Expendi…
Capital Expenditure
Capital Expenditure or Revenue Expendi…
Capital Expenditure
21 terms
Accounting Chapter 8
Accounting Cycle
Adjusting Entries
Closing Entries
Permanent Accounts
The series of accounting activities included in recording fin…
Journal entries recorded to update general ledger accounts at…
Journal entries used to prepare temporary accounts for a new…
Accounts used to accumulate information from one fiscal perio…
Accounting Cycle
The series of accounting activities included in recording fin…
Adjusting Entries
Journal entries recorded to update general ledger accounts at…
22 terms
Accounting I Chapter 8
Receivable
Debtor
Accounts Receivable
Note Receivable
A monetary claim against a business or an individual
The party to a credit transaction who takes on an obligation/…
The right to receive cash in the future from customers for go…
A written promise that a customer will pay a fixed amount of…
Receivable
A monetary claim against a business or an individual
Debtor
The party to a credit transaction who takes on an obligation/…
9 terms
Accounting 1 Chapter 8
Which accounting concept applies when…
After adjusting entries are posted, th…
Information needed for journalizing th…
Which accounting concept applies when…
Accounting Period Cycle
The cost of the supplies on hand at the end of the fiscal per…
Work sheet's Adjusting columns
Matching Expenses with Revenue
Which accounting concept applies when…
Accounting Period Cycle
After adjusting entries are posted, th…
The cost of the supplies on hand at the end of the fiscal per…
15 terms
Accounting I- Chapter 8
Permanent Accounts
Temporary Accounts
Closing Entries
Post-Closing trial balance
Accounts used to accumulate information from one fiscal perio…
Accounts used to accumulate information until it is transferr…
Journal entries used to prepare temporary accounts for a new…
A trial balance prepared after the closing entries are posted
Permanent Accounts
Accounts used to accumulate information from one fiscal perio…
Temporary Accounts
Accounts used to accumulate information until it is transferr…
21 terms
Accounting II- Chapter 8
Accounts receivable
Accounts receivable turnover ratio
Acid test ratio
Aging of receivables method
The right to receive cash in the future from customers for go…
A ratio that measures the number of times the company collect…
The ratio of the sum of cash plus short term investments plus…
A method of estimating uncollectible receivables by determini…
Accounts receivable
The right to receive cash in the future from customers for go…
Accounts receivable turnover ratio
A ratio that measures the number of times the company collect…
16 terms
Principles of Accounting 1 Chapter 8
The Sarbanes-Oxley Act of 2002 was pas…
For strong internal control system ove…
Expenditures from a petty cash fund ar…
In preparing a bank reconciliation, th…
True
False
True
False
The Sarbanes-Oxley Act of 2002 was pas…
True
For strong internal control system ove…
False
20 terms
Accounting 1 Chapter 8 Vocab
Work Sheet
Ruling
Matching Principle
Net Income
Working Paper used to collect info from ledger accounts in on…
Drawing a line under a column of accounts, totaling the above…
Requires matching expenses incurred in an accounting period w…
Amount of money that remains after net loss has been subtract…
Work Sheet
Working Paper used to collect info from ledger accounts in on…
Ruling
Drawing a line under a column of accounts, totaling the above…
13 terms
Accounting Chapter 8 Terms
worksheet
ruling
matching principle
net income
a working paper used to collect information from the ledger a…
means "drawing a line"
principle stating that expenses are compared to revenues for…
the amount of revenue that remains after expenses for the per…
worksheet
a working paper used to collect information from the ledger a…
ruling
means "drawing a line"
13 terms
glencoe accounting 1 chapter 8
Balance sheet section
capital
The _____ explains the who, what, and…
The ____ of the work sheet includes al…
The ____ of the work sheet includes all permanent general led…
A net income or loss will increase or decrease the ___ account.
heading
Trial balance section
Balance sheet section
The ____ of the work sheet includes all permanent general led…
capital
A net income or loss will increase or decrease the ___ account.
6 terms
Accounting I - Chapter 8
adjusting entries
permanent accounts
temporary accounts
closing entries
journal entries recorded to update general ledger accounts at…
accounts used to accumulate information from one fiscal perio…
accounts used to accumulate information until it is transferr…
journal entries used to prepare temporary accounts for a new…
adjusting entries
journal entries recorded to update general ledger accounts at…
permanent accounts
accounts used to accumulate information from one fiscal perio…
10 terms
Accounting Chapter 8 Vocabulary
Accounting cycle
Audit
Audit trail
Auditor
The series of accounting activities included in recording fin…
An examination of financial records, accounts, and supporting…
A paper or electronic path that provides a documented history…
The accountant who conducts the audit.
Accounting cycle
The series of accounting activities included in recording fin…
Audit
An examination of financial records, accounts, and supporting…
Principles of Accounting Chapter 8
Bank reconciliation
Bank service charge
Bank statement
Bonding
The process of comparing the bank's balance of an account wit…
A fee charged by a bank for the use of its services.
A monthly statement from the bank that shows the depositor's…
Obtaining insurance protection against theft by employees.
Bank reconciliation
The process of comparing the bank's balance of an account wit…
Bank service charge
A fee charged by a bank for the use of its services.
6 terms
Accounting 1 Chapter 8 Terms
Adjusting Entries
Permanent Accounts
Temporary Accounts
Closing Entries
Journal entries recorded to update general ledger accounts
Accounts used to accumulate info from one fiscal period to th…
Accounts used to accumulate info until it is transferred to t…
Journal entries used to prepare temporary accounts for a new…
Adjusting Entries
Journal entries recorded to update general ledger accounts
Permanent Accounts
Accounts used to accumulate info from one fiscal period to th…
5 terms
Accounting Chapter 8
work sheet
ruling
matching principle
net income
A working paper used to collect information from the ledger a…
Drawing a line, either single or double.
The comparison of expenses incurred and revenue earned during…
The amount of revenue that remains after expenses for the per…
work sheet
A working paper used to collect information from the ledger a…
ruling
Drawing a line, either single or double.
13 terms
glencoe accounting 1 chapter 8
Balance sheet section
capital
heading
Trial balance section
The ____ of the work sheet includes all permanent general led…
A net income or loss will increase or decrease the ___ account.
The _____ explains the who, what, and when of the work sheet.
The ____ of the work sheet includes all the general ledger ac…
Balance sheet section
The ____ of the work sheet includes all permanent general led…
capital
A net income or loss will increase or decrease the ___ account.
9 terms
Accounting Chapter 8
Adequate Disclosure
Total Expenses Component Percentage
Net Income Component Percentage
Current Capital (income)
When financial statements contain all necessary information t…
Total Expenses / Total Sales
Net Income / Total Sales
Beginning Capital + Net Income - Drawing
Adequate Disclosure
When financial statements contain all necessary information t…
Total Expenses Component Percentage
Total Expenses / Total Sales
29 terms
Intermediate Accounting 1: Chapter 8
Revenue Recognition
5 Steps to Revenue Recognition
Conceptual Framework Revenue Recogniti…
Identify Contract with Customers
Timing, measurement, completion of obligation
1. identify contract with customers... 2. identify performance o…
revenue earned and realized
1. Parties are in agreement (written, oral, or implied)... 2. R…
Revenue Recognition
Timing, measurement, completion of obligation
5 Steps to Revenue Recognition
1. identify contract with customers... 2. identify performance o…
30 terms
Intermediate Accounting 1- Chapter 8
Inventories
Raw materials inventory
Work in process inventory
Finished goods inventory
asset items that a company holds for sale in the ordinary cou…
the cost assigned to goods & materials on hand but not yet pl…
the cost of the raw material for unfinished units, plus the d…
the costs identified w/ the completed but unsold units on han…
Inventories
asset items that a company holds for sale in the ordinary cou…
Raw materials inventory
the cost assigned to goods & materials on hand but not yet pl…
12 terms
Accounting 1 Chapter 8 Vocab
capital
credit
debit
extending
Money supplied by investors, banks, or owners of a business.…
An agreement to pay for a purchase at a later time; an entry…
An amount entered on the left side of a T account.
...
capital
Money supplied by investors, banks, or owners of a business.…
credit
An agreement to pay for a purchase at a later time; an entry…
35 terms
Chapter 8 Accounting
a subsidiary ledger that contains a se…
a discount offered by suppliers for pa…
the actual cost to the business of the…
an account showing transportation char…
Accounts payable ledger
Cash discount
Cost of goods sold
Freight in account
a subsidiary ledger that contains a se…
Accounts payable ledger
a discount offered by suppliers for pa…
Cash discount
6 terms
Accounting I- Chapter 8
Accounting Cycle
Adjusting Entries
Closing Entries
Permanent Accounts
The series of accounting activities included in recording fin…
Journal entries recorded to update general ledger accounts at…
Journal entries used to prepare temporary accounts for a new…
Accounts used to accumulate information from one fiscal perio…
Accounting Cycle
The series of accounting activities included in recording fin…
Adjusting Entries
Journal entries recorded to update general ledger accounts at…
20 terms
Accounting chapter 8 budgeting
master budget
budget
planning
control
an essential management tool that communicates management's p…
a detailed plan for the future that is usually expressed in f…
involves developing goals and preparing various budgets to ac…
involves gathering feedback to ensure that the plan is being…
master budget
an essential management tool that communicates management's p…
budget
a detailed plan for the future that is usually expressed in f…
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