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Study sets matching "accounting 101"

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Study sets matching "accounting 101"

44 terms
Accounting 101
Put-and-Take Account
temporary investments
permanent investments
systematic investing
money used to pay for short-term needs with enough left over…
investing short-term, such as, regular savings account
investing long-term, such as retirement savings.
investing on a regular and planned basis
Put-and-Take Account
money used to pay for short-term needs with enough left over…
temporary investments
investing short-term, such as, regular savings account
Accounting 101
Annual Report
Basic Accounting Equation
Common Stock
Corporation
a report prepared by an outside auditor stating the auditors…
Assets = Liabilities + Stock Holders' Equity
Total amount paid by stockholders for the shares (stock) they…
A business organized as a separate entity from the entity own…
Annual Report
a report prepared by an outside auditor stating the auditors…
Basic Accounting Equation
Assets = Liabilities + Stock Holders' Equity
90 terms
ACCOUNTING 101
A=L+OE, What does if stand for?
ASSETS ARE DEBIT ACCOUNTS: TRUE OR FAL…
LIABILITY AND OWNERS EQUITY ARE CREDIT…
IS A REVENUE ACCOUNT A DEBIT OR CREDIT…
ASSETS = LIABILITY + OWNERS EQUITY
TRUE
TRUE
CREDIT
A=L+OE, What does if stand for?
ASSETS = LIABILITY + OWNERS EQUITY
ASSETS ARE DEBIT ACCOUNTS: TRUE OR FAL…
TRUE
8 terms
Accounting 101
Balance Sheet
Finacial statment
Liabilities
Capitial
Reports a business's assets, liabilities, and capital on a sp…
Reports that summarize financial data over a period of time
Claims aginst others of dephts owed to others
The amount an organization or individual is worth
Balance Sheet
Reports a business's assets, liabilities, and capital on a sp…
Finacial statment
Reports that summarize financial data over a period of time
49 terms
Accounting 101
Financial accountant (chartered accoun…
Accounting technician
Auditor
Management accountant
Preparation of financial statement and interpreting there sta…
Preparation of a business's journals and ledgers and of gst r…
Checking the accuracy of the accounting systems and financial…
Works within a large business, preparing and monitoring budge…
Financial accountant (chartered accoun…
Preparation of financial statement and interpreting there sta…
Accounting technician
Preparation of a business's journals and ledgers and of gst r…
19 terms
Accounting 101
Accounting
Recordkeeping
language of business
External users
Information and measurement system that identifies, records,…
Part of accounting that involves recording transactions and e…
Accounting is called the _______ _ _________ because all orga…
Persons using accounting information not directly involved in…
Accounting
Information and measurement system that identifies, records,…
Recordkeeping
Part of accounting that involves recording transactions and e…
43 terms
Accounting 101
Cash
Equipment
Accounts Payable
Common Stock
Assets, balance sheet, debit
Assets, balance sheet, debit
Liabilities, balance sheet, credit
Equity, balance sheet/SSE, credit
Cash
Assets, balance sheet, debit
Equipment
Assets, balance sheet, debit
20 terms
Accounting 101
What are the 3 financial statements us…
Balance Sheet
fundamental accounting equation
assets
1. Balance Sheet... 2. Cash Flow Statement... 3. Income Statement... 4…
→ snapshot of company's economic resources and funding for th…
assets = liabilities + shareholders' equity
→ resources a company uses to operate its business ~ cash, ac…
What are the 3 financial statements us…
1. Balance Sheet... 2. Cash Flow Statement... 3. Income Statement... 4…
Balance Sheet
→ snapshot of company's economic resources and funding for th…
23 terms
Accounting 101
Accounting
Accounting records
Assets
Equity
Planning, recording, analyzing, and interpreting financial in…
Organized summaries of a business's financial activities
Resources owned by a business/ things of value that are used…
Financial rights to the assets of a business
Accounting
Planning, recording, analyzing, and interpreting financial in…
Accounting records
Organized summaries of a business's financial activities
32 terms
Accounting 101
Income Statement
Retained Earnings Statement
Balance Sheet
Current Assets
Revenues ________... Expenses __________... net come or net loss _…
Retained Earnings ( Last year) ________... add or less: net inco…
Assets: ... Liabilities and Stockholders Equity: ... Always Balence
cash... accounts receivable... debt investments... notes receivable... in…
Income Statement
Revenues ________... Expenses __________... net come or net loss _…
Retained Earnings Statement
Retained Earnings ( Last year) ________... add or less: net inco…
12 terms
Accounting 101
Long-Term Assets
Liabilities
Shareholders' Equity
Intangible Asset
the value of a company's property, equipment, and other capit…
a company's financial debt or obligations that arise during t…
equal to a firm's total assets minus total liabilities
an asset that is not physical in nature
Long-Term Assets
the value of a company's property, equipment, and other capit…
Liabilities
a company's financial debt or obligations that arise during t…
251 terms
Accounting 101
A. Tangible assets used in the operati…
E. All of these
B. Used in operations.
E. All of these.
66. Plant assets are: ... A. Tangible assets used in the operati…
67. A main accounting issue for plant assets is: ... A. Computin…
68. Plant assets are: ... A. Current assets.... B. Used in operatio…
69. The relevant factor(s) in computing depreciation include:…
A. Tangible assets used in the operati…
66. Plant assets are: ... A. Tangible assets used in the operati…
E. All of these
67. A main accounting issue for plant assets is: ... A. Computin…
23 terms
Accounting 101
Provide the complete accounting equation
Indicate which accounts are on the Bal…
Indicate how to increase each type of…
Credit means (one word)
A=L+SE... Revenues - Expenses = Net Income (Loss)
Balance sheet: Assets, Liabilities, Stockholders' Equity... Inco…
Assets: Debit... Liabilities: Credit... Stockholders' Equity: Credi…
Right
Provide the complete accounting equation
A=L+SE... Revenues - Expenses = Net Income (Loss)
Indicate which accounts are on the Bal…
Balance sheet: Assets, Liabilities, Stockholders' Equity... Inco…
10 terms
Accounting 101
Debit
Credit
Net income
Net loss
An amount recorded on the left
An amount recorded on the right
The difference between revenues and expenses for a designated…
The amount lost when expenses are higher than revenue
Debit
An amount recorded on the left
Credit
An amount recorded on the right
41 terms
Accounting 101
Accounting
Accounting
3 Types of Businesses
GAAP
is an information system that provides reports to users about…
Is the language of business.
1) Service - provide services, rather than products to custom…
Generally Accepted Accounting Principles
Accounting
is an information system that provides reports to users about…
Accounting
Is the language of business.
115 terms
Accounting 101
Corporation
Business Activities
Accounting
Annual report
A business organized as a separate legal entity having owners…
Financing investing and operating
The information system that identifies records and communicat…
A report prepared by corporate management that presents finan…
Corporation
A business organized as a separate legal entity having owners…
Business Activities
Financing investing and operating
23 terms
Accounting 101
Invoice
Cheque
Duplicate receipt
You owe money... You pay money
(Source document) posting to creditor ledger from CJ
(Source document) posting to creditor ledger from CPJ
(Source document) posting to creditors ledger from CAJ
= credited... = debited ... Credited- debited = how much you still…
Invoice
(Source document) posting to creditor ledger from CJ
Cheque
(Source document) posting to creditor ledger from CPJ
25 terms
Accounting 101
Merchandise
Merchandiser
Wholesaler
Retailer
consists of products
earns net income by buying and selling
buys products from manufacturers
buys products from manufacturers
Merchandise
consists of products
Merchandiser
earns net income by buying and selling
108 terms
accounting 101
Retained earnings statement
Liabilities
Net income results when
Retained earnings at the end of the pe…
the financial statement that summarizes the changes in retain…
debt and obligations of a business are referred
revenues > expenses
retained earnings at the beginning of the period plus net inc…
Retained earnings statement
the financial statement that summarizes the changes in retain…
Liabilities
debt and obligations of a business are referred
217 terms
Accounting 101- Basic Accounting
Accountant
Accounting
Economic unit
Ethics
A person who keeps the financial history of the transactions…
The process of analyzing, classifying, recording, summarizing…
Includes both business enterprises and not-for-profit entitie…
A philosophy or code or system of morality that is, how we co…
Accountant
A person who keeps the financial history of the transactions…
Accounting
The process of analyzing, classifying, recording, summarizing…
34 terms
Accounting 101
Assets increase with
Liabilities increase with
Stockholder's Equity increases with
Revenue increases with
Debit
Credit
Credit
Credit
Assets increase with
Debit
Liabilities increase with
Credit
29 terms
Accounting 101
Unearned Revenue is a credit or debit…
Unearned Revenue is on Balance sheet o…
Unearned Revenue is a temporary or per…
Unearned Revenue is an asset or Liabil…
Credit balance
Balance sheet
Permanent account
Liability
Unearned Revenue is a credit or debit…
Credit balance
Unearned Revenue is on Balance sheet o…
Balance sheet
33 terms
Accounting 101 Chapter 1
Accounting is
Investors
Creditors
Managerial Accounting is used for
"the language of business" a system a of maintaining records…
decide whether to invest in stock
decide whether to lend money
Internal users (managers)
Accounting is
"the language of business" a system a of maintaining records…
Investors
decide whether to invest in stock
192 terms
Accounting 101 Final
sole proprietorship
partnership
corporation
accounting
a business owned by one person, simple to set up, gives on pe…
two or more people own a business, both bring unique skills a…
a business organized as a separate and legal existence, stock…
the information system that identifies, records, and communic…
sole proprietorship
a business owned by one person, simple to set up, gives on pe…
partnership
two or more people own a business, both bring unique skills a…
11 terms
Accounting 101
Financial statements
Balance sheet
Liabilities
Capital
is a formal record of the financial activities and position o…
a statement of the assets, liabilities, and capital of a busi…
as the future sacrifices of economic benefits that the entity…
Capital can refer to funds raised to support a particular bus…
Financial statements
is a formal record of the financial activities and position o…
Balance sheet
a statement of the assets, liabilities, and capital of a busi…
Accounting 101
Unethical behaviour
Basic principles of ethics
Transparency
Accountability
Fraud ... Bribery ... Dishonesty ... Price fixing ... Cheating
Kings 2 code report: cooperate governance
Clarity of purpose without hidden agenda... Open channels of com…
Responsibility ... Person in a position to provide reasonable ex…
Unethical behaviour
Fraud ... Bribery ... Dishonesty ... Price fixing ... Cheating
Basic principles of ethics
Kings 2 code report: cooperate governance
15 terms
Accounting 101
Financial statements
Balance sheet
Liabilities
Capital
A financial statement is a formal record of the financial act…
A balance sheet is a financial statement that summarizes a co…
Amounts owed to creditors
An economic system based on private ownership of capital
Financial statements
A financial statement is a formal record of the financial act…
Balance sheet
A balance sheet is a financial statement that summarizes a co…
25 terms
Accounting 101
Financial Statements
Balance Sheet
Liabilities
Capital
is a formal record of the financial activities and position o…
also referred to as a statement of financial position, report…
the state of being responsible for something, especially by l…
wealth in the form of money or other assets owned by a person…
Financial Statements
is a formal record of the financial activities and position o…
Balance Sheet
also referred to as a statement of financial position, report…
48 terms
Accounting 101
Business
Profit
Service businesses
Merchandising businesses
an organization in which basic resources (inputs), such as ma…
the difference between the amounts received from customers fo…
provide services rather than products to customers
sell products they purchase from other businesses to customers.
Business
an organization in which basic resources (inputs), such as ma…
Profit
the difference between the amounts received from customers fo…
27 terms
Accounting 101
Accounting
Accounting
Accounting
Accrual basis
A service activity that provides quanitative financial inform…
The art of recording, classifying and summarizing in a signif…
Language of a business
Basis, that affects transactions and other events are recogin…
Accounting
A service activity that provides quanitative financial inform…
Accounting
The art of recording, classifying and summarizing in a signif…
29 terms
Accounting 101
Debit
Footing
Expense
Slide
Entry on the left side of an account.
The sum of a column in a T account.
Outflow of cash, using up assets or incurring liabilities.
An accounting error involved in a misplaced decimal.
Debit
Entry on the left side of an account.
Footing
The sum of a column in a T account.
14 terms
Accounting 101
Financial statements
Balance sheet
Assets
Liabilities
Reports that summarize financial data over a period of time…
Reports a business's assets, liabilities, and capital on a sp…
Anything of value owned... Examples... Cash... Accounts Receivable... Inv…
Claims against assets... Debts owed to others... Examples... Accounts…
Financial statements
Reports that summarize financial data over a period of time…
Balance sheet
Reports a business's assets, liabilities, and capital on a sp…
10 terms
Accounting 101
Analyze Transactions
Journalize
Debit vs. Credit
Normal Balance of Accounts
View source documents that describe business transactions... Exa…
Applies the rules of double-entry accounting... Each transaction…
In accounting, debit simply means left, credit means right... If…
Debit and Credit
Analyze Transactions
View source documents that describe business transactions... Exa…
Journalize
Applies the rules of double-entry accounting... Each transaction…
16 terms
Accounting 101
Account Balance
Bank Statement
Certificate of Deposit
Check Register
The debit or credit balance that would be expected in a speci…
a printed record of the balance in a bank account and the amo…
a time deposit at a bank, credit union, or other financial in…
A bank reconciliation is a process performed by a company to…
Account Balance
The debit or credit balance that would be expected in a speci…
Bank Statement
a printed record of the balance in a bank account and the amo…
28 terms
Accounting 101
Assets
Liabilities
Equity
Accounting formula
Resources owned or controlled by a company, and those resourc…
Are claims (by creditor) against assets, which means they are…
Owner's share in business
Assets= Liabilities + Equity
Assets
Resources owned or controlled by a company, and those resourc…
Liabilities
Are claims (by creditor) against assets, which means they are…
7 terms
Accounting 101
Earned Video Rental Revenue on account…
Purchased Office Furniture
Received cash on account
Paid cash on account
Increase Asset (AR) increase equity (Rental Revenue)
Increase Asset (OF) increase liability (accounts payable)
Increase Asset (cash) decrease asset (AR)
Decrease Asset (cash) decrease liability (accounts payable)
Earned Video Rental Revenue on account…
Increase Asset (AR) increase equity (Rental Revenue)
Purchased Office Furniture
Increase Asset (OF) increase liability (accounts payable)
16 terms
Accounting 101
Patent
Building held for sale
Prepaid Rent
Wages payable
Intangible Assets
Investments
Current assets
Current liabilities
Patent
Intangible Assets
Building held for sale
Investments
59 terms
Accounting 101
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
22 terms
Accounting 101
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 condition and…
Accounting
Planning, recording, analyzing, and interpreting financial in…
Accounting System
A planned process for providing financial information that wi…
8 terms
Accounting 101
Matching(expense) Princie
General Accounting Princible
Revenue Recognition Princible
Specific Accounting Principle
A company records the expense inccured to generate the revenu…
Derived from long used and generally excepted acct. princibles
Revenue is recorded only when the earnings process is complete
Usually created by a pronouncement from an authoritative body
Matching(expense) Princie
A company records the expense inccured to generate the revenu…
General Accounting Princible
Derived from long used and generally excepted acct. princibles
22 terms
Accounting 101
Accounting
Bookkeeping
Internal and managerial accounting
External and financial accounting
Identifies, records, and communicates the economic events of…
Involves ONLY the recording of economic events
Managers, people who run a business
Investors, creditors, banks, clients, customers, competition,…
Accounting
Identifies, records, and communicates the economic events of…
Bookkeeping
Involves ONLY the recording of economic events
20 terms
Accounting 101
Financial statements
Balance Sheet
Liabilities
Capital
Reports that summarize financial data over a period of time
Reports a business's assets, liabilities, and capital on a sp…
Claims against assets, Debts owed to others
The amount an organization or individual is worth... liabilities…
Financial statements
Reports that summarize financial data over a period of time
Balance Sheet
Reports a business's assets, liabilities, and capital on a sp…
24 terms
Accounting 101
External
Internal
Sarbanes-Oxley
Recording
Limited access ; lenders, shareholders, gov., consumer group,…
Officers, managers, internal auditors, sales staff, budget of…
Requires each issuer of securities to disclose whether its ad…
Business activities requires that we keep a chronological log…
External
Limited access ; lenders, shareholders, gov., consumer group,…
Internal
Officers, managers, internal auditors, sales staff, budget of…
Accounting 101
Sole Proprietorship
Partnership
Corporation
Accounting
A business owned by one person; simple to set up; gives you f…
A business owned by two or more persons associated as partner…
A business organized as a separate legal entity owned by stoc…
The information system that identifies, records, and communic…
Sole Proprietorship
A business owned by one person; simple to set up; gives you f…
Partnership
A business owned by two or more persons associated as partner…
15 terms
accounting 101
Financial Statement
Income Statement
Statement of changes in owners equity
Balance sheet
Reports prepared to summarize the changes resulting from busi…
A report of the net income or net loss for a specific period,…
A financial statement that summarizes changes in the owner's…
a report of the balances in the permanent accounts on a speci…
Financial Statement
Reports prepared to summarize the changes resulting from busi…
Income Statement
A report of the net income or net loss for a specific period,…
14 terms
Accounting 101
service businesses
merchandising businesses
manufacturing businesses
capital
perform services or activities that benefit individuals or bu…
purchase goods, for resale to their customers
make their products and then sell these products to their cus…
mean the funds a business needs to operate or to expand opera…
service businesses
perform services or activities that benefit individuals or bu…
merchandising businesses
purchase goods, for resale to their customers
81 terms
Accounting 101
What is accounting? Know the definitio…
Know the definitions of revenues and e…
Know the internal and external users... 1
who is responsible for GAAP (accountin…
the action or process of keeping financial accounts... "language…
Revenue: inflows of assets resulting from the sale of goods a…
Internal User: managerial accounting; manager or someone else…
FASB: financial account standards board... GAAP: professional f…
What is accounting? Know the definitio…
the action or process of keeping financial accounts... "language…
Know the definitions of revenues and e…
Revenue: inflows of assets resulting from the sale of goods a…
11 terms
Accounting 101
Financial statements
Balance sheet
Liabilities
Capital
Reports that summarize financial data over a period of time
Reports a business's assets, liabilities, and capital on a sp…
Claims against assets
The amount an organization or individual is worth
Financial statements
Reports that summarize financial data over a period of time
Balance sheet
Reports a business's assets, liabilities, and capital on a sp…
50 terms
Accounting 101
Accelerated depreciation
Accounting cycle
Accounting Period
Accounts Payable ledger
Depreciation method that allows large depreciation deductions…
Actions taken at the end of an accounting period to reconcile…
Period of time for which the company is reporting financial i…
A subsidiary ledger with accounts for each creditor of the bu…
Accelerated depreciation
Depreciation method that allows large depreciation deductions…
Accounting cycle
Actions taken at the end of an accounting period to reconcile…
12 terms
accounting 101
current liabilities
current assets
property, plant, and equipment
property, plant, and equipment
accounts payable
accounts receivable
accumulated depreciation
buildings
current liabilities
accounts payable
current assets
accounts receivable
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