Study sets matching "accounting 2 accounts"

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Study sets matching "accounting 2 accounts"

20 terms
Accounting 2
Corporation
Accounting equation
Service business
Merchandising business
A company owned by shareholders
Assets = Liabilities + OE
Sells services to people or businesses
Sells goods to people
Corporation
A company owned by shareholders
Accounting equation
Assets = Liabilities + OE
Accounting 2
Net Sales
Gross Profits = Revenue - Cost of Good…
Receivable Turnover
Average Collection Period
Sales Revenue - Credit Card Discounts - Sales Discounts - Sal…
Gross Profit Margin = Gross Profit/Net Sales
Net Sales/Average Net Accounting Receivables
365/Receivables Turnover
Net Sales
Sales Revenue - Credit Card Discounts - Sales Discounts - Sal…
Gross Profits = Revenue - Cost of Good…
Gross Profit Margin = Gross Profit/Net Sales
22 terms
Accounting
Accounting
Accounting system
Accounting records
Financial statements
Planning, recording, analyzing and interpreting financial inf…
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 inf…
Accounting system
A planned process for providing financial information that wi…
21 terms
Accounting
Accounting
Accounting system
Accounting records
Service business
Planning, recording, analyzing and interpreting financial inf…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activities.
A business that preforms an activity for a fee.
Accounting
Planning, recording, analyzing and interpreting financial inf…
Accounting system
A planned process for providing financial information that wi…
Accounting 2
Accounting
Service business
Proprietorship
Asset
Planning, recording, and interpreting financial information
A business that performs an activity for a fee
A business owned by one person
Anything of value that is owned
Accounting
Planning, recording, and interpreting financial information
Service business
A business that performs an activity for a fee
10 terms
Accounts
Current assets
Current liabilities
Unpresented cheque
Outstanding lodgement
cash and other assets expected to be exchanged for cash or co…
liabilities due within a short time, usually within a year
A cheque that has not yet been presented for payment by the p…
amounts paid into the bank, not yet recorded on the bank stat…
Current assets
cash and other assets expected to be exchanged for cash or co…
Current liabilities
liabilities due within a short time, usually within a year
Accounting
Accounting
Accounting system
Accounting records
Financial statements
Planning, recording, analyzing and interpreting financial inf…
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 inf…
Accounting system
A planned process for providing financial information that wi…
18 terms
Accounting
assets
Liabilities
Owners Equity
Capital
anything owned
Any amount owed
Account used to summarize the owners equity in a business.
Amount remaining after all liabilities are subtracted from al…
assets
anything owned
Liabilities
Any amount owed
24 terms
Accounting
Accounts Receivable
Accounts Payable
Account Numbers
Accounts
Amounts Owed to the Business
Amounts a business owes for items or services purchased on cr…
Numbers assigned to accounts according to the chart of accoun…
Categories under the Assets, Liabilities and Owner's Equity h…
Accounts Receivable
Amounts Owed to the Business
Accounts Payable
Amounts a business owes for items or services purchased on cr…
15 terms
Accounting 2--Account Classifications
Accounts Receivable
Merchandise Inventory
Office Equipment
Petty Cash
Asset
Asset
Asset
Asset
Accounts Receivable
Asset
Merchandise Inventory
Asset
122 terms
Accounting
accumulated other comprehensive income
Appropriated Retained Earnings
capital maintenance approach
changes in estimates
An entry in the stockholders' equity section of the balance s…
A retained earnings account that is restricted for a specific…
An income measurement approach in which a company determines…
Adjustments or changes that companies must make because finan…
accumulated other comprehensive income
An entry in the stockholders' equity section of the balance s…
Appropriated Retained Earnings
A retained earnings account that is restricted for a specific…
29 terms
Accounting 2
Working Capital
Current Ratio
Acid-Test Ratio
Accounts Receivable Turnover
Current Assets - Current Liabilities... Expensive to keep large…
Current Assets/Current Liabilities... Declining or increasing r…
Current Ratio less inventory and prepaid assets. More rigorou…
A measure of the liquidity of accounts receivable, computed b…
Working Capital
Current Assets - Current Liabilities... Expensive to keep large…
Current Ratio
Current Assets/Current Liabilities... Declining or increasing r…
116 terms
Accounting
GAAP
Three Organizations that is developmen…
Capital allocations
Financial reporting
"Generally accepted" an authoritative accounting rule-making…
1. Securities and Exchange Commission (SEC)... 2. American Ins…
It promotes productivity, encourages inovation, and provide a…
President letters supplementary schedules in corporate annual…
GAAP
"Generally accepted" an authoritative accounting rule-making…
Three Organizations that is developmen…
1. Securities and Exchange Commission (SEC)... 2. American Ins…
175 terms
Accounting
Account
Accountant
Account balance
Accounting
a device for recording the changes (increases or decreases) i…
one who is concerned with the design of the system of records…
the difference between the total debits and the total credits…
a language of business employed to communicate financial info…
Account
a device for recording the changes (increases or decreases) i…
Accountant
one who is concerned with the design of the system of records…
21 terms
Accounting
Note payable
Note receivable
Prepaid insurance
Rent expense
Is a liability account. That means + credit and - debit. It i…
Is asset account and it is used if you loan money and are owe…
Is an asset account which represents insurance that has been…
Is a liability account that is recorded under stockholder's e…
Note payable
Is a liability account. That means + credit and - debit. It i…
Note receivable
Is asset account and it is used if you loan money and are owe…
108 terms
Accounting
Usefulness for decision making
Analyze each transaction, enter the tr…
Discloses complete effects of the tran…
credits
What is the primary criterion by which accounting can be judg…
What are the three steps in the recoding process?
What are three contributions the journal makes to the recordi…
Assets are decreased by?
Usefulness for decision making
What is the primary criterion by which accounting can be judg…
Analyze each transaction, enter the tr…
What are the three steps in the recoding process?
22 terms
Accounting 2 account titles
Advertising expense
Purchases
Dividends
Sales
Expense-DR
Cost-DR
Contra stock holders equity
Revenue-CR
Advertising expense
Expense-DR
Purchases
Cost-DR
22 terms
Accounting
Accounting
Accounting system
Accounting records
Financial statements
Planning, recording, analyzing and interpreting financial inf…
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 inf…
Accounting system
A planned process for providing financial information that wi…
25 terms
Accounting 2
Purchases Journal
Cash Payments Journal
Check
Purchases Discount
used to record purchases of inventory bought on account
used to record check payments
source document for a cash payment
discount given by a vendor for paying a bill early
Purchases Journal
used to record purchases of inventory bought on account
Cash Payments Journal
used to record check payments
Accounting
Accounting
Accounting system
Accounting records
Financial statements
Planning, recording, analyzing and interpreting financial inf…
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 inf…
Accounting system
A planned process for providing financial information that wi…
82 terms
Accounting 2
cash
investments
receivables
accounts receivable
balance sheet: ASSETS, current assets
balance sheet: ASSETS, current assets
balance sheet: ASSETS, current assets
balance sheet: ASSETS, current assets
cash
balance sheet: ASSETS, current assets
investments
balance sheet: ASSETS, current assets
Accounts
Interest Payable
Investments
Taxes Payable
Equipment
Liability... Balance Sheet... Credit... Permanent
Asset ... Balance Sheet... Debit ... Permanent
Liability ... Balance Sheet... Credit ... Permanent
Asset... Balance Sheet... Debit... Permanent
Interest Payable
Liability... Balance Sheet... Credit... Permanent
Investments
Asset ... Balance Sheet... Debit ... Permanent
18 terms
Accounts
CASH
ACCOUNTS RECEIVABLE
OFFICE EQUIPMENT
ACCOUNTS PAYABLE
ASSET
ASSET
ASSET
LIABILITY
CASH
ASSET
ACCOUNTS RECEIVABLE
ASSET
16 terms
Accounting
Asset
Liability
Accrual
Depreciation
MONEY... › something that a person or company owns that has a va…
RESPONSIBILITY [U]... › legal responsibility for something:... They…
› [C or U] FINANCE an ​increase in an ​amount of ​money over…
To lose value over a period of time.
Asset
MONEY... › something that a person or company owns that has a va…
Liability
RESPONSIBILITY [U]... › legal responsibility for something:... They…
14 terms
Accounting 2
account
accounting cycle
chart of accounts
credit
summary of the effects of all transactions related to a parti…
full set of procedures used to accomplish the meas/com proces…
a list of all account names used to record transactions of a…
right side of account... dec to asset, expense, or dividend acco…
account
summary of the effects of all transactions related to a parti…
accounting cycle
full set of procedures used to accomplish the meas/com proces…
16 terms
Accounting Exam 1 Accounts 2
issue 1,000,000 in common stock
Purchase 600,000 in delivery vehicles
borrow 500,000 from bank and 7%
purcahse 150,000 in equip
DR=Cash... CR= Common stock
DR=vehicles... CR=cash
DR=cash... CR=note pay
DR=equip... Cr=Cash
issue 1,000,000 in common stock
DR=Cash... CR= Common stock
Purchase 600,000 in delivery vehicles
DR=vehicles... CR=cash
54 terms
Accounting 2
A process cost system would be used to…
In a process costing system, overhead…
Process costing would be used by compa…
The job cost sheet is used in both job…
False Chapter 4
False chapter 4
True (Chapter 4)
False (chapter 4)
A process cost system would be used to…
False Chapter 4
In a process costing system, overhead…
False chapter 4
15 terms
Accounting
Gross Income
Medicare
Net Pay
Payroll Register
the total amount of income from wages before any payroll dedu…
A federal program of health insurance for persons 65 years of…
Amount of income left after taxes and deductions have been ta…
a business form used to record payroll information
Gross Income
the total amount of income from wages before any payroll dedu…
Medicare
A federal program of health insurance for persons 65 years of…
Accounting 2
T account
Normal Balance
Debit
Credit
An account device used to analyze transactions
The side of the account that is increased
An ammount recorded on the left side
An ammount recorded on the right side
T account
An account device used to analyze transactions
Normal Balance
The side of the account that is increased
20 terms
Accounting
Wage
letter of credit
to accept a bill
account
заработная плата
аккредитив
акцептировать вексель
расчетный счет
Wage
заработная плата
letter of credit
аккредитив
26 terms
accounting
which accounting concept applies when…
information needed for journalizing th…
after adjusting entries are posted, th…
income summary is a ....
matching expenses with revenue
work sheets adjustment columns
the cost of the supplies on hand at the end of the fiscal per…
temporary account
which accounting concept applies when…
matching expenses with revenue
information needed for journalizing th…
work sheets adjustment columns
84 terms
accounting
un compte courant
un comptable
plan comptable
service comptable
account, current
accountant
accounting system
accounts department
un compte courant
account, current
un comptable
accountant
accounting
promissory note
negotiable
maturity date
Interest
an unconditional written promise to pay definite sum of money…
owner may transfer note to another person
date on which payment of a note is due.
the change made for the use of money
promissory note
an unconditional written promise to pay definite sum of money…
negotiable
owner may transfer note to another person
37 terms
accounting
on credit/account
creditor
assets
owner's equity
when you buy property and agree to pay for it later
the business or person selling you the property on credit
property or items of value owned by a business
owners claims to the assets of the business
on credit/account
when you buy property and agree to pay for it later
creditor
the business or person selling you the property on credit
14 terms
Accounting
a journal shows in one place all the c…
account numbers may be assigned by 10s…
the procedure of arranging accounts in…
if a business has only two asset accou…
false
true
false
true
a journal shows in one place all the c…
false
account numbers may be assigned by 10s…
true
80 terms
Accounting
The transferal of data from journal to…
The process of bring together various…
A list of all of the account title and…
The issuance of a check on a bank with…
Posting
Summarizing
Chart of Accounts
Insufficient Funds (NSF)
The transferal of data from journal to…
Posting
The process of bring together various…
Summarizing
Accounting
Accounting
Accounting System
Accrual Accounting ... Method
Cash Accounting ... Method
The process of keeping and interpreting financial records.
The methods and procedures used in consistently handling the…
A method of accounting that records transactions at the time…
An accounting method in which income and expenditures are rec…
Accounting
The process of keeping and interpreting financial records.
Accounting System
The methods and procedures used in consistently handling the…
Accounting 2
unit contribution
total equity capital
penetration strategy
marginal cost
jednostkowe pokrycie kosztów
kapitał własny
strategia penetracji rynku
koszt krańcowy
unit contribution
jednostkowe pokrycie kosztów
total equity capital
kapitał własny
15 terms
Accounts
Assets
Liabilities
Current assets
Liquidity
Anything of value that is owned by the business
What the business owes to others (debts)
Cash and other assets expected to be exchanged for cash or co…
How easily the current asset can be turned into cash e.g. Sto…
Assets
Anything of value that is owned by the business
Liabilities
What the business owes to others (debts)
Accounting
Tax inspector
Commodity trader
Tax return
Market analyst
inspektor podatkowy
handlowiec towarowy
roczne zeznanie podatkowe
analityk giełdowy
Tax inspector
inspektor podatkowy
Commodity trader
handlowiec towarowy
17 terms
Accounting
liabilities
long-term liabilities
fixed assets
current assets
обязательства
долгосрочные обязательства
долгосрочные активы
текущие (краткосрочные) активы
liabilities
обязательства
long-term liabilities
долгосрочные обязательства
11 terms
Accounting 2
Analyzing and Posting Process
account
General Ledger
Some Asset Accounts
The accounting process identifies business transactions and e…
record of increases and decreases in a specific asset, liabil…
is a record containing all accounts used by the company.
Land... Cash... Accounts Receivable... Supplies... Prepaid Accounts
Analyzing and Posting Process
The accounting process identifies business transactions and e…
account
record of increases and decreases in a specific asset, liabil…
22 terms
Accounting
Accounting
accounting system
accounting record
financial statements
Planning,recording,analyzing,and interpreting financial infor…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activites
financial reports that summarize the financial condition and…
Accounting
Planning,recording,analyzing,and interpreting financial infor…
accounting system
A planned process for providing financial information that wi…
16 terms
Accounting 2
starting point in cost behavior analysis
for an activity level to be useful
activity level selected
variable costs in total
measuring key business activities
changes in the level/volume of activity should be correlated…
activity or volume index
vary directly and proportionately with changes in activity le…
starting point in cost behavior analysis
measuring key business activities
for an activity level to be useful
changes in the level/volume of activity should be correlated…
accounting 2
Comprehensive Income
Net income
OCI
Income Statements provide useful infor…
-Change in a company's equity during a period of time resulti…
Measure of financial performance resulting from the aggregati…
Includes unrealized gains and losses on available for sale in…
1. Evaluate past performance (the earnings)... 2. Predict future…
Comprehensive Income
-Change in a company's equity during a period of time resulti…
Net income
Measure of financial performance resulting from the aggregati…
22 terms
Accounting
Accounting
accounting system
accounting record
financial statements
Planning,recording,analyzing,and interpreting financial infor…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activites
financial reports that summarize the financial condition and…
Accounting
Planning,recording,analyzing,and interpreting financial infor…
accounting system
A planned process for providing financial information that wi…
20 terms
Accounting
Account
Accounting Cycle
Accounting Equation
Adjusting Entries
A record of the increases and decreases of the amount of a sp…
Activities the business completes within the fiscal period
Assets = Liabilities + Stockholder's Equity
Entries made to update certain accounts at the end of the fis…
Account
A record of the increases and decreases of the amount of a sp…
Accounting Cycle
Activities the business completes within the fiscal period
Accounting 2
T account
Debit
credit
normal balance
an accounting device used to analyze transactions
an amount recorded on the left side of an account
an amount recorded on the right side of an account
the side of the account that is increased
T account
an accounting device used to analyze transactions
Debit
an amount recorded on the left side of an account
accounting
Balance Sheet
Income statement
Statement of stockholders equity
Statement of cash flows
Assets = Liabilities + Stockholders equity
Revenues - Expenses = Net income
Stockholders equity:... Common stock + Retained earnings
Operation activities... Investing activities... Financing activities
Balance Sheet
Assets = Liabilities + Stockholders equity
Income statement
Revenues - Expenses = Net income
Accounting 2
Adjusments
Balance sheet
Fiscal period
Income statement
Changes recorded on a work sheet to update general ledger acc…
A financial statement that reports assets, liabilities, and o…
The length of time for which a business summarizes and report…
A financial statement showing the revenue and expenses for a…
Adjusments
Changes recorded on a work sheet to update general ledger acc…
Balance sheet
A financial statement that reports assets, liabilities, and o…
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