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Study sets matching "accounting chapter 2 acct"

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Study sets matching "accounting chapter 2 acct"

14 terms
Accounting Information Systems Chapter 2 (ACCT 371)
activities
activity models
annotations
business analysis
represent specific steps in a business process
models that describe the sequence of workflow in a business p…
model elements that allow the modeler to add additional descr…
defining business requirements and evaluating improvements; a…
activities
represent specific steps in a business process
activity models
models that describe the sequence of workflow in a business p…
5 terms
Accounting Information Systems Chapter 2 Appendix B (ACCT 371)
data flow diagram (DFD)
processes
terminators
data stores
graphical representation of the flow of data through a system
activities that use or generate data
external entities that are either sources or destinations for…
the physical or electronic repositories of data within the sy…
data flow diagram (DFD)
graphical representation of the flow of data through a system
processes
activities that use or generate data
9 terms
Accounting chapter 2 ACCT 241
predetermined overhead rate
predetermined overhead rate formula
cost accounting
cost accounting system
is based on the relationship between estimated annual overhea…
Estimated OHC / Expected operating activity
an area of accounting that involves measuring, recording, and…
manufacturing cost accounts that are fully integrated into th…
predetermined overhead rate
is based on the relationship between estimated annual overhea…
predetermined overhead rate formula
Estimated OHC / Expected operating activity
55 terms
ACCT 311 Intermediate Accounting I Chapter 2
Permanent accounts would not include:…
Accruals occur when the cash flow prec…
When a magazine company collects cash…
Prepayments occur when:... 1. Cash flow p…
1. Interest expense
2. False
1. A deferred revenue transaction
1. Cash flow precedes revenue recognition
Permanent accounts would not include:…
1. Interest expense
Accruals occur when the cash flow prec…
2. False
55 terms
ACCT 311 Intermediate Accounting I Chapter 2
Permanent accounts would not include:…
Accruals occur when the cash flow prec…
When a magazine company collects cash…
Prepayments occur when:... 1. Cash flow p…
1. Interest expense
2. False
1. A deferred revenue transaction
1. Cash flow precedes revenue recognition
Permanent accounts would not include:…
1. Interest expense
Accruals occur when the cash flow prec…
2. False
24 terms
Acct331: Chapter 2 (Review of the accounting process)
Accruals
Accrued Liabilities
Accrued receivables
Balance sheet
Involve transactions where the cash outflow or inflow takes p…
Represent liabilities recorded when an expense has been incur…
Involve situations when the revenue is earned in a period pri…
A position statement that presents an organized list of asset…
Accruals
Involve transactions where the cash outflow or inflow takes p…
Accrued Liabilities
Represent liabilities recorded when an expense has been incur…
20 terms
ACCT 101 Principles of Accounting: Chapter 2 Key Terms
Comparability
Conservatism
Consistency
Current Asset
For accounting information, the quality that allows a user to…
The practice of using the least optimistic estimate when two…
For accounting information, the quality that allows a user to…
An asset that is expected to be realized in cash or sold or c…
Comparability
For accounting information, the quality that allows a user to…
Conservatism
The practice of using the least optimistic estimate when two…
11 terms
Accounting 101 (ACCT101) Chapter 2 Quiz
Where do we first record a​ transaction?
Where do we first record a​ transactio…
Which of the following is not an asset…
The journal entry to record the receip…
Journal
A. A trial balance is the same as a balance sheet.
D. None of the above accounts is an asset.
C. debits Land and Building and credits Common Stock.
Where do we first record a​ transaction?
Journal
Where do we first record a​ transactio…
A. A trial balance is the same as a balance sheet.
31 terms
Intermediate Accounting I/ACCT 201 - Chapter 2 Vocabulary Words
Accruals
Accrued liabilities
Accrued receivables
Balance sheet
Accruals involve transactions where the cash outflow or inflow…
Accrued liabilities represent liabilities recorded when an ex…
Accrued receivables involve situations when the revenue is ea…
The balance sheet is a position statement that presents an or…
Accruals
Accruals involve transactions where the cash outflow or inflow…
Accrued liabilities
Accrued liabilities represent liabilities recorded when an ex…
38 terms
ACCT 361 Intermediate Managerial/Cost Accounting Chapter 2
Actual cost
Average cost
Budgeted cost
Conversion costs
An incurred cost (historical or past cost)
The same as a Unit Cost
Predicted or forecasted cost (future cost)
All manufacturing costs other than direct materials costs
Actual cost
An incurred cost (historical or past cost)
Average cost
The same as a Unit Cost
12 terms
ACCT 4421-Governmental and Not-for-Profit Accounting LSU chapter 2
Oak Township issued the following bond…
Oak Townchip issued the following bond…
Assuming that Bravo County receives al…
The city of Alpine incurred during the…
$0
Internal service fund
General fund
$460,000
Oak Township issued the following bond…
$0
Oak Townchip issued the following bond…
Internal service fund
Chapter 2 Definitions - ACCT 4421: Governmental and Not-for-Profit Accounting
agency fund
assigned fund balance
basis of accounting
business-type activities
A fund used to account for assets that a government holds tem…
The net assets (assets minus liabilities) of a fund the gover…
The means of determining the timing of revenue and expenditur…
Activities engaged in by a government or not-for-profit entit…
agency fund
A fund used to account for assets that a government holds tem…
assigned fund balance
The net assets (assets minus liabilities) of a fund the gover…
23 terms
ACCT 332 Accounting Information Systems - Ch 2
Data processing cycle
Data input
Source documents
Turnaround documents
the operations performed on data to generate meaningful and r…
capture transaction data and enter them in the system. Data m…
Documents used to capture transaction data at its source - wh…
records of company data sent to an external party and then re…
Data processing cycle
the operations performed on data to generate meaningful and r…
Data input
capture transaction data and enter them in the system. Data m…
77 terms
Chapter 2 - ACCT
classified balance sheet
classified balance sheet helps financi…
classified balance sheet classifications
current assets
a balance sheet that groups together similar assets and simil…
1. whether the company has enough assets to pay off debts... 2.…
Assets:... current assets... total current assets... long-term invest…
assets that company's expect to convert to cash or use up wit…
classified balance sheet
a balance sheet that groups together similar assets and simil…
classified balance sheet helps financi…
1. whether the company has enough assets to pay off debts... 2.…
8 terms
Acct. Chapter 2
Accounts payable
Accounts receivable
Chart of accounts
Credit
Amounts to be paid in the future for goods or services alread…
Amounts to be received in the future due to the sale of goods…
A list of accounts used by a business.
An amount recorded on the right side of an account.
Accounts payable
Amounts to be paid in the future for goods or services alread…
Accounts receivable
Amounts to be received in the future due to the sale of goods…
22 terms
Accounting Information Systems Chapter 5 (ACCT 371)
access controls
accounts receivable
agents
application controls
limit who can use and change records in the system
monies owed by customers for prior sales of goods or services
the people or organizations who participate in business event…
ensure data integrity and an audit trail
access controls
limit who can use and change records in the system
accounts receivable
monies owed by customers for prior sales of goods or services
21 terms
Accounting Information Systems Chapter 4 (ACCT 371)
attributes
cloud computing
data dictionary
database
characteristics, properties, or adjectives that describe each…
internet based computing where shared resources, software, an…
describes the data fields in each database records such as fi…
a shared collection of logically related data for various uses
attributes
characteristics, properties, or adjectives that describe each…
cloud computing
internet based computing where shared resources, software, an…
16 terms
Accounting Information Systems Chapter 3 (ACCT 371)
aggregation relationship
association
attributes
business rule
special purpose UML notation representing the relationship be…
UML symbol that depicts the relationship between two classes…
data elements that describe instances in a class, very much l…
succinct statement of constraints on business processes, they…
aggregation relationship
special purpose UML notation representing the relationship be…
association
UML symbol that depicts the relationship between two classes…
24 terms
Accounting Information Systems Chapter 6 (ACCT 371)
accounts payable
agents
cash
cash disbursements
amounts owed to suppliers for goods and services received; ca…
the people or organizations who participate in business event…
the organization's monies in bank or related accounts; the in…
record payments of cash to external agents (e.g. suppliers) a…
accounts payable
amounts owed to suppliers for goods and services received; ca…
agents
the people or organizations who participate in business event…
22 terms
Accounting Information Systems Chapter 1 (ACCT 371)
accounting information system (AIS)
automate
business value
certified information technology profe…
a system that records, processes, and reports on transactions…
the use of technology to replace human labor in automating bu…
items, events, and interactions that determine the financial…
identifies accountants, CPAs, with a broad range of technolog…
accounting information system (AIS)
a system that records, processes, and reports on transactions…
automate
the use of technology to replace human labor in automating bu…
28 terms
ACCT 430: Chapter 2 - Principles of accounting and financial reporting for state and local governments
accrual basis
agency funds
available
business-type activities
the basis of accounting under which revenues are recorded whe…
funds consisting of resources received and held by the govern…
collectible within the current period or soon enough thereaft…
commercial-type activities of a government, such as public ut…
accrual basis
the basis of accounting under which revenues are recorded whe…
agency funds
funds consisting of resources received and held by the govern…
39 terms
Unit 4: Corporation Accounting (Acct. 2)
Additional Paid-In-Capital
Amortization
Articles Of Incorporation
Board Of Directors
Capital received from investors in exchange for stock
To write off a portion of a bond discount or premium over the…
An application to organize a business as a corporation made t…
A group of individual, elected by stockholders, who govern an…
Additional Paid-In-Capital
Capital received from investors in exchange for stock
Amortization
To write off a portion of a bond discount or premium over the…
22 terms
Financial Accounting Equations - Acct 2
Basic Accounting Equation
Net Income
Stockholders' Equity
Retained Earnings
Assets = Liabilities + Stockholders' Equity
Revenue - Expenses
Retained Earnings + Common Stock
Beginning Balance + Net Income - Dividends
Basic Accounting Equation
Assets = Liabilities + Stockholders' Equity
Net Income
Revenue - Expenses
12 terms
Chapter 2: Acct 2100
Recognition
Realization
Steps in Accounting Cycle
Matching Concept
Formally recording an economic item or event in the financial…
Collecting cash, generally from the sale of products or servi…
Cash basis accounting can distort the measurement of net inco…
Recognition
Formally recording an economic item or event in the financial…
Realization
Collecting cash, generally from the sale of products or servi…
18 terms
ACCT 222 CH 2: Accounting for Accruals and Deferrals
recognition
realization
accrual accounting
accrual
formally reporting an economic item or event in the financial…
refers to collecting money, generally from the sale of produc…
recognize revenues and expenses in the period in which they o…
revenue or expense event that is recognized before cash is ex…
recognition
formally reporting an economic item or event in the financial…
realization
refers to collecting money, generally from the sale of produc…
31 terms
Accounting - Chapter 2
T account
debit
credit
assets
accounting device used to analyze transactions
the left side of any account
the right side of any account
cash, acc rec, supplies
T account
accounting device used to analyze transactions
debit
the left side of any account
20 terms
ACCT - Chapter 2
Chart of accounts
Credit
Debit
Normal balance
A list of accounts used by a business.
The amount recorded on the right side of a T account.
The amount recorded on the left side of a T account.
The side of the account that is increased.
Chart of accounts
A list of accounts used by a business.
Credit
The amount recorded on the right side of a T account.
53 terms
ACCT 307: CH 2 ACCOUNTING ON THE INTERNET
Access control list (ACL)
Access security
Business-to-business (B2B) e-commerce
Certificate authority
A list of bona fide IP addresses that network administrators…
Restricting access to bona fide users. Access authentication…
Businesses buying and selling goods and services to each othe…
A third party who issues an authenticating document.
Access control list (ACL)
A list of bona fide IP addresses that network administrators…
Access security
Restricting access to bona fide users. Access authentication…
30 terms
Accounting Chapter 2
T Account
Chart of accounts
Debit
Credit
An accounting device used to analyze transactions.
A list of all accounts used by a business.
An amount recorded on the left side of an account.
An amount recorded on the right side of an account.
T Account
An accounting device used to analyze transactions.
Chart of accounts
A list of all accounts used by a business.
21 terms
ACCT 205: Chapter 2 Terminology
account
accounting cycle
accounting transaction
calendar year
A record of the additions, deductions, and balances of indivi…
A sequence of activities undertaken by company accountants to…
An economic event that requires accounting recognition; an ev…
A fiscal year that ends on December 31 (p. 59)
account
A record of the additions, deductions, and balances of indivi…
accounting cycle
A sequence of activities undertaken by company accountants to…
34 terms
ACCT 2101 Chapter 2
cost
expense
product cost
period cost
the sacrifice made to achieve a particular purpose
the cost incurred when an asset is used up or sold for the pu…
the costs of goods manufactured or the cost of goods purchase…
all other non-product costs in an org. -are not inventoried b…
cost
the sacrifice made to achieve a particular purpose
expense
the cost incurred when an asset is used up or sold for the pu…
18 terms
chapter 2 acct
Administrative costs
Contribution margin
Conversion cost
Direct cost
All executive, organizational, and clerical costs associated…
The amount remaining from sales revenues after all variable e…
Direct labor cost plus manufacturing overhead cost. (p. 27)
A cost that can be easily and conveniently traced to a specif…
Administrative costs
All executive, organizational, and clerical costs associated…
Contribution margin
The amount remaining from sales revenues after all variable e…
23 terms
Acct 400 - Chapter 2
governmental activities
examples of gov't activities (administ…
examples of gov't activities (core gov…
business type activites
core governmental services, together with general administrat…
city manager's office... personnel... data processing... finance
police & fire... public works... parks and recreation
activities that are largely self-supported by user charges
governmental activities
core governmental services, together with general administrat…
examples of gov't activities (administ…
city manager's office... personnel... data processing... finance
10 terms
ACCT 3110 Ch 2. Accounting Assumptions
Period of Time
Expense Recognition
Monetary Unit
Reporting entity
To provide timely information, companies prepare and report f…
Appropriate recognition when a company consumes economic reso…
Accounting measurements for US companies are reported in doll…
The financial statements represent the business, rather than…
Period of Time
To provide timely information, companies prepare and report f…
Expense Recognition
Appropriate recognition when a company consumes economic reso…
25 terms
Acct Chapter 2
Account
Accounting Cycle
Accrual Basis of Accounting
Business Transactions
A part of the accounting system used to classify and summariz…
A series of steps performed during the accounting period (som…
Recognizes revenues when sales are made or services are perfo…
Measurable events that affect the financial condition of a bu…
Account
A part of the accounting system used to classify and summariz…
Accounting Cycle
A series of steps performed during the accounting period (som…
48 terms
ACCT 2301: Chapter 2 Vocab
Cost
Expenses
Price
Accumulating Costs
the amount of cash or cash equivalent sacrificed for goods an…
-a cost that is used up in the production of revenues (expire…
the revenue per unit
the way that costs are measured and recorded
Cost
the amount of cash or cash equivalent sacrificed for goods an…
Expenses
-a cost that is used up in the production of revenues (expire…
26 terms
Accounting Chapter 2
T account
debit
credit
debit
an accounting device used to analyze transactions
Decreases to liability accounts are recorded on the _________…
An amount recorded on the right side of a T account is a ____…
Each asset has a normal ________________ balance.
T account
an accounting device used to analyze transactions
debit
Decreases to liability accounts are recorded on the _________…
8 terms
Accounting Chapter 2 Vocabulary
Accounts payable
Accounts receivable
Chart of accounts
Credit
Amounts to be paid in the future for goods or services alread…
Amounts to be received in the future due to the sale of goods…
A list of accounts used by a business.
An amount recorded on the right side of an account.
Accounts payable
Amounts to be paid in the future for goods or services alread…
Accounts receivable
Amounts to be received in the future due to the sale of goods…
27 terms
Acct. Ch 2 Managerial Accounting & Cost Concepts
relevant range
in total
in total
variable
the level of activity within which variable and fixed cost as…
variable costs vary __ ___ within the relevant range of activ…
a fixed cost remains fixed __ ____ within the relevant range…
mixed costs are also known as semi-________ costs
relevant range
the level of activity within which variable and fixed cost as…
in total
variable costs vary __ ___ within the relevant range of activ…
26 terms
ACCT2110 Chapter2
A detailed record of all increases and…
The record holding all the accounts of…
A journal entry that is characterized…
A record of transactions in date order
Account
Ledger
Compound journal entry
Journal
A detailed record of all increases and…
Account
The record holding all the accounts of…
Ledger
59 terms
Unit 3: Accounting for Special Procedures (Acct.2)
Accounts receivable turnover ratio
Accrued expenses
Accrued revenue
Aging accounts receivable
the number of times the average amount of accounts receivable…
expenses incurred in one fiscal period but not paid until a l…
revenue earned in one fiscal period but not received until a…
analyzing accounts receivable according to when they are due
Accounts receivable turnover ratio
the number of times the average amount of accounts receivable…
Accrued expenses
expenses incurred in one fiscal period but not paid until a l…
58 terms
Unit 1- Review of The Accounting Cycle (Acct. 2)
Accountant
Accounting
Accounting Clerk
Accounting Equation
A person who handles a broad range of jobs related to the mak…
Planning, records, analyzing, and interpreting financial acti…
an entry-level job that can vary with the size of the company…
An equation showing the relationship among assets, liabilitie…
Accountant
A person who handles a broad range of jobs related to the mak…
Accounting
Planning, records, analyzing, and interpreting financial acti…
23 terms
ACCT 332 Accounting Information Systems - Ch 2
Data processing cycle
Data input
Source documents
Turnaround documents
the operations performed on data to generate meaningful and r…
capture transaction data and enter them in the system. Data m…
Documents used to capture transaction data at its source - wh…
records of company data sent to an external party and then re…
Data processing cycle
the operations performed on data to generate meaningful and r…
Data input
capture transaction data and enter them in the system. Data m…
25 terms
ACCT 2050H Chapter 2
primary objective of financial reporti…
relevant information
faithful representation
separate-entity assumption
the goal to provide financial information about the reporting…
information that can influence a decision; it is timely and h…
requires that the information be complete, neutral, and free…
states that a business's activities are accounted for separat…
primary objective of financial reporti…
the goal to provide financial information about the reporting…
relevant information
information that can influence a decision; it is timely and h…
37 terms
ACCT Ch 2. Managerial Accounting and Cost Concepts
Cost Object
Direct Cost
Indirect Cost
Common Cost
Anything for which cost data is desired
A cost that can easily be and conveniently traced to a specif…
A cost the cannot easily and conveniently be traced to a spec…
A cost that is incurred to support a member of cost objects b…
Cost Object
Anything for which cost data is desired
Direct Cost
A cost that can easily be and conveniently traced to a specif…
17 terms
Chapter 2 Accounting Terms
*T account*
*Debit*
*Credit*
*Chart of accounts*
something used in accounting to analyze transactions.
an amount recorded on the left side of the account.
an amount recorded on the right side of the account.
A list of accounts used by a business.
*T account*
something used in accounting to analyze transactions.
*Debit*
an amount recorded on the left side of the account.
28 terms
ACCT 5000-Chapter 2
assumption
comparability
completeness
conceptual framework
Four basic assumptions underlie the financial accounting stru…
enables users to identify the real similarities and differenc…
all the information that is necessary for faithful representa…
establishes the concepts that underlie financial reporting. A…
assumption
Four basic assumptions underlie the financial accounting stru…
comparability
enables users to identify the real similarities and differenc…
19 terms
ACCT 2302 Chapter 2
Direct Cost
Indirect Cost
Manufacturing Cost
Direct Materials
A cost that is easily traced to an object or product.
Cannot be easily traced to an object or product
1. Direct Materials. 2. Direct Labor. 3. Manufacturing Overhead
Raw materials used to make a product that are easily traced.
Direct Cost
A cost that is easily traced to an object or product.
Indirect Cost
Cannot be easily traced to an object or product
40 terms
ACCT 3110 Chapter 2
assumption
comparability
completeness
conceptual framework
One of the parts in the third level of the conceptual framewo…
An enhancing qualitative characteristic of accounting informa…
One of the ingredients of the fundamental quality of faithful…
For the accounting profession, a coherent system of objective…
assumption
One of the parts in the third level of the conceptual framewo…
comparability
An enhancing qualitative characteristic of accounting informa…
52 terms
ACCT (3110) - Chapter 2
Conceptual Framework
The objective of financial Reporting
Qualitative Characteristics of Account…
Recognition (Assumptions), Measurement…
Establishes the concepts that underlie financial reporting.
What is the First level of the framework for financial report…
What is the Second level of the framework for financial repor…
What is the Third level of the framework for financial report…
Conceptual Framework
Establishes the concepts that underlie financial reporting.
The objective of financial Reporting
What is the First level of the framework for financial report…
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