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Study sets matching "accounting honors"

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Study sets matching "accounting honors"

16 terms
Accounting Honors
Customer
Sales Tax
Sales Journal
Cash Sale
A person or business to whom merchandise or services are sold
A tax on a sale of merchandise or services
A special journal used to record only sales of merchandise on…
A sale in which cash is received for the total amount of the…
Customer
A person or business to whom merchandise or services are sold
Sales Tax
A tax on a sale of merchandise or services
52 terms
honors accounting
Accounting
Accounting System
Financial Statement
Net Worth Statement
is a process of planing, recording, analyzing and interruptin…
a plan to process designed to summarize the resulting in acco…
financial reports to summarize the financial condition and op…
a formal reports that show individual owns, owes and the diff…
Accounting
is a process of planing, recording, analyzing and interruptin…
Accounting System
a plan to process designed to summarize the resulting in acco…
35 terms
Accounting Honors
Skills
Values
Lifestyle
Personality
Activities that you do well
Principles you live by and the beliefs that are important to…
Is the way you use your time, energy and resources
a set of unique qualities that makes us different from all ot…
Skills
Activities that you do well
Values
Principles you live by and the beliefs that are important to…
13 terms
accounting honors
skills
values
lifestyle
personality
activities you are good at
principles you live by
the way you use your time, energy, and resources
a set of unique qualities that makes us different from all ot…
skills
activities you are good at
values
principles you live by
21 terms
Honors accounting
Who needs to know the purpose of accou…
GAAP
What does GAAP provide
what was GAAP developed by ?
Business owners, and managers so they can make decisions ... And…
General Accepted Accounting Principle
Provides guidelines and standards to be followed during the a…
FASB ( Financial Accounting Standard Board)
Who needs to know the purpose of accou…
Business owners, and managers so they can make decisions ... And…
GAAP
General Accepted Accounting Principle
51 terms
Module 2 honors accounting
Activity drivers
Revenue process
expenditure process
Conversion Process
bases that reflect the consumption or provision (# of product…
(activities that involve customers) a series of interrelated…
(activities that involve suppliers) a series of interrelated…
(activities of the production process) a series of interrelat…
Activity drivers
bases that reflect the consumption or provision (# of product…
Revenue process
(activities that involve customers) a series of interrelated…
31 terms
Honors accounting chapter 1
Account form
Account Payable
Account receivable
accounting
The form of balance sheet that resembles the basic format of…
The liability created by a purchase on account
a claim against the customer
an information system that provides reports to stakeholders a…
Account form
The form of balance sheet that resembles the basic format of…
Account Payable
The liability created by a purchase on account
12 terms
Accounting Honors Ch 12
Salary
Pay Period
Payroll
Total Earnings
The money paid for employee services
The period covered by a salary payment
The total amount earned by all employees for a pay period
The total pay due for a pay period before deductions
Salary
The money paid for employee services
Pay Period
The period covered by a salary payment
8 terms
Accounting Honors Chapter 6
Fiscal Period
Work Sheet
Trial Balance
Adjustments
The length of time for which a business summarizes and report…
A columnar accounting form used to summarize the general ledg…
A proof of the equality of debits and credits in a general le…
Changes recorded on a work sheet to update general ledger acc…
Fiscal Period
The length of time for which a business summarizes and report…
Work Sheet
A columnar accounting form used to summarize the general ledg…
13 terms
Accounting Honors Chapter 5
Code of Conduct
Checking Account
Endorsement
Blank Endorsement
A statement that guides the ethical behavior of a company and…
A bank account from which payments can be ordered by a deposi…
A signature or stamp on the back of a check transferring owne…
An endorsement consisting only of the endorser's signature
Code of Conduct
A statement that guides the ethical behavior of a company and…
Checking Account
A bank account from which payments can be ordered by a deposi…
21 terms
Honors Accounting- Chapter 1
Accounting is a system that _____, ___…
when running a business, you need to a…
three types of accountants
public accountant
Identify, record, communicate... relevant, reliable, comparable
- How much cash does a business need?... - How much money do con…
-public... -managerial... -governmental
audit, tax accounting, management
Accounting is a system that _____, ___…
Identify, record, communicate... relevant, reliable, comparable
when running a business, you need to a…
- How much cash does a business need?... - How much money do con…
26 terms
Honors Accounting Ch. 2
An accounting device used to analyze t…
An amount recorded on the left side of…
An amount recorded on the right side o…
The side of the account that is increa…
T account
Debit
Credit
Normal balance
An accounting device used to analyze t…
T account
An amount recorded on the left side of…
Debit
29 terms
Honors Accounting Ch. 4
A ledger that contains all accounts ne…
The number assigned to an account
A group of accounts
The procedure for arranging accounts i…
General Ledger
Account Number
Ledger
File Maintenance
A ledger that contains all accounts ne…
General Ledger
The number assigned to an account
Account Number
27 terms
Honors Accounting Ch. 1
Creditor
Account title
Capital account
Expense
A person or business to whom a liability is owed
The name given to an account
An account used to summarize the owner's equity in a business
The cost of goods or services used to operate a business
Creditor
A person or business to whom a liability is owed
Account title
The name given to an account
15 terms
Accounting Honors Ch 3
Journal
Journalizing
Special Amount Column
General Amount Column
A form for recording transactions in chronological order
Recording transactions in a journal
A journal amount column headed with an account title
A journal amount column that is not headed with an account ti…
Journal
A form for recording transactions in chronological order
Journalizing
Recording transactions in a journal
18 terms
Honors Accounting Ch. 5
A bank account from which payments can…
A bank form which lists the checks, cu…
A signature or stamp on the back of a…
An endorsement consisting only of the…
Checking Account
Deposit Slip
Endorsement
Blank Endorsement
A bank account from which payments can…
Checking Account
A bank form which lists the checks, cu…
Deposit Slip
20 terms
Honors Accounting Intro Notes
Objectives of a business
3 Kinds of Accounting
6 Accounting Fields:
FASB
1- provide the kind and quality of merchandise or services th…
1- private: work for 1 business... 2- public: work for CPA firm…
1- Financial Accounting... 2- Managerial... 3- Cost Accounting... 4- T…
Financial Accounting Standards Board
Objectives of a business
1- provide the kind and quality of merchandise or services th…
3 Kinds of Accounting
1- private: work for 1 business... 2- public: work for CPA firm…
43 terms
Honors Accounting Chapter 1
True
True
True
True
Keeping personal and business records separate is an applicat…
Accounting is the language of business.
Assets such as cash and supplies have value because they can…
The relationship among assets, liabilities, and owner's equit…
True
Keeping personal and business records separate is an applicat…
True
Accounting is the language of business.
30 terms
Honors Accounting Ch. 3
A form for recording transactions in c…
Recording transactions in a journal
Information for each transaction recor…
The recording of debit and credit part…
Journal
Journalizing
Entry
Double-entry accounting
A form for recording transactions in c…
Journal
Recording transactions in a journal
Journalizing
45 terms
Honors Accounting - Unit 1
T/F: Financial accounting produces fin…
T/F: An audit is a financial examinati…
T/F: The top financial position in pri…
T/F: Professional accounting organizat…
False
True
False
True
T/F: Financial accounting produces fin…
False
T/F: An audit is a financial examinati…
True
18 terms
Honors Accounting Chapter 5
Checking Account
Deposit Slip
Endorsement
Blank Endorsement
A bank account from which payments can be ordered by a deposi…
A bank form which lists the checks, currency, and coins an ac…
A signature or stamp on the bank of a check transferring owne…
A blank endorsement is a signature by the creator of an instr…
Checking Account
A bank account from which payments can be ordered by a deposi…
Deposit Slip
A bank form which lists the checks, currency, and coins an ac…
27 terms
accounting honors unit 1
accounting
accounting system
financial statements
net worth statement
the process of planning, recording, analyzing, and interpreti…
planned process designed to compile financial data and summar…
Financial reports that summarize the financial condition and…
a formal report that shows what an individual owns, what an i…
accounting
the process of planning, recording, analyzing, and interpreti…
accounting system
planned process designed to compile financial data and summar…
13 terms
Accounting Honors Chapter 5
Bank Statement
Blank Endorsement
Checking Account
Code of Conduct
A report of deposits, withdrawals, and bank balances sent to…
An endorsement consisting only of the endorser's signature
A bank account from which payments can be ordered by a deposi…
A statement that guides the ethical behavior of a company and…
Bank Statement
A report of deposits, withdrawals, and bank balances sent to…
Blank Endorsement
An endorsement consisting only of the endorser's signature
10 terms
Accounting Honors Chapter 9
Capital Stock
Cash Discount
Corporation
Debit memorandum
Total shares of ownership in a corporation
A deduction that vendor allows on the invoice amount to encou…
An organization with the legal rights of a person and which m…
A formed prepared by the customer showing the price deduction…
Capital Stock
Total shares of ownership in a corporation
Cash Discount
A deduction that vendor allows on the invoice amount to encou…
13 terms
Honors Accounting Chapter 6
Fiscal Period
Fiscal Year
Work Sheet
Trial Balance
...
...
...
...
Fiscal Period
...
Fiscal Year
...
21 terms
Accounting Honors (Chapter 2)
A record summarizing all the informati…
An accounting device used to analyze t…
Recorded on the left side
Recorded on the right side
Account
T Account
Debit
Credit
A record summarizing all the informati…
Account
An accounting device used to analyze t…
T Account
13 terms
Accounting Honors Chapter 5
Code of Conduct
Checking Account
Endorsement
Blank Endorsement
A statement that guides the ethical behavior of a company and…
A bank account from which payments can be ordered by a deposi…
A signature or stamp on the back of a check transferring owne…
An endorsement consisting only of the endorser's signature
Code of Conduct
A statement that guides the ethical behavior of a company and…
Checking Account
A bank account from which payments can be ordered by a deposi…
13 terms
Honors Accounting Module 1
Net Assets
Assets
Liabilities
Expenses
Assets - Liabilities
Rights to use resources that have expected future economic be…
Obligations of a business to transfer economic resources to s…
Amount incurred from using resources or services in an effort…
Net Assets
Assets - Liabilities
Assets
Rights to use resources that have expected future economic be…
18 terms
Honors Accounting C7
Correcting entry
General ledger
Ledger
Ledger account form
When an error in a journal entry is discovered after posting,…
A permanent record organized by account number
The accounts used by a business are kept on separate pages or…
In a manual accounting system, information about specific acc…
Correcting entry
When an error in a journal entry is discovered after posting,…
General ledger
A permanent record organized by account number
23 terms
Accounting Honors Chapter 12
True
False
True
True
A Form W-4 lists the marital status and number of exemptions…
The number of hours worked multiplied by the hourly wage give…
The total FICA tax is divided into two parts: the social secu…
An example of a voluntary deduction is one for a health insur…
True
A Form W-4 lists the marital status and number of exemptions…
False
The number of hours worked multiplied by the hourly wage give…
18 terms
Accounting 1 honors
Journal
Journalizing
Entry
Double-Entry Accounting
A form for recording transactions in chronological order
Recording transactions in a journal.
Information for each transaction recorded in a journal
The recording of debit and credit parts of a transaction
Journal
A form for recording transactions in chronological order
Journalizing
Recording transactions in a journal.
11 terms
Accounting Honors Quiz 1
Accounting
Three activities
Owns
Owes
"the language of business"
Identifies, records, & communicates
Assets
Liabilities
Accounting
"the language of business"
Three activities
Identifies, records, & communicates
74 terms
Financial Accounting Honors Vocab
Accounts payable
Accounts receivable
Accounting equation
Adjustments
The liability created by a purchase on account
A claim against the customer created by selling merchandise o…
A=L+OE
...
Accounts payable
The liability created by a purchase on account
Accounts receivable
A claim against the customer created by selling merchandise o…
21 terms
Honors Accounting Module 2
Revenue Process
Expenditure Process
Conversion Process
Sales discount
-determine marking and distribution channels... - receive and ac…
-determine the need for goods/services... -select suppliers and…
-schedule production ... -get materials... -use labor and manufactu…
Discount for paying early
Revenue Process
-determine marking and distribution channels... - receive and ac…
Expenditure Process
-determine the need for goods/services... -select suppliers and…
22 terms
Honors Accounting Midterm
a business that sells products to cust…
financial statement that reports a sum…
chart of accounts first digit signifie…
uses both financial accounting and est…
merchandising
statement of cash flows
ledger
managerial accounting
a business that sells products to cust…
merchandising
financial statement that reports a sum…
statement of cash flows
24 terms
Honors Accounting Unit 1
What is the Free Enterprise System?
Why does someone start their own busin…
Profit
Entrepenuer
You can spend your money however you want... You have the right…
They think they can do it better than others, they have a gre…
sales-expenses
someone who starts their own buisines
What is the Free Enterprise System?
You can spend your money however you want... You have the right…
Why does someone start their own busin…
They think they can do it better than others, they have a gre…
11 terms
Accounting 1 Honors- Chapter 1
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
Honors Accounting Final Vocab
FIFO
FOB Destination
Notes Reciebale
Purchase Return/Allowance
(first in first out) the method of inventory costing based on…
buyer pays transportation costs from the shipping point to th…
a customer's written promise to pay an amount and possible in…
from the buyer's perspective, returned merch or an adjustment…
FIFO
(first in first out) the method of inventory costing based on…
FOB Destination
buyer pays transportation costs from the shipping point to th…
44 terms
Chapter 3 Accounting Honors
Check
Double -Entry Accounting
Entry
General amount column
a business form ordering a bank to pay cash from a bank account
The recording of debit and credit parts of a transaction
Information for each transaction recorded
A journal amount column that is not headed with an account ti…
Check
a business form ordering a bank to pay cash from a bank account
Double -Entry Accounting
The recording of debit and credit parts of a transaction
15 terms
Honors Accounting Quiz 2
2/10, n/30
Sales discount (ex. 2/10, n/30) journa…
Sales Returns
Credit Card Sales
2% discount if paid within ten days, full amount due in 30days
When Sale is made on credit... A/R (A+).........................…
Sales Return (XR+, R-, SE-)............................x... A/R…
A/R (A+).....................................................…
2/10, n/30
2% discount if paid within ten days, full amount due in 30days
Sales discount (ex. 2/10, n/30) journa…
When Sale is made on credit... A/R (A+).........................…
40 terms
Honors Accounting final vocab
current liabilities
debt financing
promissory note
notes payable
liabilities due within a short time, usually a year
obtaining capitol by borrowing money
a written or signed promise to pay a sum of money at a specif…
promissory notes signed by a business and given to a creditor
current liabilities
liabilities due within a short time, usually a year
debt financing
obtaining capitol by borrowing money
56 terms
accounting honors midterm
accounting
accounting system
accounting records
service business
planning, recording, analyzing, and interpreting financial in…
a planned process for providing financial information that wi…
organized summaries of a business's financial activities
a business that performs an activity for a fee
accounting
planning, recording, analyzing, and interpreting financial in…
accounting system
a planned process for providing financial information that wi…
23 terms
Honors Accounting test #2
Revenue Process
primary activities of the Revenue Proc…
sales discount
bill of lading
activities designed to generate revenue
1. Determining Marketing and distribution channels to generat…
incentive to have customers pay early
shipping agreement between the business and common carrier; s…
Revenue Process
activities designed to generate revenue
primary activities of the Revenue Proc…
1. Determining Marketing and distribution channels to generat…
16 terms
Honors Accounting 1
What are the temporary accounts?
What is a nominal account?
What is the definition of a closing en…
What is the purpose of a closing entry?
Sales, expenses, income, summary, drawing
another term for temporary account
a journal entry used to prepare temporary accounts for next f…
prepare for the next fiscal period
What are the temporary accounts?
Sales, expenses, income, summary, drawing
What is a nominal account?
another term for temporary account
11 terms
Honors Accounting Chapter3 test
Journal
Journalizing
Source Document
Entry
A form for recording transactions in chronological order.
Recording transactions in a journal.
A business paper from which information is obtained for a jou…
Information for each transaction recorded in a journal.
Journal
A form for recording transactions in chronological order.
Journalizing
Recording transactions in a journal.
Honors Accounting Ch3 Test
Assets
Foot
Credit
Normal Balance
Cash... A/R... Prepaid Insurance... Supplies... Equipment... Furniture
Totaling the amounts on the debit and credit sides of an acco…
Right side ... + Liabilities ... + Revenue... + Capital... - asset... - expe…
the side that the account increases on
Assets
Cash... A/R... Prepaid Insurance... Supplies... Equipment... Furniture
Foot
Totaling the amounts on the debit and credit sides of an acco…
28 terms
1st Semester Honors Accounting Exam
Business entity
Monetary unit
Going concern
Periodicity
Keep business and personal records separate
Maintain business records in currency
Business will continue past the current period
Profits/losses must be determined periodically
Business entity
Keep business and personal records separate
Monetary unit
Maintain business records in currency
47 terms
Accounting Honors Chapter 12 Review
Partnership
Principal characteristics of partnersh…
For certain purposes, a partnership is
For financial reporting purposes, a pa…
association of two of more persons to carry on as co-owners o…
association of individuals, mutual agency, limited life, unli…
a legal entity
an accounting entity
Partnership
association of two of more persons to carry on as co-owners o…
Principal characteristics of partnersh…
association of individuals, mutual agency, limited life, unli…
22 terms
Accounting Honors Chapter 1 Vocabulary
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
27 terms
Honors Accounting Part 1 Vocab
accounting
accounting system
financial statements
net worth statement
the process of planning, recording, analyzing, and interpreti…
a planned process designed to compile financial data and summ…
financial reports that summarize the financial condition and…
a formal reports that shows what an individual owns, what an…
accounting
the process of planning, recording, analyzing, and interpreti…
accounting system
a planned process designed to compile financial data and summ…
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