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Study sets matching "accounting i acct"

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Study sets matching "accounting i acct"

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…
45 terms
ACCT 101, Ch. 1 - Accounting and the Business Environment
accounting
financial accounting
managerial accounting
creditor
the information system that measures business activities, pro…
the field of accounting that focuses on providing information…
the field of accounting that focuses on providing information…
any person or business to whom a business owes money.
accounting
the information system that measures business activities, pro…
financial accounting
the field of accounting that focuses on providing information…
ACCT 1 budget of accounts
Food inventory
Accounts Payable
Common Stock Issued
Customer Deposits
Revenue, IS
Liability, BS
Owners Equity, BS
Revenue, IS
Food inventory
Revenue, IS
Accounts Payable
Liability, BS
24 terms
ACCT 3311 Intermediate Accounting EXAM 1 Review
What is financial accounting?
Who uses financial reports?
What are the main financial Statements?
Objectives of financial reporting (sta…
Process that culminates in the preparation of financial repor…
Investors, Creditors
1. Balance Sheet... 2. Income Statement... 3. Statement of Cash flo…
Provide financial information about the reporting entity that…
What is financial accounting?
Process that culminates in the preparation of financial repor…
Who uses financial reports?
Investors, Creditors
27 terms
Accounting Unit 1 Computerized Acct. 1
Accountant
Accounting
Accounting concepts
Accounting period cycle
A person who plans, summarizes, analyzes, and interprets acco…
Planning, recording, analyzing, and interpreting financial in…
Commonly accepted concepts that guide accounting personnel in…
Changes in financial information are reported for a specific…
Accountant
A person who plans, summarizes, analyzes, and interprets acco…
Accounting
Planning, recording, analyzing, and interpreting financial in…
19 terms
ACCT 136 Outcome 1: Review of Basic Accounting
Accounting
Balance sheet
Income statement
Assets
A systematic way to record business transactions so the data…
Summarizes the financial situation or company wealth on a spe…
Shows how conducting the company has changed its net worth
Economic resources owned by a company
Accounting
A systematic way to record business transactions so the data…
Balance sheet
Summarizes the financial situation or company wealth on a spe…
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…
19 terms
Acct 1: Chapter 9 (Identifying Accounting Terms)
Corporation
Cost of merchandise
Capital Stock
Cash Discount
An organization with the legal rights of a person and which m…
The price a business pays for goods it purchases to sell. (p.…
Total shares of ownership in a corporation. (p. 234)
A deduction that a vendor allows on the invoice amount to enc…
Corporation
An organization with the legal rights of a person and which m…
Cost of merchandise
The price a business pays for goods it purchases to sell. (p.…
35 terms
ACCT Ch. 1 Intro to Managerial Accounting
Planning
directing and motivating
Controlling
budget
determining the direction of the business is headed, addressi…
More hands on part of management. Actually making sure busine…
using feedback to determine if operations are on the right tr…
quantitative expression of a plan
Planning
determining the direction of the business is headed, addressi…
directing and motivating
More hands on part of management. Actually making sure busine…
35 terms
Financial Accounting (ACCT 2331) Test 1
Corporation's owners =
Accounting
Managerial accounting
Financial accounting
Stockholders
A system of maintaining records of a company's operations and…
information provided for internal users
information provided for external users
Corporation's owners =
Stockholders
Accounting
A system of maintaining records of a company's operations and…
17 terms
Int Accounting 1 - Robinson (ACCT 3313)
Accounts Payable
Accounts Receivable
Accumulated Depletion
Accumulated Depreciation
Classification: Current Liability... Normal Balance: Credit... Fina…
Classification: Current Asset... Normal Balance: Debit... Financial…
Classification: Contra Fixed Asset... Normal Balance: Credit... Fin…
Classification: Contra Fixed Asset... Normal Balance: Credit... Fin…
Accounts Payable
Classification: Current Liability... Normal Balance: Credit... Fina…
Accounts Receivable
Classification: Current Asset... Normal Balance: Debit... Financial…
33 terms
ACCT 200 - Chapter 1 - Accounting and the Business Environment
Accounting
Financial Accounting
Managerial Accounting
Creditor
Information system that measures business activities, process…
Provides information for external decision makers. (Possible/…
Provides information for internal decision makers. (Co. manag…
Any person or business to whom a business owes them money.
Accounting
Information system that measures business activities, process…
Financial Accounting
Provides information for external decision makers. (Possible/…
ACCT: Chapter 1-Accounting and the Business Environment
Accounting
Financial Accounting
Managerial Accounting
Creditor
The information system that measures business activities, pro…
The field of accounting that focuses on providing information…
The field of accounting that focuses on providing information…
Any person or business to whom a business owes money.
Accounting
The information system that measures business activities, pro…
Financial Accounting
The field of accounting that focuses on providing information…
45 terms
ACCT 101, Ch. 1 - Accounting and the Business Environment
accounting
financial accounting
managerial accounting
creditor
the information system that measures business activities, pro…
the field of accounting that focuses on providing information…
the field of accounting that focuses on providing information…
any person or business to whom a business owes money.
accounting
the information system that measures business activities, pro…
financial accounting
the field of accounting that focuses on providing information…
15 terms
ACCT 187 - Accounting Ethics Chp 1 (1)
The AICPAs Professional Code of Conduc…
Normative ethics focuses on
The AICPA's Code of Professional Conduct
Ethics is influenced by which the foll…
All CPAs who voluntarily join the AICPA
How people should behave
Potentially applies to all licensed CPAs, whether they work i…
All of the Above
The AICPAs Professional Code of Conduc…
All CPAs who voluntarily join the AICPA
Normative ethics focuses on
How people should behave
40 terms
ACCT 101, Ch. 1 - Accounting and the Business Environment
accounting
financial accounting
managerial accounting
creditor
the information system that measures business activities, pro…
the field of accounting that focuses on providing information…
the field of accounting that focuses on providing information…
any person or business to whom a business owes money.
accounting
the information system that measures business activities, pro…
financial accounting
the field of accounting that focuses on providing information…
ACCT 211: Chapter 1, Financial Accounting
Revenue Recognition
Matching
Cost
Asset
Revenue is recognized and recorded when earned.
Expenses are recorded in the time period when they are incurr…
Assets are recorded and maintained at their historical costs
A resource of a business with future value
Revenue Recognition
Revenue is recognized and recorded when earned.
Matching
Expenses are recorded in the time period when they are incurr…
35 terms
Financial Accounting (ACCT 2331) Test 1
Corporation's owners =
Accounting
Managerial accounting
Financial accounting
Stockholders
A system of maintaining records of a company's operations and…
information provided for internal users
information provided for external users
Corporation's owners =
Stockholders
Accounting
A system of maintaining records of a company's operations and…
16 terms
ACCT Ch. 1 Managerial Accounting: An Overview
Financial Accounting
Managerial Accounting
Segment
Planning
is concerned with reporting financial information to external…
is concerned with providing information to managers for use w…
a part of activity of an organization about which managers wo…
involves establishing goals and specifying how to achieve them.
Financial Accounting
is concerned with reporting financial information to external…
Managerial Accounting
is concerned with providing information to managers for use w…
24 terms
ACCT 2101: Principles of Accounting (Exam 1)
Primary Objective and Function of Acco…
Fundamental Accounting Equation
Classified Balance Sheet
Current Assets
Provides inputs for decision making, also known as "decision…
Assets = Liabilities + Owners Equity
Groups together similar assets and similar liabilities, using…
Assets that the company expects to convert to cash or use up…
Primary Objective and Function of Acco…
Provides inputs for decision making, also known as "decision…
Fundamental Accounting Equation
Assets = Liabilities + Owners Equity
67 terms
ACCT 222 Ch 1- An introduction to Accounting
Accounting
Market
profit
income
information system that reports on the economic activities an…
group of people or entities organized to exchange items or va…
value added by transforming resources into products or services
added value created in transforming resources into more desir…
Accounting
information system that reports on the economic activities an…
Market
group of people or entities organized to exchange items or va…
16 terms
ACCT 2120: Managerial Accounting Midterm #1
Managerial v. Financial Accounting
Management
Planning
Controlling
Managerial: Users: external. Time Focus: historical. Emphasis…
planning, directing, motivating and controlling.
Planning: select alternatives that do the best job. Accountin…
Feedback in the form of performance reports and compare w/ ac…
Managerial v. Financial Accounting
Managerial: Users: external. Time Focus: historical. Emphasis…
Management
planning, directing, motivating and controlling.
31 terms
ACCT 187 - Accounting Ethics Chp 2 (1)
An unethical act
The usary laws
Some societies believe that justice is…
According to the Responsibility Princi…
Is not necessarily illegal
Bar excessively high interest rates on certain types of loans
Ethical absolutism, with certain groups differing in their ap…
Make sensitive moral judgments
An unethical act
Is not necessarily illegal
The usary laws
Bar excessively high interest rates on certain types of loans
83 terms
ACCT-Chapter 1 Introducing Accounting to Business
accounting
accounting equation
assets
audits
Information and measurement system that identifies, records,…
Equality involving a company's assets, liabilities, and equit…
Resources a business owns or controls that are expected to pr…
Analysis and report of an organization's accounting system, i…
accounting
Information and measurement system that identifies, records,…
accounting equation
Equality involving a company's assets, liabilities, and equit…
22 terms
ACCT 187 - Accounting Ethics Chp 4 (1)
If a firm engages in activities that s…
Virtue ethics focuses principally on:
The veil of ignorance illustrates the…
Aristotle believed that:
Its behavior is commendable in accordance with both the share…
The preparation for being ethical, rather than on the achieve…
Resource allocation decisions should be made as if a decision…
Unequals should be treated unequally, with the relative diffe…
If a firm engages in activities that s…
Its behavior is commendable in accordance with both the share…
Virtue ethics focuses principally on:
The preparation for being ethical, rather than on the achieve…
89 terms
ACCT 311 Intermediate Accounting I Chapter 1
Relevance requires that information po…
In general, revenue is recognized when…
The primary objective of matching is t…
Confirmatory value is an ingredient of…
2. Confirmatory Value
1. Goods or services are transferred to the customer
2. Recognize expenses in the same period as the related revenue
3. Relevance but not faithful representation
Relevance requires that information po…
2. Confirmatory Value
In general, revenue is recognized when…
1. Goods or services are transferred to the customer
11 terms
Accounting 101 (ACCT101) Chapter 1 Quiz
Quality Instruments had retained earni…
The financial statement that reports r…
During​ February, assets increased by…
The nature of an asset is best describ…
$470,000
income statement
increased by $58,000
an economic resource​ that's expected to benefit future opera…
Quality Instruments had retained earni…
$470,000
The financial statement that reports r…
income statement
32 terms
ACCT 2040 Exam 1: Managerial Accounting
Reports prepared in financial accounti…
Managerial accounting information gene…
Managerial accounting applies to all f…
Managerial accounting applies to each…
True.
False.
True.
d) Managerial accounting applies to all types of firms.
Reports prepared in financial accounti…
True.
Managerial accounting information gene…
False.
8 terms
ACCT 2203 Ch 1 Intro to Managerial Accounting
Purpose of Managerial Accounting
Planning
Controlling
Financial vs. Managerial:... User/Focus
Information needs of internal users... -planning... -controlling... -d…
What needs to be done?... How do we expect to do it?
Are things going according to plan?... We need feedback
Financial: external... Managerial: internal
Purpose of Managerial Accounting
Information needs of internal users... -planning... -controlling... -d…
Planning
What needs to be done?... How do we expect to do it?
14 terms
ACCT: Ch. 1 Introduction to Managerial Accounting
Accounting
Financial Accounting
Managerial Accounting (1)
Managerial Accounting (2)
The process of identifying, measuring and communicating infor…
Structured external reporting (analyzing, measuring, and repo…
Provision of accounting information designed to enhance the a…
Management accounting encompasses processes and techniques th…
Accounting
The process of identifying, measuring and communicating infor…
Financial Accounting
Structured external reporting (analyzing, measuring, and repo…
45 terms
ACCT 101, Ch. 1 - Accounting and the Business Environment
accounting
financial accounting
managerial accounting
creditor
the information system that measures business activities, pro…
the field of accounting that focuses on providing information…
the field of accounting that focuses on providing information…
any person or business to whom a business owes money.
accounting
the information system that measures business activities, pro…
financial accounting
the field of accounting that focuses on providing information…
19 terms
ACCT 187 - Accounting Ethics Chp 3 (1)
A focus on achieving the least overall…
Which of the following typically is no…
A real-world difficulty of applying de…
The principal proponent of deontology…
Utilitarianism, but not necessarily consequentialism
It give undeservedly high weight to human emotion
Two or more rights protected by deontology sometimes are in c…
Emanuel Kant
A focus on achieving the least overall…
Utilitarianism, but not necessarily consequentialism
Which of the following typically is no…
It give undeservedly high weight to human emotion
27 terms
Acct 1210 CH 1 Managerial Accounting Terms
Activity Based Costing
Balanced scorecard
Board of Directors
CEO
A method of allocating overhead based on each product's use o…
A performance measurement approach that uses both financial a…
The group of officials elected by the stockholders of a corpo…
Corporate officer who has overall responsibility for managing…
Activity Based Costing
A method of allocating overhead based on each product's use o…
Balanced scorecard
A performance measurement approach that uses both financial a…
34 terms
Managerial Accounting ACCT 204 CH 1
Budget
Controlling
Conversion Costs
Cost Object
Quantification of the resources and expenditures that will be…
Process of monitoring actual results to see whether the objec…
Sum of direct labor and manufacturing overhead; total cost in…
Any item for which one wants to determine cost.
Budget
Quantification of the resources and expenditures that will be…
Controlling
Process of monitoring actual results to see whether the objec…
47 terms
ACCT 101, Ch. 1 - Accounting and the Business Environment
accounting
financial accounting
managerial accounting
creditor
the information system that measures business activities, pro…
the field of accounting that focuses on providing information…
the field of accounting that focuses on providing information…
any person or business to whom a business owes money.
accounting
the information system that measures business activities, pro…
financial accounting
the field of accounting that focuses on providing information…
30 terms
Chapter 1: Financial Accounting and Accounting Standards (ACCT 311)
Accounting Principles Board (APB)
Accounting Research Bulletins
Accounting Standards Updates
Accrual-Basis Accounting
Private standard-setting organization from 1959 to 1973, whos…
Fifty-one bulletins from the Committee on Accounting Procedur…
The products of standard-setting (e.g., FASB standards, staff…
Accounting approach, in which a company records events that c…
Accounting Principles Board (APB)
Private standard-setting organization from 1959 to 1973, whos…
Accounting Research Bulletins
Fifty-one bulletins from the Committee on Accounting Procedur…
10 terms
ACCT 240 - Principles of Accounting Quiz 1
Which of the following financial state…
Which of the following items appears i…
Which of the following groups has the…
Which of the following is NOT an asset…
d) Balance sheet ... The balance sheet provides information abo…
a) Cash outflow for the purchase of a computer.... Purchasing a…
c) Financial Accounting Standards Board. ... The Financial Acco…
a) Paying cash to purchase land ... Paying cash to purchase lan…
Which of the following financial state…
d) Balance sheet ... The balance sheet provides information abo…
Which of the following items appears i…
a) Cash outflow for the purchase of a computer.... Purchasing a…
18 terms
ACCT 3341: Chapter 1 The Manager and Management Accounting
Management Accounting
Financial Accounting
Strategy
Two broad strategies
measures, analyzes, and reports financial and non financial i…
focuses on reporting to external users including investors, c…
specifies how an organization matches its own capabilities wi…
Cost Leadership or Product differentiation
Management Accounting
measures, analyzes, and reports financial and non financial i…
Financial Accounting
focuses on reporting to external users including investors, c…
75 terms
Accounting Ethics: Exam #1 (ACCT 320 Basney)
The Public Interest Principle in the A…
The method of ethical reasoning that r…
Deontology deals with:
Objectivity requires that a CPA should:
the importance of whistleblowing in decision making.
rule utilitarianism.
rights of others and duties toward them.
maintain a mental attitude of intellectual honesty and impart…
The Public Interest Principle in the A…
the importance of whistleblowing in decision making.
The method of ethical reasoning that r…
rule utilitarianism.
45 terms
ACCT 101, Ch. 1 - Accounting and the Business Environment
accounting
financial accounting
managerial accounting
creditor
the information system that measures business activities, pro…
the field of accounting that focuses on providing information…
the field of accounting that focuses on providing information…
any person or business to whom a business owes money.
accounting
the information system that measures business activities, pro…
financial accounting
the field of accounting that focuses on providing information…
17 terms
ACCT Ch 1. Managerial Accounting: An Overview
Financial Accounting
Managerial Accounting
Segment
Planning
The phase of accounting that is concerned with reporting hist…
The phase of accounting that is concerned with providing info…
A part or activity of an organization about which managers wo…
The process of establishing goals and specifying how to achie…
Financial Accounting
The phase of accounting that is concerned with reporting hist…
Managerial Accounting
The phase of accounting that is concerned with providing info…
43 terms
ACCT -2.1 Accounts and normal balances (flashcards)
Accounts Payable
Accounts Receivable
Accumulated Depreciation
Advertising Expense
Liability, Credit
Asset, Debit
Contra asset, Credit balance,
Expense, Debit
Accounts Payable
Liability, Credit
Accounts Receivable
Asset, Debit
10 terms
ACCT Chapter 1 Business Decisions and Financial Accounting
Which of the following is not one of t…
Which of the following is true regardi…
Which of the following is false regard…
Which of the following regarding retai…
B. The audit report
A. The income statement is sometimes called the statement of…
C. The balance sheet summarizes the net changes in specific a…
C. Retained earnings is an asset on the balance sheet.
Which of the following is not one of t…
B. The audit report
Which of the following is true regardi…
A. The income statement is sometimes called the statement of…
40 terms
Managerial Accounting ACCT 204 CH 1
Budget
Controlling
Conversion Costs
Cost Object
Quantification of the resources and expenditures that will be…
Process of monitoring actual results to see whether the objec…
Sum of direct labor and manufacturing overhead; total cost in…
Any item for which one wants to determine cost.
Budget
Quantification of the resources and expenditures that will be…
Controlling
Process of monitoring actual results to see whether the objec…
35 terms
Financial Accounting (ACCT 2331) Test 1
Corporation's owners =
Accounting
Managerial accounting
Financial accounting
Stockholders
A system of maintaining records of a company's operations and…
information provided for internal users
information provided for external users
Corporation's owners =
Stockholders
Accounting
A system of maintaining records of a company's operations and…
65 terms
ACCT 4111 - Intermediate Accounting Exam 1
What is financial accounting for?
What is the difference between "cash"…
Which of the following groups is NOT a…
True or False? Cash basis accounting d…
To provide external users with useful information.... Useful = h…
Cash basis: Expenses are recognized when cash is PAID, Revenu…
d. All of the above are external users of financial statements.
FALSE - gives information about how much cash is available no…
What is financial accounting for?
To provide external users with useful information.... Useful = h…
What is the difference between "cash"…
Cash basis: Expenses are recognized when cash is PAID, Revenu…
30 terms
Acct. 309: Accounting Information Systems Chapter 1
System
Goal Conflict
Goal Congruence
Data
A set of two or more interrelated components that interact to…
When a subsystem's goals are inconsistent with the goals of a…
When a subsystem achieves its goals while contributing to the…
Facts that are collected, recorded, stored, and processed by…
System
A set of two or more interrelated components that interact to…
Goal Conflict
When a subsystem's goals are inconsistent with the goals of a…
31 terms
Acct 3313 Intermediate Accounting Ch 1-3
GAAP
External
Internal
Providers of financial information
Generally Accepted Accounting Procedures: a body of accountin…
Shareholders, suppliers, creditors, rank and file employees,…
Do not need to follow GAAP, usually the management of a company
Profit oriented companies that provide information to interna…
GAAP
Generally Accepted Accounting Procedures: a body of accountin…
External
Shareholders, suppliers, creditors, rank and file employees,…
9 terms
ACCT 410 Midterm 1 Accounting Principles
Entity
Money-Measurement
Historical Cost
Accrual
accounts and information are kept for entities
Accounting reports only comprised of facts that can be expres…
accounting focuses on the cost of assets rather than market v…
accounting recognizes revenues in the period in which they ar…
Entity
accounts and information are kept for entities
Money-Measurement
Accounting reports only comprised of facts that can be expres…
8 terms
ACCT 2101: Accounting and the Business Environment, Ch 1
Accounting
Accounting Equation
Assets
Balance Sheet
The information system that MEASURES BUSINESS ACTIVITIES, PRO…
Equality involving a COMPANY'S ASSETS, LIABILITIES, and EQUIT…
An economic RESOURCE that is expected to BE OF BENEFIT IN THE…
Reports on an entity's ASSETS, LIABILITIES, and OWNER'S EQUIT…
Accounting
The information system that MEASURES BUSINESS ACTIVITIES, PRO…
Accounting Equation
Equality involving a COMPANY'S ASSETS, LIABILITIES, and EQUIT…
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