Study sets matching "accounting i"

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Study sets matching "accounting i"

27 terms
Accounting 1
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 report that shows what an individual owns, what an i…
Accounting
The process of planning, recording, analyzing, and interpreti…
Accounting system
A planned process designed to compile financial data and summ…
31 terms
1 Accounting 1: Fundamentals
Asset
Measurable cost
Equity
Entity
Item that is: owned or controlled by an entity, valuable to t…
You're able to quantify the money required to purchase the as…
Money either supplied by investors as Paid by In Capital or c…
Any business, company, or organization for which accounting r…
Asset
Item that is: owned or controlled by an entity, valuable to t…
Measurable cost
You're able to quantify the money required to purchase the as…
31 terms
Accounting 1
A business
Sole proprietorship
Partnership
Corporation
Organization that attempts to earn a return over the cost of…
Business owned by one individual
Business owned by 2+
Legal entity that exists separate from owners who are called…
A business
Organization that attempts to earn a return over the cost of…
Sole proprietorship
Business owned by one individual
24 terms
Accounting I Chapter 1
Account
Asset
Account Balance
Account Title
A record summarizing all the information pertaining to a sing…
Anything of value that is owned
The amount in an account
The name given to an account
Account
A record summarizing all the information pertaining to a sing…
Asset
Anything of value that is owned
27 terms
Comp Accounting Unit 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…
65 terms
Accounting 1
Two primary sources of outside funds
debt securities
persons or entities to whom money is o…
amounts owed to creditors in the form…
borrowing money and issuing shares of stock
bonds
creditors
liabilities
Two primary sources of outside funds
borrowing money and issuing shares of stock
debt securities
bonds
7 terms
Accounting 1 Chapter 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
10 terms
Accounting 1.03
Accounts receivable
accounts payable
owners equity
revenue
Total amount of money owed to a business by customers
Amount of money owed, or payable to creditors of a business
An owners claim to the assets of a business
income earned from the sale of goods or services
Accounts receivable
Total amount of money owed to a business by customers
accounts payable
Amount of money owed, or payable to creditors of a business
5 terms
Accounting 1 - Chapter 2 Vocabulary
chart of accounts
credit
debit
normal balance
a list of accounts used by a business
an amount recorded on the right side of a T account
an 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
an amount recorded on the right side of a T account
27 terms
Accounting I Unit 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…
6 terms
Accounting 1.03
Ethics
Business Ethics
Code of Conduct
21st Century Skills
the principles of right and wrong that are accepted by an ind…
How a company uses a code of conduct which is designed to enc…
A statement that guides the ethical behavior of a company and…
Learning skills desired for the marketplace
Ethics
the principles of right and wrong that are accepted by an ind…
Business Ethics
How a company uses a code of conduct which is designed to enc…
22 terms
Accounting Chapter 1
accounting
accounting system
accounting records
financial statements
Planning, recording, analyzing, and interpreting finan-... cial…
A planned process ... for providing financial information that w…
Organized ... summaries of a business's financial activities
Financial reports that summarize the ... financial condition and…
accounting
Planning, recording, analyzing, and interpreting finan-... cial…
accounting system
A planned process ... for providing financial information that w…
13 terms
Accounting 1 Chapter 6 Review
accrual basis of accounting
adjustments
net income
fiscal period
1. Reporting income when it is earned and expenses when they…
Changes recorded on a work sheet to update general ledger acc…
The difference between total revenue and total expenses when…
The length of time for which a business summarizes financial…
accrual basis of accounting
1. Reporting income when it is earned and expenses when they…
adjustments
Changes recorded on a work sheet to update general ledger acc…
Accounting1
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 report that shows what an individual owns, what an i…
accounting
the process of planning, recording, analyzing, and interpreti…
accounting system
a planned process designed to compile financial data and summ…
15 terms
Accounting 1
Capital
Bank
Current income
Rent income
Owners Equity
Asset
Owners Equity
Owners Equity
Capital
Owners Equity
Bank
Asset
11 terms
CH. 1 ACCOUNTING
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…
13 terms
Accounting 1 Lesson 1
Accounting
Accounting System
Accounting Records
Financial Statements
Planning,recording,analysing.and interpreting financial infor…
The system of records a business keeps to maintain its accoun…
All sources of information and evidence that are used in prep…
A formal record of the financial activities and position of a…
Accounting
Planning,recording,analysing.and interpreting financial infor…
Accounting System
The system of records a business keeps to maintain its accoun…
10 terms
Arkansas Accounting 1 Ch. 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 an account that is increased
T account
an accounting device used to analyze transactions
Debit
an amount recorded on the left side of an account
13 terms
Accounting 1.1
accounting
accounting equation
assets
auditors
keeping track of company's operations & telling deciders
liabilities + equity = assets
company's resources
Indivs hired to review fin. reports & info systems.
accounting
keeping track of company's operations & telling deciders
accounting equation
liabilities + equity = assets
Chapter 1 Accounting Vocabulary
Accounting
Account
Account Title
Account Balance
Planning, recording, analyzing and interpreting financial inf…
A record summarizing all the information pertaining to a sing…
The name given to an account.
The amount of dollars in an account.
Accounting
Planning, recording, analyzing and interpreting financial inf…
Account
A record summarizing all the information pertaining to a sing…
27 terms
Accounting - Chapter 1 ex
accounting
accounting system
service business
proprietorship
The process of planning, recording, analyzing, and interpreti…
A planned process designed to compile financial data and summ…
A business that performs an activity for a fee.
A business owned by one person.
accounting
The process of planning, recording, analyzing, and interpreti…
accounting system
A planned process designed to compile financial data and summ…
39 terms
Accounting 1 Exam 1
Importance of Accounting
External Users
Internal Users
Ethical Steps
1. Identifying (Sale by apple of an iPhone)... 2. Recoding (Keep…
Lenders, Shareholders, Government, Consumer groups, External…
Officers, Managers, Internal auditors, Sales staff, Budget of…
1. Identify ethical concerns... 2. Analyse options... 3. Make ethic…
Importance of Accounting
1. Identifying (Sale by apple of an iPhone)... 2. Recoding (Keep…
External Users
Lenders, Shareholders, Government, Consumer groups, External…
12 terms
UIL Accounting-Section 1-1
The amount owed to a supplier.
The amount of supplies on hand availab…
Sales Discounts
The value of supplies used this fiscal…
Liability (CR-Credit)
Asset (DR-Debt)
Revenue (DR-Debt)
Expense (DR-Debt)
The amount owed to a supplier.
Liability (CR-Credit)
The amount of supplies on hand availab…
Asset (DR-Debt)
11 terms
Accounting 1- 1.02
double-entry accounting
journal
journalizing
general journal
the recording of debit and credit parts of a transaction
a form for recording transactions in chronological order
recording transactions in a journal
a journal with two amount columns in which all kinds of entri…
double-entry accounting
the recording of debit and credit parts of a transaction
journal
a form for recording transactions in chronological order
47 terms
Unit 1 Accounting Definitions
Source Documents
Entity Principle
Going Concern Principle
Reporting Period Principle
The pieces of paper that provide both the evidence that a tra…
The business is separate from the owner and other entities, a…
The life of the business is assumed to be continuous, and its…
The life of the business must be divided into 'periods' of ti…
Source Documents
The pieces of paper that provide both the evidence that a tra…
Entity Principle
The business is separate from the owner and other entities, a…
27 terms
Accounting Chapter 1, 10ed
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
26 terms
Accounting Concepts (1.1)
Financial Accounting (chartered accoun…
Accounting technician
Auditor
Management Accountant
Preparation of financial statements and interpreting these fi…
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 Accounting (chartered accoun…
Preparation of financial statements and interpreting these fi…
Accounting technician
Preparation of a business's journals and ledgers and of GST r…
17 terms
Accounting (1-4)
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
12 terms
Accounting 1
Plant assets
Major Categories of Plant assets (3)
Accountable Events of Plant assets (3)
depreciation
Long-lived assets that are acquired for the use in business o…
1) Tangible plant assets (Structure & land)... a. property subj…
1) acquisition ... 2) cost over useful life... 3) sale or disposal…
allocation of the cost of a tangible plant asset to expense i…
Plant assets
Long-lived assets that are acquired for the use in business o…
Major Categories of Plant assets (3)
1) Tangible plant assets (Structure & land)... a. property subj…
38 terms
Accounting Terms - Chapter 1
account receivable
accounting
accounting equation
assets
A claim against the customer.
An info system that provides reports to stakeholders about th…
Assets = Liab. + OE
The resources owned by a business.
account receivable
A claim against the customer.
accounting
An info system that provides reports to stakeholders about th…
9 terms
Accounting 1 - 5.02
uncollectible account
writing off an account
allowance for uncollectible accounts
direct write-off method
accounts receivable that cannot be collected
removing an uncollectible account from the records of the bus…
account used to summarize the estimated uncollectible account…
when a business determines that the amount owed is not going…
uncollectible account
accounts receivable that cannot be collected
writing off an account
removing an uncollectible account from the records of the bus…
92 terms
Accounting Chapters 1-7 vocab
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…
29 terms
Accounting 1
Assets
Examples of Assets
Liabilities
Examples of Liabilities
Own
Cash/ Checking... House... Car... Stock
Owe/ Debts
Mortgage... Car Loan... Credit Cards... Student Loan
Assets
Own
Examples of Assets
Cash/ Checking... House... Car... Stock
25 terms
Accounting 11A Chapter 1
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 conditions and…
Accounting
planning, recording, analyzing, and interpreting financial in…
Accounting System
a planned process for providing financial information that wi…
Accounting Ch. 1
Account
Account balance
Account title
Accounting
A record that summarizes all the transactions pertaining to a…
The difference between the increases and decreases in an acco…
The name given to an account.
The process of planning, recording, analyzing, and interpreti…
Account
A record that summarizes all the transactions pertaining to a…
Account balance
The difference between the increases and decreases in an acco…
9e Accounting 1 Chapter 3
journal
journalizing
special amount column
general amount column
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
form for recording transactions in chronological order
journalizing
recording transactions in a journal
45 terms
Accounting #1
Which is not one of the three forms of…
Which is an advantage of corporations…
Which statement about users of account…
Which of the following did not result…
b) creditorship
c) reduced legal liability for investors
d) Regulatory authorities are considered internal users
d) Tax rates on corporations increased
Which is not one of the three forms of…
b) creditorship
Which is an advantage of corporations…
c) reduced legal liability for investors
49 terms
Accounting 1
What are the three kinds of businesses?
What are the two ways companies get mo…
What is debt financing?
What is equity financing?
Manufacturing, Merchandising (Retail, wholesale), and Service
Equity financing-contributions from investors/owners... Debt fin…
this is borrowing money from creditors or lenders.... It is temp…
Equity financing is contribution from investors/owners in exc…
What are the three kinds of businesses?
Manufacturing, Merchandising (Retail, wholesale), and Service
What are the two ways companies get mo…
Equity financing-contributions from investors/owners... Debt fin…
5 terms
Accounting 1 Chart of Accounts
Assets
Liabilities
stockholders equity
Revenue
11 cash... 12 accounts receivable... 14 supplies... 15 prepaid insuran…
21 accounts payable... 22 wage payable... 23 unearned rent
31 capital stock... 32 retained earnings... 33 dividends
41 fees earned... 42 rent revenue
Assets
11 cash... 12 accounts receivable... 14 supplies... 15 prepaid insuran…
Liabilities
21 accounts payable... 22 wage payable... 23 unearned rent
Intermediate 1 Accounting Exam 1
Classification of investment in prefer…
Classification of treasury stock
classification of common stock
classification of cash dividends payable
current asset/investment
stockholders' equity
stockholders' equity
current liability
Classification of investment in prefer…
current asset/investment
Classification of treasury stock
stockholders' equity
11 terms
Accounting 1
working data files
backup files
portable files
Checking Account
enter data and run reports
safeguard data
compressed files used to transport data via internet where sm…
Credit card/payable
working data files
enter data and run reports
backup files
safeguard data
Accounting Ch 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.
33 terms
Ch. 1 Accounting
Account
Account balance
Account title
Accounting
A record that summarizes all the transactions pertaining to a…
The difference between the increases and decreases in an acco…
The name given to an account.
The process of planning, recording, analyzing, and interpreti…
Account
A record that summarizes all the transactions pertaining to a…
Account balance
The difference between the increases and decreases in an acco…
22 terms
Accounting Vocabulary Terms Study Guide 1
A record summarizing all the informati…
The amount in an account
The name given to an account
Planning recording analyzing and inter…
Account
account balance
account title
Accounting
A record summarizing all the informati…
Account
The amount in an account
account balance
Accounting Equation Terms 1.01
Assets
Equities
Liabilities
Owner's Equity
Property controlled by a person or company that has value (no…
Is the value of an asset minus the value of the liabilities t…
Amounts owed to company or people we borrowed from (normal ba…
Owner's investment in the business (normal balance is credit
Assets
Property controlled by a person or company that has value (no…
Equities
Is the value of an asset minus the value of the liabilities t…
15 terms
Accounting Part 1 Review
accounting equation
adjusting entries
balance sheet
chart of accounts
an equation showing the relationship among assets, liabilitie…
journal entries recorded to update general ledger accounts at…
a financial statement that reports assets, liabilities, and o…
a list of accounts used by a business.
accounting equation
an equation showing the relationship among assets, liabilitie…
adjusting entries
journal entries recorded to update general ledger accounts at…
13 terms
Accounting 1 Ch 1-1
accounting
accounting equation
accounting records
accounting system
planning, recording, analyzing, and interpreting financial in…
an equation showing the relationship among assets, liabilitie…
organized summaries of a business's financial activities
a planned process for providing financial information that wi…
accounting
planning, recording, analyzing, and interpreting financial in…
accounting equation
an equation showing the relationship among assets, liabilitie…
21 terms
Ch 1- Accounting
GAAP
Financial Accounting Standards Board
Securities Exchange Commission
The International Accounting Standards…
Financial accounting practice is governed by these concepts a…
the private group that sets both broad and specific principles
the government group that establishes reporting requirements…
issues international standards that identify preferred accoun…
GAAP
Financial accounting practice is governed by these concepts a…
Financial Accounting Standards Board
the private group that sets both broad and specific principles
Accounting I - Chapters 1 thru 9 - Century 21 Accounting
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
17 terms
Financial Accounting Chapter 1
Accounting
Accounts
Balance Sheet (Statement of Financial…
Basic Accounting Equation (Balance She…
A system of analyzing, recording, and summarizing the results…
A standardized format that organizations use to accumulate th…
Reports the amount of assets, liabilities, and stockholders'…
Assets = Liabilities + Stockholders' Equity
Accounting
A system of analyzing, recording, and summarizing the results…
Accounts
A standardized format that organizations use to accumulate th…
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