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Study sets matching "accounting i"

11 terms
Accounting 1
What is the Accounting Equation
Assets
Liability
Owners Equity
A=L+OE
anything of value to the business
amount owned by a business
the value an owner has in the business
What is the Accounting Equation
A=L+OE
Assets
anything of value to the business
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…
22 terms
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…
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
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
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)
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
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
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…
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…
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…
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
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…
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…
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…
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
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…
30 terms
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…
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…
93 terms
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
104 terms
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
22 terms
Accounting Chapter 1 Vocabulary
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…
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
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
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…
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…
13 terms
Accounting Transactions - Part 1
Owner buys equipment for business
Pay an expense - salaries, rent, utili…
make a payment on an account
made repairs for a customer on account
Increases Asset , Increases owner equity
Decrease Asset (cash), decrease owner equity
Decrease Asset (cash), decrease liability ... you paid cash to…
Increase Asset (accounts receivable), increase owner equity (…
Owner buys equipment for business
Increases Asset , Increases owner equity
Pay an expense - salaries, rent, utili…
Decrease Asset (cash), decrease owner equity
68 terms
Accounting 1: 1st Semester Review
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
11 terms
Accounting 1 Chapter 3
Journal
Journalizing
Entry
General Journal
A form for recording transactions in chronological order.
Recording transactions in a journal.
Information for each transaction recorded in a journal.
A journal with two amount columns in which all kinds of entri…
Journal
A form for recording transactions in chronological order.
Journalizing
Recording transactions in a journal.
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…
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.
18 terms
Accounting 1
Service business
Merchandising business
Manufacturing business
Non-profit organization
Sells a service to the public. Does not make/sell products as…
Buys goods ten retails them at higher prices for profit. Bake…
Business that buys raw materials and conveys them into a prod…
Carries on activities to meet needs with society, not for a p…
Service business
Sells a service to the public. Does not make/sell products as…
Merchandising business
Buys goods ten retails them at higher prices for profit. Bake…
Principles of Accounting Chapter 1
Accounting
Assets
Balance sheet
Basic accounting equation
The information system that identifies, records, and communic…
Resources a business owns.
A financial statement that reports the assets, liabilities, a…
Assets = Liabilities + Owner's Equity
Accounting
The information system that identifies, records, and communic…
Assets
Resources a business owns.
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
16 terms
Accounting Exam 1 Accounts 1
Collected 4,00 from a club for a perfo…
Performed and billed club 9,500 for so…
Recieved Payment of 6,300 for itunes m…
Piad back up signes 2,200 in wages
DR=cash... CR=Acct Rec
DR= Acct Rec... CR=Performance Rev
DR=Cash... CR= Itunes rev
DR=Wage expense... Cr=Cash
Collected 4,00 from a club for a perfo…
DR=cash... CR=Acct Rec
Performed and billed club 9,500 for so…
DR= Acct Rec... CR=Performance Rev
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…
48 terms
Accounting Ch. 1
Accounting
Inestors
Creditors
Customers
A system of maintaining records of a company's operations and…
Decide whether to invest in stock
Decide whether to lend money
Decide whether to purchase products
Accounting
A system of maintaining records of a company's operations and…
Inestors
Decide whether to invest in stock
28 terms
accounting chapter #1
Statement of Cash Flows
Balance Sheet
Expenses
Liabilities
Where did cash come from during the period? ... How was cash use…
Reports assets and claims to assets at a specific point in ti…
cost of assets consumed or services used. (cost of goods sold…
arising from expenses include accounts payable, interest paya…
Statement of Cash Flows
Where did cash come from during the period? ... How was cash use…
Balance Sheet
Reports assets and claims to assets at a specific point in ti…
13 terms
Accounting 1-1
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 businesses' 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…
55 terms
All Level 1 Accounting Terms
Accounting Equation
Expanded Accounting Equation
Purpose of Accounting
Purpose of Statement of Financial Posi…
A - L = Eq
A + Ex = L + Eq + In
Communicating financial information to stakeholders, aids fin…
AKA Balance Sheet. To show the Owner's Equity at a point in t…
Accounting Equation
A - L = Eq
Expanded Accounting Equation
A + Ex = L + Eq + In
13 terms
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
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…
27 terms
Accounting 1
Accounting
Accounting
Accounting
Accounting
Is a service activity. Its function is to provide quantitativ…
Is the process of identifying, measuring and communicating ec…
An art of recording, classifying and summarizing in a signifi…
Is an information system that measures, processes and communi…
Accounting
Is a service activity. Its function is to provide quantitativ…
Accounting
Is the process of identifying, measuring and communicating ec…
10 terms
Accounting 1
Accounting period
Business entity
Capital
Charter
A period of time covered by an accounting report
Exits independently of its owners holdings
Money supported
Permission that gives a corporation it's to operate
Accounting period
A period of time covered by an accounting report
Business entity
Exits independently of its owners holdings
8 terms
Accounting 1
financial accounting
managerial accounting
financial accounting standards board (…
securities and exchange (SEC)
external decision makers
internal decision makers
-privately funded... -creates rules, standards that govern finan…
-oversees US financial markets... -organization that governs acc…
financial accounting
external decision makers
managerial accounting
internal decision makers
42 terms
1 Accounting
accelerated depreciation
accounts payable
accounts reciveable
add
przyspieszona utrata wartosci
zobowiazania
naleznosci
dodawac
accelerated depreciation
przyspieszona utrata wartosci
accounts payable
zobowiazania
433 terms
Accounting 1
Account
Account balance
Account number
Account title
A record summarizing all the information pertaining to a sing…
The amount in an account
The number assigned to an account
The name given to an account
Account
A record summarizing all the information pertaining to a sing…
Account balance
The amount in an account
8 terms
Accounting 1
Relevance
Relevance
Faithful Representation
Comparability consistency
Example: a company discloses an increase in earnings per shar…
A default by a customer who owes $1000 to a company having ne…
A machine is leased to company A for the entire duration of i…
One company to another, follow the same rules, consistently d…
Relevance
Example: a company discloses an increase in earnings per shar…
Relevance
A default by a customer who owes $1000 to a company having ne…
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