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Study sets matching "accounting principles 1"

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.
288 terms
Principles of Accounting VYC1
Accounts Payable
Accounts Receivable
Assets
Balance Sheet
Amounts a business must pay in the future.
Claims for future collection from customers.
Property owned by a business.
A formal report of a business' financial condition on a certa…
Accounts Payable
Amounts a business must pay in the future.
Accounts Receivable
Claims for future collection from customers.
291 terms
Principles of Accounting VYC1
Accounts Payable
Accounts Receivable
Assets
Balance Sheet
Amounts a business must pay in the future.
Claims for future collection from customers.
Property owned by a business.
A formal report of a business' financial condition on a certa…
Accounts Payable
Amounts a business must pay in the future.
Accounts Receivable
Claims for future collection from customers.
51 terms
Accounting Principles Exam 1
What is the primary purpose of Financi…
What are the four financial statements?
Define the Income statement
Define Owners Equity Statement
The production of financial statments
1. Income statements... 2.Owners equity statement... 3. Balance she…
Presents the revenues and expenses resulting in net income of…
Summarizes the changes in owner's equity for a specific time…
What is the primary purpose of Financi…
The production of financial statments
What are the four financial statements?
1. Income statements... 2.Owners equity statement... 3. Balance she…
36 terms
Principles of Accounting I: Quiz 1
Accounting Equation
Assets
Liabilities
Owners' Equity
Assets = Liabilities + Owners' Equity
Economic resources that are owned by a business and are expec…
financial obligations or debts. They represent negative futur…
Owners' claims on the assets of the business. Does not repres…
Accounting Equation
Assets = Liabilities + Owners' Equity
Assets
Economic resources that are owned by a business and are expec…
214 terms
VYC1 - Principles of Accounting
accounting
accounting system
financial statements
auditing
The process by which financial information about a business i…
A process designed to accumulate, classify, and summarize fin…
Periodic reports of a firm's financial position or operating…
the review of financial statements to assess their fairness a…
accounting
The process by which financial information about a business i…
accounting system
A process designed to accumulate, classify, and summarize fin…
59 terms
Principles of Accounting Exam 1
Accounting
Accounting Equation
Accounts Payable
Accounts Receivable
The information system that measures business activities, pro…
The basic tool of accounting, measuring the resources of the…
A short-term liability that will be paid in the future
The right to receive cash in the future form costumers for go…
Accounting
The information system that measures business activities, pro…
Accounting Equation
The basic tool of accounting, measuring the resources of the…
288 terms
Principles of Accounting VYC1
Accounts Payable
Accounts Receivable
Assets
Balance Sheet
Amounts a business must pay in the future.
Claims for future collection from customers.
Property owned by a business.
A formal report of a business' financial condition on a certa…
Accounts Payable
Amounts a business must pay in the future.
Accounts Receivable
Claims for future collection from customers.
9 terms
Principles of Accounting Ch. 1
sole proprietorship
partnership
corporation
stockholders
a business owned by one person; it is the most common of the…
a voluntary association of two or more persons for the purpos…
a legal entity created under the laws of a state or the feder…
owners of a corporation. they are referred to as stockholders…
sole proprietorship
a business owned by one person; it is the most common of the…
partnership
a voluntary association of two or more persons for the purpos…
43 terms
Principles of Accounting Ch. 1
Accounting
Accounting Equation
Accounts Payable
Accounts Receivable
the information system that measuers business activities, pro…
The basic tool of accounting, measuring the resources of the…
A short-term liability that will be paid in the future.
The right to receive cash in the future from customers for go…
Accounting
the information system that measuers business activities, pro…
Accounting Equation
The basic tool of accounting, measuring the resources of the…
33 terms
Principles of Accounting Level 1 - Chapter 1
Assets
Auditing
Balance Sheet
Certified Public Accountant (CPA):
The economic resources of the entity and include such items a…
The examination of transactions and systems that underlie an…
A basic financial statement, it reveals the assets, liabiliti…
A license issued by states that allows an accountant to speci…
Assets
The economic resources of the entity and include such items a…
Auditing
The examination of transactions and systems that underlie an…
22 terms
Week 1 Accounting Principles
NZX
NZX
Non Profit Organisation (Charitable st…
Corporate
a market providing the platform and facilitating the public t…
Provides the ability for companies to grow by raising capital…
funded by grants and donations
Self funding, pay income tax
NZX
a market providing the platform and facilitating the public t…
NZX
Provides the ability for companies to grow by raising capital…
30 terms
Principles of Accounting Chapter 1
Financial Accounting
Managerial Accounting
Creditor
Certified Public Accountants (CPAs)
focuses on providing information for external decision making…
focuses on providing information for internal decision making…
any person or business to whom a business owes money
licensed professional accountants who serve the general public
Financial Accounting
focuses on providing information for external decision making…
Managerial Accounting
focuses on providing information for internal decision making…
70 terms
ACCOUNTING PRINCIPLES: Chapter 1
Bluechips
Operating Accounting
Financial Accounting
Managerial Accounting
Most valuable share in the stock market
Section of accounting that answers the question, " how many i…
Section of accounting that deals with assets, liabilities and…
Section of accounting that involves planning, directing and c…
Bluechips
Most valuable share in the stock market
Operating Accounting
Section of accounting that answers the question, " how many i…
46 terms
Principles of Accounting 1 Final
Physical Inventory
Purchase Order
FIFO, First-in, First-out inventory co…
LIFO, Last-in, Last-out inventory cost…
A detailed listing of merchandise on hand.
The purchase order authorizes the purchase of the inventory f…
The method of inventory costing based on the assumption that…
A method of inventory costing based on the assumption that th…
Physical Inventory
A detailed listing of merchandise on hand.
Purchase Order
The purchase order authorizes the purchase of the inventory f…
15 terms
PRINCIPLES OF ACCOUNTING QUIZ 1
Generally accepted accounting principl…
In a ledger, debit entries cause:... Sele…
Which of the following would not be in…
If a company purchases equipment for $…
May change over time
Decreases in liabilities, increases in assets, and decreases…
Sales
Total assets will remain the same
Generally accepted accounting principl…
May change over time
In a ledger, debit entries cause:... Sele…
Decreases in liabilities, increases in assets, and decreases…
21 terms
Accounting Principles Chapter 1
Accounting System
Audit
Balance Sheet
Cash Flow Prospects
The personnel, procedures, devices, and records used by an or…
An investigation of financial statements designed to determin…
A position statement that shows where the company stands in f…
The likelihood that an enterprise will be able to provide an…
Accounting System
The personnel, procedures, devices, and records used by an or…
Audit
An investigation of financial statements designed to determin…
28 terms
Principles of Accounting 1 - Chapter 2
Assets
Liabilities
Owner's Equity
Accounting Equation
Properties used in business that are owned and have monetary…
Amounts owed to outsiders, such as notes payable, accounts pa…
The interest of the owners in an enterprise
Assets=Liabilities+Owner's Equity
Assets
Properties used in business that are owned and have monetary…
Liabilities
Amounts owed to outsiders, such as notes payable, accounts pa…
288 terms
Principles of Accounting VYC1
Accounts Payable
Accounts Receivable
Assets
Balance Sheet
Amounts a business must pay in the future.
Claims for future collection from customers.
Property owned by a business.
A formal report of a business' financial condition on a certa…
Accounts Payable
Amounts a business must pay in the future.
Accounts Receivable
Claims for future collection from customers.
61 terms
Principles of Accounting--Chapter 1
Accounting
Accounting is the language of ________…
What are the two major fields of accou…
Financial Accounting
The information system that measures business activities, pro…
business
1. Managerial ... 2. Financial
The field of accounting that provides information for externa…
Accounting
The information system that measures business activities, pro…
Accounting is the language of ________…
business
288 terms
WGU VYC1 Principles of Accounting
Accounts Payable
Accounts Receivable
Assets
Balance Sheet
Amounts a business must pay in the future.
Claims for future collection from customers.
Property owned by a business.
A formal report of a business' financial condition on a certa…
Accounts Payable
Amounts a business must pay in the future.
Accounts Receivable
Claims for future collection from customers.
288 terms
Principles of Accounting VYC1
Accounts Payable
Accounts Receivable
Assets
Balance Sheet
Amounts a business must pay in the future.
Claims for future collection from customers.
Property owned by a business.
A formal report of a business' financial condition on a certa…
Accounts Payable
Amounts a business must pay in the future.
Accounts Receivable
Claims for future collection from customers.
71 terms
Principles of Accounting- Unit 1
inputs, outputs
assets=liabilities+owner's equity
resources owned by the business
obligations
a business is an organization that assembles and processes ..…
what is the accounting equation?
what are assets?
what's another word for liabilities?
inputs, outputs
a business is an organization that assembles and processes ..…
assets=liabilities+owner's equity
what is the accounting equation?
32 terms
Principles of Accounting Ch 1
"In the aggregate"
Accounting
Parts of a Financial Statement
Generally Accepted Accounting Principl…
by presenting data in the aggregate the accounting process si…
identifies, records and communicates the economic events of a…
- Balance sheet... - Income statement... - Statement of stockholder…
Standards that are generally accepted and universally practic…
"In the aggregate"
by presenting data in the aggregate the accounting process si…
Accounting
identifies, records and communicates the economic events of a…
36 terms
ACCOUNTING PRINCIPLES CH.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 an…
assets=liabilities+owner's equity
ACCOUNTING
the information system that identifies, records, and communic…
ASSETS
resources a business owns
6 terms
Principles of Accounting I-1
The Accounting Equation Expanded
Revenue
Expense
Withdrawals
Assets = Liabilities + Capital - Withdrawals + Revenue - Expe…
amount earned by performing services for customers or selling…
a cost incurred in running a business by consuming goods or s…
subdivision of owner's equity that records money or other ass…
The Accounting Equation Expanded
Assets = Liabilities + Capital - Withdrawals + Revenue - Expe…
Revenue
amount earned by performing services for customers or selling…
17 terms
Accounting Principles chapter 1
Skills
Foundation
Values
Acknowledgement
are activities that you do well in
knowledge
are the principles you live by and the beliefs that are impor…
appreciation of your work is important
Skills
are activities that you do well in
Foundation
knowledge
89 terms
Accounting Principles Exam 1
financial accounting
management accounting
accounting system
internal control
Providing information about the financial resources, obligati…
The design and use of accounting information systems inside t…
The personnel, procedures, devices, and records used by an or…
A process designed to provide reasonable assurance that the o…
financial accounting
Providing information about the financial resources, obligati…
management accounting
The design and use of accounting information systems inside t…
7 terms
1/2 Accounting: Accounting Principles
Monetary unit
Conservatism
Going concern
Consistency
All items must be recorded and reported in the currency of th…
Losses should be recorded when probable, but gains only when…
The life of the business is assumed to be continuous and its…
The business should use the same accounting methods to allow…
Monetary unit
All items must be recorded and reported in the currency of th…
Conservatism
Losses should be recorded when probable, but gains only when…
71 terms
Principles of Accounting 1 - 4
Accounting Equation
Assets
Auditors
Balance Sheet
Assets = Liabilities + Stockholders' Equity
Resources owned by the company
Trained individuals hired by a company as an independent part…
A financial statement that presents the financial position of…
Accounting Equation
Assets = Liabilities + Stockholders' Equity
Assets
Resources owned by the company
9 terms
Principles of Accounting 1--Saylor Academy
Four Basic Assumptions of GAAP
Six Financial Reporting Objectives
FASB Goals:
FASB
1.Accounting Entity--assumes business is separate from owners…
To provide information that is:... 1. useful to potential invest…
1. Keep financial reporting relevant, reliable, comparable, a…
Financial Accounting Standards Board--private, non-profit tha…
Four Basic Assumptions of GAAP
1.Accounting Entity--assumes business is separate from owners…
Six Financial Reporting Objectives
To provide information that is:... 1. useful to potential invest…
Principles of Accounting Chapter 1
Accounting three basic activities
Identifies
Records
Communicates
Identifies, records and communicates
Economic events relevant to its business
to provide a history of its financial activities by keeping a…
Shares the collected information to interested users by means…
Accounting three basic activities
Identifies, records and communicates
Identifies
Economic events relevant to its business
32 terms
Principles of Accounting Chapter 1
Business
Types of Businesses
Service businesses
Merchandising business
An organization in which basic resources (inputs), such as ma…
Service businesses, Merchandising businesses, and Manufacturi…
Business that provides services rather than products to custo…
Business that sells products they purchase from other busines…
Business
An organization in which basic resources (inputs), such as ma…
Types of Businesses
Service businesses, Merchandising businesses, and Manufacturi…
9 terms
Accounting Principles Chapter 1
Skills
Values
Lifestyle
Personality
activities that you do well.
are the principles you live by and the beliefs that are impor…
the way you use your time, energy, and resources.
a set of unique qualities that makes us different from all pe…
Skills
activities that you do well.
Values
are the principles you live by and the beliefs that are impor…
15 terms
Principles of Accounting Chapter 1
ACCOUNTING
RECORDKEEPING
ETHICS
MONETARY UNIT ASSUMPTION
is an information and measurement system that identifies, rec…
or bookkeeping, is the recording of transactions and events,…
are beliefs that distinguish right from wrong
means that we can express transactions and events in monetary…
ACCOUNTING
is an information and measurement system that identifies, rec…
RECORDKEEPING
or bookkeeping, is the recording of transactions and events,…
2 terms
Principles of Accounting Chapter 1
Bonds payable
Management discussion and Analysis
Contract given to multiple creditors
Covers the company's ability to pay near-term obligations, it…
Bonds payable
Contract given to multiple creditors
Management discussion and Analysis
Covers the company's ability to pay near-term obligations, it…
53 terms
Principles of Accounting Exam 1
Financial Accounting
Financial Statements
Balance Sheet (include purpose in defi…
Asset
the system of processing financial data for a company with th…
relatively short reports that disclose information about vari…
a report which portrays the financial position of a company a…
anything of value owned by a company.
Financial Accounting
the system of processing financial data for a company with th…
Financial Statements
relatively short reports that disclose information about vari…
11 terms
Principles of Accounting 1
Cash Receipt Journal
Purchases Journal
Cash Disbursement Journal
Sales Journal
Used to record any income of cash
Used to record any purchases on credit
Used to record any purchases paid with cash
used to record sales paid on credit
Cash Receipt Journal
Used to record any income of cash
Purchases Journal
Used to record any purchases on credit
9 terms
Accounting Principles (Chapter 1)
Entity
Agreed value
Going Concern
Reporting Period
the business is assumed to be separate from the owner and oth…
the accepted value of the non-cash asset at the time of its c…
the life of the business is assumed to be continuous, and its…
the life of the business must be divided into periods of time…
Entity
the business is assumed to be separate from the owner and oth…
Agreed value
the accepted value of the non-cash asset at the time of its c…
12 terms
Accounting Principles 1: Chapter 1
Business Economic Entity
Historical Cost Value
Realization Rule
Monetary Rule
Every business is required to be accounted for seperatly
requires that assets are recorded at their original cost
Requires that revenues are recorded when actually earned
Requires transactions and events to be measured in money
Business Economic Entity
Every business is required to be accounted for seperatly
Historical Cost Value
requires that assets are recorded at their original cost
78 terms
Principles of Accounting Chapter 1
Accounting three basic activities
Identifies
Records
Communicates
Identifies, records and communicates
Economic events relevant to its business
to provide a history of its financial activities by keeping a…
Shares the collected information to interested users by means…
Accounting three basic activities
Identifies, records and communicates
Identifies
Economic events relevant to its business
23 terms
Unit 1 Accounting (Basic Accounting Principles)
Basic Accounting Equation
Expanded Accounting Equation
Owner's Equity
Drawing Account
Assets=Liabilities+Owner's Equity
Assets=Liabilities+Capital-Withdrawals+Revenue-Expenses
Capital-Withdrawals+Revenue-Expenses
Another term for Withdrawal Account
Basic Accounting Equation
Assets=Liabilities+Owner's Equity
Expanded Accounting Equation
Assets=Liabilities+Capital-Withdrawals+Revenue-Expenses
35 terms
Principles of Accounting Chapter 1
Financial Position
assets
liabilities
personal equity
Financial Status of an individual or business based upon thei…
items of value owned by a person or business
debts or amounts that a person or business owes
a term used for a person's net worth
Financial Position
Financial Status of an individual or business based upon thei…
assets
items of value owned by a person or business
31 terms
Principles of Accounting Level 1 - Chapter 3
Accounting
Accrual Basis
Adjusting Entries
Arm's Length Exchange Transactions
Key steps include examining source documents, recording trans…
The idea that transactions and events are to be measured base…
Journal entries that are necessary to cause asset, liability,…
Journal entries that are necessary to cause asset, liability,…
Accounting
Key steps include examining source documents, recording trans…
Accrual Basis
The idea that transactions and events are to be measured base…
36 terms
Accounting Principles - Chapter 1
Accounting
Accounting Equation
Accounting Transaction
Accounts Payable
The information system that identifies, records, and communic…
Assets = Liabilities + Owner's Equity
An economic event that is recorded in the accounting records…
A liability created by buying services or products on credit.…
Accounting
The information system that identifies, records, and communic…
Accounting Equation
Assets = Liabilities + Owner's Equity
62 terms
Accounting Principles Test 1
Managerial Accounting
Indirect Cost
Direct Cost
Raw Materials
Concerned with providing info to managers for use within the…
Cannot be easily traced back to an item
Can be traced back to an item
any materials used in the final product
Managerial Accounting
Concerned with providing info to managers for use within the…
Indirect Cost
Cannot be easily traced back to an item
33 terms
Principles of Accounting 1
Journal Entry
Account
Chart of Accounts
Asset
chronological recording of all financial transactions for a c…
is a record of the balance and all changes to a particular as…
Listing of all the accounts utilized by a particular company
Resource owned by a business that will provide future economi…
Journal Entry
chronological recording of all financial transactions for a c…
Account
is a record of the balance and all changes to a particular as…
56 terms
Principles of Accounting - Chapter 1
Accounting
Financial Accounting
Managerial Accounting
Ethics
An information and measurement system that ** identifies, rec…
Area of accounting aimed at serving external users by providi…
Area of accounting that serves the decision-making needs of i…
Beliefs that distinguish right from wrong. Accepted standards…
Accounting
An information and measurement system that ** identifies, rec…
Financial Accounting
Area of accounting aimed at serving external users by providi…
23 terms
Principles of Accounting 1
In order for a business to be successf…
Investors/shareholders
Creditors/lenders
SEC (Securities Exchange Commission)
1. External decision makers (focus of financial accounting)... 2…
Use accounting information (financial statements) to make inv…
Lenders loan money to a company or purchase a company's bonds…
governs financial reporting and delegates authority to FASB
In order for a business to be successf…
1. External decision makers (focus of financial accounting)... 2…
Investors/shareholders
Use accounting information (financial statements) to make inv…
51 terms
Principles of accounting CH. 1
Account Form
Account Payable
Account Receivable
Accounting
Presentation in a classified balance sheet that lists assets…
The liability created by a purchase on an account
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
Account Form
Presentation in a classified balance sheet that lists assets…
Account Payable
The liability created by a purchase on an account
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