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Study sets matching "accounting principles chapter 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.
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…
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…
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…
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…
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
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
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…
38 terms
Fundamental Accounting Principles - Chapter 1
accounting
recordkeeping (bookkeeping)
external users
financial accounting
an information and measurement system that identifies, record…
the recording of transactions and events, either manually or…
users of accounting information who are not directly involved…
the area of accounting aimed at serving external users by pro…
accounting
an information and measurement system that identifies, record…
recordkeeping (bookkeeping)
the recording of transactions and events, either manually or…
16 terms
Chapter 1 Accounting in Business Principles, Assumptions
Financial Accounting Standards Board (…
Materiality constraint
Objectivity principle
International Accounting Standards Boa…
The private group that establishes accounting principles.
"Prescribes that accounting for items significantly impacting…
Accounting information is supported by independent, unbiased…
The international accounting rule making body.
Financial Accounting Standards Board (…
The private group that establishes accounting principles.
Materiality constraint
"Prescribes that accounting for items significantly impacting…
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
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
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…
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,…
49 terms
Principles of Accounting I Chapter 1
accounting
recordkeeping
financial accounting
generally accepted accounting principl…
recording and reporting financial information for desicionmak…
part of accounting that involves recording transactions and e…
area of accounting aimed mainly at serving external users
rules that specify acceptable accounting principles
accounting
recording and reporting financial information for desicionmak…
recordkeeping
part of accounting that involves recording transactions and e…
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
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…
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
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…
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…
56 terms
Principles of Accounting Chapter 1
Accounting consists of three basic act…
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 consists of three basic act…
Identifies, records and communicates
Identifies
Economic events relevant to its business
Principles of Accounting 1. Chapter 1
Business
Profit
Accounting
The process of providing information t…
is an organization in which basic resources (inputs), such as…
the difference between the amounts received from customers fo…
an information system that provides reports to users about th…
Identify users.... Assess users' information needs.... Design the a…
Business
is an organization in which basic resources (inputs), such as…
Profit
the difference between the amounts received from customers fo…
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
42 terms
Chapter 1 Principles of Financial Accounting
Accounting
Assets
Auditing
Balance Sheet
The information system that identifies, records, and communic…
Resources a business owns (p.12)
The examination of financial statements by a certified public…
A financial statement that reports the assets, liabilities, a…
Accounting
The information system that identifies, records, and communic…
Assets
Resources a business owns (p.12)
59 terms
Chapter 1 Accounting Principles
Accounting
Recordkeeping
Bookkeeping
External users
is an information and measurement system that identifies, rec…
is the recording of transactions and events, either manually…
is the recording of transactions and events, either manually…
Person using accounting information who are not directly invo…
Accounting
is an information and measurement system that identifies, rec…
Recordkeeping
is the recording of transactions and events, either manually…
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
22 terms
Principles of Accounting 1 chapter 1
What is the purpose of accounting?
Proprietorship
Partnership
Corporation
-Identify... -Record... -Communicate... economic events of an organiz…
-generally owned by one person... -often small service type busi…
-2 or more owners... -retail and service type business... -generall…
-Ownership divided into shares of stock... -separate legal entit…
What is the purpose of accounting?
-Identify... -Record... -Communicate... economic events of an organiz…
Proprietorship
-generally owned by one person... -often small service type busi…
39 terms
Principles of Accounting(chapter 1)
Accounting consists of three basic act…
Identification
Recording
Communication
It identifies, records, and communicates the economic events…
Identify economic events(transactions)
Record, classify, and summarize ( bookkeping)
Analyze and interpret for users
Accounting consists of three basic act…
It identifies, records, and communicates the economic events…
Identification
Identify economic events(transactions)
22 terms
Principles of Accounting 1 chapter 1
What is the purpose of accounting?
Proprietorship
Partnership
Corporation
-Identify... -Record... -Communicate... economic events of an organiz…
-generally owned by one person... -often small service type busi…
-2 or more owners... -retail and service type business... -generall…
-Ownership divided into shares of stock... -separate legal entit…
What is the purpose of accounting?
-Identify... -Record... -Communicate... economic events of an organiz…
Proprietorship
-generally owned by one person... -often small service type busi…
PRINCIPLES OF FINANCIAL ACCOUNTING CHAPTER 1
Sole Proprietorship
Partnership
Corporation
Accounting
Owned (and usually operated) by one person
Owned by 2 or more people
Owners (stockholders) only get what they invested into the bu…
Information systems designed by an organization to capture th…
Sole Proprietorship
Owned (and usually operated) by one person
Partnership
Owned by 2 or more people
21 terms
Principles of Accounting: Chapter 1
Accounting
financial accounting
managerial accounting
Financial Accounting Standards Board (…
is a set of concepts and techniques that are used to measure…
is concerned with external reporting to parties outside the f…
is primarily concerned with providing information for interna…
is primarily responsible for developing the rules that form t…
Accounting
is a set of concepts and techniques that are used to measure…
financial accounting
is concerned with external reporting to parties outside the f…
51 terms
Principles of Accounting - Chapter 1
People making decisions about companies
Investment
Lender (Lending)
Regulatory
What is Accounting?
what is an asset or item that is purchased with the hope that…
an entity that makes cash loans to other entities or individu…
intention of regulating
People making decisions about companies
What is Accounting?
Investment
what is an asset or item that is purchased with the hope that…
25 terms
Principles of Accounting Chapter 1
Full Disclosure Principle
Going-concern assumption
Matching (expense recognition) principle
General accounting principle
A company reports details behind financial statements that wo…
Financial statement reflect the assumption that the business…
A company records the expenses incurred to generate the reven…
Derived from long-used and generally accepted accounting prac…
Full Disclosure Principle
A company reports details behind financial statements that wo…
Going-concern assumption
Financial statement reflect the assumption that the business…
19 terms
Principles of Accounting Chapter 1
Accounting
Cash budget
Accounting concept
Entity concept
The recording and communicating of financial information for…
All the cash receipts and payments that a business expects to…
Basic principles that provide guidance as to how and when tra…
Transactions of a business are recorded separately from the t…
Accounting
The recording and communicating of financial information for…
Cash budget
All the cash receipts and payments that a business expects to…
58 terms
Principles of Accounting Chapter 1
Accounting
Accounting Equation
Assets
Audit
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 organizations accounting system, it…
Accounting
Information and measurement system that identifies, records,…
Accounting Equation
Equality involving a company's assets, liabilities, and equit…
15 terms
Accounting 306 Chapter 1 Principles
Business Entity
Going Concern or Continuity
Monetary Unit
Realization
The business for which the financial statements are prepared…
The assumption is made that the entity will remain in busines…
Accountants need some standard of measure to bring financial…
Revenue should be recognized when the earning process is virt…
Business Entity
The business for which the financial statements are prepared…
Going Concern or Continuity
The assumption is made that the entity will remain in busines…
50 terms
Principles of Accounting- Chapter 1
Accounting Process
Entity
Economic Entity
Social Entities
Involves recording, classifying, summarizing, interpreting, a…
Recognized as having its own separate identity. An entity may…
Usually refers to a business or organization whose major purp…
Nonprofit organizations such as cities, public schools and pu…
Accounting Process
Involves recording, classifying, summarizing, interpreting, a…
Entity
Recognized as having its own separate identity. An entity may…
59 terms
Principles of Financial Accounting Chapter 1
Accounting
Accounting Equation
Assets
Audit
Information and measurement system that identifies, records,…
Equality involving a company's assets, liabilities, and equit…
Resources that a company owns or controls that are expected t…
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…
32 terms
Principles of Accounting I : Chapter 1
What is accounting?
Why is accounting useful?
Sole Proprietorship
Partnership
"The language of business." ... It's a system of reporting and a…
Accounting provides an organized and easy-to-understand way o…
Business is owned (and usually operated) by one individual.
Responsibilities fall on two or more owners.
What is accounting?
"The language of business." ... It's a system of reporting and a…
Why is accounting useful?
Accounting provides an organized and easy-to-understand way o…
Fundamental Accounting Principles Chapter 1
ACCOUNTING
BALANCE SHEET
ACCOUNTING ENTITY
ACCOUNTING EQUATION
a system that collects and processes (analyzes, measures, and…
reports that amount of assets, liabilities, and stockholders'…
the organization for which financial data are to be collected
Asstes= Liabilities+Equity
ACCOUNTING
a system that collects and processes (analyzes, measures, and…
BALANCE SHEET
reports that amount of assets, liabilities, and stockholders'…
8 terms
Accounting Principles (Content of Chapter 1)
Accounting Principle
Entity Principle
Going Concern
Reporting Period
The rule that states the assets must always be equal to liabi…
The business is assumed to be separate from the owner and oth…
The life of the business is assumed to be continuous, and its…
The life of the business must be divided into periods of time…
Accounting Principle
The rule that states the assets must always be equal to liabi…
Entity Principle
The business is assumed to be separate from the owner and oth…
35 terms
Principles of Accounting - Chapter 1: Accounting in Business
Accounting
Record Keeping or Bookkeeping
What is accounting called?
Accounting users can be divided into t…
Information and measurement system that identifies, records a…
Recording of transactions and events, either manually or elec…
The language of business
1. External Users... 2. Internal Users
Accounting
Information and measurement system that identifies, records a…
Record Keeping or Bookkeeping
Recording of transactions and events, either manually or elec…
22 terms
Principles of Accounting 1 - Chapter 1 - Vocabulary Terms
business
service businesses
merchandising business
manufacturing businesses
an organization in which resources (inputs), such as material…
provide services rather than products to customers
sell products they purchase from other businesses to cutomers
change basic inputs into products that are sold to customers
business
an organization in which resources (inputs), such as material…
service businesses
provide services rather than products to customers
13 terms
Principles of Accounting - Chapter 1 Exercises
Which is not one of the three forms of…
Which is an advantage of corporation r…
Which statement about users of account…
Which of the following did not result…
B. Creditorship
C. Reduced legal liability for investors
D.
D.
Which is not one of the three forms of…
B. Creditorship
Which is an advantage of corporation r…
C. Reduced legal liability for investors
56 terms
Fundamental Accounting Principles: Chapter 1
Accounting
Accounting equation
Assets
Audit
Information and measurement system that identifies, records,…
Assets = Liabilities + Equity (balance sheet equation)
Resources a business owns or controls.
Analysis and report of an organization's accounting system, i…
Accounting
Information and measurement system that identifies, records,…
Accounting equation
Assets = Liabilities + Equity (balance sheet equation)
42 terms
Chapter 1 Principles of Financial Accounting
Accounting
Assets
Auditing
Balance Sheet
The information system that identifies, records, and communic…
Resources a business owns (p.12)
The examination of financial statements by a certified public…
A financial statement that reports the assets, liabilities, a…
Accounting
The information system that identifies, records, and communic…
Assets
Resources a business owns (p.12)
29 terms
Principles of Financial Accounting Chapter 1
accounting
language of business
market
money, equipment, land, materials, emp…
provides information that is useful in answering questions ab…
communicating economic information is so important that accou…
a group of people or entities organized to exchange items of…
list 5 things you need to start a business
accounting
provides information that is useful in answering questions ab…
language of business
communicating economic information is so important that accou…
Accounting 306 Chapter 1 Principles
Business Entity
Going Concern or Continuity
Monetary Unit
Realization
The business for which the financial statements are prepared…
The assumption is made that the entity will remain in busines…
Accountants need some standard of measure to bring financial…
Revenue should be recognized when the earning process is virt…
Business Entity
The business for which the financial statements are prepared…
Going Concern or Continuity
The assumption is made that the entity will remain in busines…
31 terms
Accounting Principles/ Assumptions Chapter 1
General vs. Specific principles
measurement principle (cost principle)
Cost is measured...... (measurement princ…
Objective... (cost principle)
G= basic assumptions, concepts, and guidelines for preparing…
accounting info is based on actual cost
on a cash or equal to cash basis... (if cash is given for a serv…
information is supported by independent, unbiased evidence... (…
General vs. Specific principles
G= basic assumptions, concepts, and guidelines for preparing…
measurement principle (cost principle)
accounting info is based on actual cost
25 terms
Chapter 1 Terms / VYC1 - Principles of Accounting
accounting
accounting system
auditing
auditor's report
The process by which financial information about a business i…
A process designed to accumulate, classify, and summarize fin…
The review of financial statements to assess their fairness a…
An independent accountant's review of a firm's financial stat…
accounting
The process by which financial information about a business i…
accounting system
A process designed to accumulate, classify, and summarize fin…
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