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Study sets matching "accounting terms accouting"

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Study sets matching "accounting terms accouting"

27 terms
Accouting Terms
The process of planning, recording, an…
A planned process designed to compile…
Financial reports that summarize the f…
A formal report that shows what an ind…
Accounting
Accounting system
Financial Statements
Net Worth Statements
The process of planning, recording, an…
Accounting
A planned process designed to compile…
Accounting system
15 terms
Accouting Terms
Sole Proprietorship
Partnership
Company
Trading Business
when a business has 1 owner
business with 2-10 owners
a business with many owners called shareholders
a business that sells tangible goods EG. stationery
Sole Proprietorship
when a business has 1 owner
Partnership
business with 2-10 owners
20 terms
accouting terms
accounting
cycle
accounting equation
assets
the action/process of keeping financial accounts.
The sequence of six steps in processing financial transactions
equation that is the foundation of double entry accounting
Things that are resources owned by a company and which have f…
accounting
the action/process of keeping financial accounts.
cycle
The sequence of six steps in processing financial transactions
22 terms
Ch.1 Terms Accouting
Accouting
accounting system
accounting records
service business
planning, recording, analyzing, and interpreting financial info
a planned process for providing financial info that will be u…
organized summaries of a business's financial activities
a business that performs an activity for a fee
Accouting
planning, recording, analyzing, and interpreting financial info
accounting system
a planned process for providing financial info that will be u…
17 terms
Accouting chapter 5 terms
Checking account
Deposit slip
Endorsement
Blank endorsement
A bank account from which payments can be ordered by a deposi…
A bank form which lists the checks, currency, and coins an ac…
A signature or stamp on the back of the check transferring ow…
An endorsement consisting only of the endorser ' s signature
Checking account
A bank account from which payments can be ordered by a deposi…
Deposit slip
A bank form which lists the checks, currency, and coins an ac…
27 terms
ACCOUTING CHAPTER 11 Terms
Additional Paid in Capital
Board of Directos
Book value per share
Capital Stock
An account showing the amount invested in a corporation by st…
Persons elected by common stockholders to direct the affairs…
The stockholders equity represeted by each share of common st…
Transferable units of ownership in a corporation.
Additional Paid in Capital
An account showing the amount invested in a corporation by st…
Board of Directos
Persons elected by common stockholders to direct the affairs…
10 terms
Accouting chapter 13 Terms
Salaries expense
Federal Unemployment Tax Act/ State Un…
Unemployment taxes
PAyroll tax expense
expense account often used to record employee's' earnings
2 unemployment laws, require employers to pay unemployment
collected to provide funds for workers who are temporarily un…
records business expenses for employer's payroll taxes. Are t…
Salaries expense
expense account often used to record employee's' earnings
Federal Unemployment Tax Act/ State Un…
2 unemployment laws, require employers to pay unemployment
96 terms
accouting207 terms
accounting
annual report
assets
balance sheet
the information system that identifies, records and communica…
a report prepared by corporate management that presents finan…
resources owned by a business
a financial statement that reports the assets and claims to t…
accounting
the information system that identifies, records and communica…
annual report
a report prepared by corporate management that presents finan…
34 terms
Matt Oliver Accouting Terms
Federal Income Tax
Federal Insurance Contribution Act
Form W-4, Employee's withholding Allow…
Medicare
FIT provides for national programs such as defense; veterans…
Provides benefits for retired workers, disabled workers, or a…
Completed by you as a new employee& used by your employer to…
Used to provide medical benefits for certain individuals when…
Federal Income Tax
FIT provides for national programs such as defense; veterans…
Federal Insurance Contribution Act
Provides benefits for retired workers, disabled workers, or a…
25 terms
Accouting Second Test Terms
Activity Based Management
Cycle Time
Just in Time
Life Cycle Costing
The process of using activity-based costs to help reduce and…
The length of time for a product to pass completely through a…
An approach to manufacturing that reduces or eliminates non-v…
The consideration of all potential resources consumed by the…
Activity Based Management
The process of using activity-based costs to help reduce and…
Cycle Time
The length of time for a product to pass completely through a…
23 terms
accouting term 3 2016
Asset
Expense
revenue
owners equity
items of valued owned by a business
Costs of running the business
earnings from the business
the owners investment in a business
Asset
items of valued owned by a business
Expense
Costs of running the business
43 terms
Accouting Exam 2 Building Block managerial accounting
service company, merchandising company…
sell intangible services instead of ta…
one inventory account... retailers - sell…
use labor, plant, and equipment to con…
The types of companies
service company
merchandising company
manufacturing company
service company, merchandising company…
The types of companies
sell intangible services instead of ta…
service company
20 terms
Ch 4 Principles of Accouting Terms
Cash discount
Cost of goods sold
Credit period
Credit terms
Reduction in the price of merchandise granted by a seller to…
Cost of inventory sold to customers during a period; also cal…
Time period that can pass before a customer's payment is due.
Description of the amounts and timing of payments that a buye…
Cash discount
Reduction in the price of merchandise granted by a seller to…
Cost of goods sold
Cost of inventory sold to customers during a period; also cal…
22 terms
accounting terms
accounting
accounting system
accounting records
financial statements
planning, recording, analyzing, and interpreting financial in…
a planned process for providing information that will be usef…
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 information that will be usef…
175 terms
Accounting Terms
Account
Accountant
Account balance
Accounting
a device for recording the changes (increases or decreases) i…
one who is concerned with the design of the system of records…
the difference between the total debits and the total credits…
a language of business employed to communicate financial info…
Account
a device for recording the changes (increases or decreases) i…
Accountant
one who is concerned with the design of the system of records…
35 terms
Accounting Terms
Accountant
Accounting
Bookkeeper
Ethics
Handles a broad range of responsibilities, including making b…
Planning, recording, analyzing, and interpreting financial in…
A person who does general accounting work plus some summarizi…
A standard of conduct that all members of a given profession…
Accountant
Handles a broad range of responsibilities, including making b…
Accounting
Planning, recording, analyzing, and interpreting financial in…
52 terms
Accounting and Business (Accounting Terms)
account form
account payable
account receivable
accounting
The form of balance sheet that resembles the basic format of…
The liability created by a purchase on account.
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
account form
The form of balance sheet that resembles the basic format of…
account payable
The liability created by a purchase on account.
32 terms
Accounting Terms
Auto Insurance
Budget
Cash Flow
Certificate of Deposit
A type of insurance used by vehicle owners to cover costs ass…
A chart that documents how much money an individual earns and…
The relationship between income and expenses in a budget. For…
A savings vehicle offered through banks with a set maturity d…
Auto Insurance
A type of insurance used by vehicle owners to cover costs ass…
Budget
A chart that documents how much money an individual earns and…
178 terms
Accounting Terms
Account.
Account Balance.
Accountant.
Accounting Cycle.
A device for recording the changes (increases or decreases) i…
The difference between the total debits and the total credits…
One who is concerned with the design of the system of records…
The process involved in journalizing, posting to the ledger,…
Account.
A device for recording the changes (increases or decreases) i…
Account Balance.
The difference between the total debits and the total credits…
55 terms
Accounting terms
Accounting
Bad debt
Capital
Equity
A skill or practice of maintaining accounts and preparing rep…
A debt owing to a business which is unlikely to be repaid
The total resources supplied to a business from the owner
Another name for the capital of the owner
Accounting
A skill or practice of maintaining accounts and preparing rep…
Bad debt
A debt owing to a business which is unlikely to be repaid
20 terms
Accounting Terms
Accounting
Transactions
Assets
Liability
The action or process of keeping financial accounts.
Events that affect the finances of a business.
Resources owned by a business.
A company's debts or obligations that arise during the course…
Accounting
The action or process of keeping financial accounts.
Transactions
Events that affect the finances of a business.
26 terms
Accounting Terms
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 condiion and o…
Accounting
Planning, recording, analyzing, and interpreting financial in…
Accounting System
A planned process for providing financial information that wi…
12 terms
Accounting terms
Assets
Liabilities
Trade Payables
Trade Receivables
Resources owned by the business
Amounts payable by the business to others
Amounts payable to Suppliers on account of credit purchases
Amount receivable from Customers due to credit sales
Assets
Resources owned by the business
Liabilities
Amounts payable by the business to others
30 terms
Accounting Terms
Accounting
Current asset
Amortization
Accounts Payable
is the measurement, processing and communication of financial…
is any asset reasonably expected to be sold, consumed, or exh…
Reduces debts through equal payments that include interest.
are liabilities of a business and represent money owed to oth…
Accounting
is the measurement, processing and communication of financial…
Current asset
is any asset reasonably expected to be sold, consumed, or exh…
13 terms
Accounting terms
accounting technician
high school degree
accounting
finances
accounting technician
high school degree
22 terms
Accounting Terms
Account
Account balance
Account title
Accounting
A record summarizing all of the information pertaining to a s…
The amount in an account
The name given to an account
Planning, recording, analyzing, and interpreting financial in…
Account
A record summarizing all of the information pertaining to a s…
Account balance
The amount in an account
10 terms
Accounting Chapter 3 Terms
Journal
journalizing
entry
double entry accounting
A form for recording transactions in chronological order
Recording transactions in a journal
Information for each transaction recorded in a journal
The recording of debit and credit parts of a transaction
Journal
A form for recording transactions in chronological order
journalizing
Recording transactions in a journal
Accounting Terms
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' 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 Terms
Accounts Payable
Accounts
Assets
SOFP
Amounts due for payment to suppliers of goods or services, al…
Financial statements prepared at the end of a period to refle…
Something a business owns/uses, e.g. equipment or rights to a…
A statement of the financial position of an entity showing as…
Accounts Payable
Amounts due for payment to suppliers of goods or services, al…
Accounts
Financial statements prepared at the end of a period to refle…
16 terms
Accounting Terms
Manufacturing business
Cooperations
Service business
Sole Proprietorship
Business that buys raw materials, converts them into a new pr…
A special form of business that is owned by shareholders.
Business that sells services
Owner of a business who is in business alone
Manufacturing business
Business that buys raw materials, converts them into a new pr…
Cooperations
A special form of business that is owned by shareholders.
99 terms
Accounting Terms
Accounts Payable
Accounts Receivable
Action Plans
Amendment
Money an organization owes its vendors and suppliers
Money an organization's customers owe the organization
Detailed steps a unit, department, or team will take in order…
Modification of the Constitution or a law; may be either form…
Accounts Payable
Money an organization owes its vendors and suppliers
Accounts Receivable
Money an organization's customers owe the organization
51 terms
Accounting Terms
Account numbers
Accounts
Accounts Payable
Accounts Receivable
The numbers assigned to accounts according to the chart of ac…
The categories under the Assets, Liabilities, and Owner's Equ…
A liability account used for short-term debts or charge accou…
Money that is owed to a business by it's customers.
Account numbers
The numbers assigned to accounts according to the chart of ac…
Accounts
The categories under the Assets, Liabilities, and Owner's Equ…
45 terms
Accouting
accounting
accouting 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…
accouting system
A planned process for providing financial information that wi…
62 terms
Accounting terms
After certain types of transactions it…
Assets (stuff) accounts track the doll…
The main purpose of lability accounts…
The main purpose of Equity accounts is…
false
false
true
true
After certain types of transactions it…
false
Assets (stuff) accounts track the doll…
false
22 terms
accounting terms
accounting
accounting system
accounting records
financial statements
planning, recording, analyzing, and interpreting financial in…
a planned process for providing information that will be usef…
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 information that will be usef…
34 terms
Accounting Terms
depreciation
tangible assets
non-current assets
fixed assets
synonym of amortization
opposite of intangible assets
opposite of current assets
British for non-current assets
depreciation
synonym of amortization
tangible assets
opposite of intangible assets
Accounting Terms
Cash Sales
Credit Sales
Income Type : (Rent Received)
Commission Received (Income Type)
Sales made where payment is immediately made using cash, cred…
When you buy or sell a product/service, but payment will happ…
When a company has a secondary income type for renting out pa…
Company Selling a product/service on behalf of another busine…
Cash Sales
Sales made where payment is immediately made using cash, cred…
Credit Sales
When you buy or sell a product/service, but payment will happ…
25 terms
Accounting Ch. 1 Terms
assets
liabilities
owner's equity
accounting
resources with future benefits that are owned or controlled b…
claims on an asset (something you owe)
claims of the owner
an information and measurement system that identifies, record…
assets
resources with future benefits that are owned or controlled b…
liabilities
claims on an asset (something you owe)
10 terms
Accounting Terms
accounting
business ethics
ethics
accounting equation
Planning, recording, analyzing, and interpreting financial in…
The use of ethics in making business decisions
The principles of right and wrong that guide an individual in…
An equation showing the relationship among assets, liabilitie…
accounting
Planning, recording, analyzing, and interpreting financial in…
business ethics
The use of ethics in making business decisions
29 terms
Accounting Terms
Cash
Accounts Receivable (A/R)
Note Receivable
Prepaids
DEBIT - ASSET - BALANCE SHEET
DEBIT - ASSET - BALANCE SHEET
DEBIT - ASSET - BALANCE SHEET
DEBIT - ASSET - BALANCE SHEET
Cash
DEBIT - ASSET - BALANCE SHEET
Accounts Receivable (A/R)
DEBIT - ASSET - BALANCE SHEET
22 terms
Accounting terms
Liabilities
Assets
Owner's equity
Revenue
A company's legal debts or money owing that arise during the…
A resource with economic value that an individual, corporatio…
Is the total assets of an entity, minus its total liabilities…
The amount of money that a company actually receives during a…
Liabilities
A company's legal debts or money owing that arise during the…
Assets
A resource with economic value that an individual, corporatio…
55 terms
accounting terms
holding company
to impair
intangible
merger
The company which owns the shares in all the other companies…
used to describe the process of reducing the value of an inta…
sth which has no physical presence but is only an abstract id…
when to organizations come together to create one new company…
holding company
The company which owns the shares in all the other companies…
to impair
used to describe the process of reducing the value of an inta…
11 terms
accounting terms
Dictates that the financial affairs of…
requires that accounting information m…
States that when a business acquires a…
A financial statement that reports res…
Business Entity Principle
Reliability Principle
Cost Principle
Income Statement
Dictates that the financial affairs of…
Business Entity Principle
requires that accounting information m…
Reliability Principle
30 terms
Accounting Terms
Accounting
Current asset
Amortization
Accounts Payable
is the measurement, processing and communication of financial…
is any asset reasonably expected to be sold, consumed, or exh…
Reduces debts through equal payments that include interest.
are liabilities of a business and represent money owed to oth…
Accounting
is the measurement, processing and communication of financial…
Current asset
is any asset reasonably expected to be sold, consumed, or exh…
13 terms
Accounting Terms
balance sheet
assets
liabilities
profit and loss statement
record of all assets and liabilities at a single point in tim…
anything owned by a company that can be converted into cash o…
financial obligation or debt owed by a company (accounts paya…
shows gains and losses over a period of time
balance sheet
record of all assets and liabilities at a single point in tim…
assets
anything owned by a company that can be converted into cash o…
32 terms
Accounting Terms
Sarbanes-Oxley Act (SOX)
Liabilities
Types of liabilities
Common Stock
used to reduce unethical corporate behavior and decrease the…
amounts owed to creditors in the form of debt and obligations
1. Notes Payable... 2. Bonds Payable
the total amount paid in by stockholders for the shares they…
Sarbanes-Oxley Act (SOX)
used to reduce unethical corporate behavior and decrease the…
Liabilities
amounts owed to creditors in the form of debt and obligations
43 terms
ACCOUNTING TERMS
FISCAL
GROSS PROFIT
TOTAL REVENUE
OPERATING EXPENSES
An accounting year that ends on a date other than December 31…
Company total revenue minus the cost of goods sold. ... Gross pr…
Revenues earn from sale of a quanity of good and/or service.…
Expenses that are reported in the period in which they were... i…
FISCAL
An accounting year that ends on a date other than December 31…
GROSS PROFIT
Company total revenue minus the cost of goods sold. ... Gross pr…
19 terms
accounting terms
balance sheet
basic accounting equation
income statement
statement of stockholders equity
A financial statement that reports assets, liabilities, and o…
Assets = Liabilities + Stockholders' Equity
A financial statement that presents the revenues and expenses…
Reflects the differences between beginning and ending balance…
balance sheet
A financial statement that reports assets, liabilities, and o…
basic accounting equation
Assets = Liabilities + Stockholders' Equity
51 terms
Accounting Terms
accounting system
agent
annual report
assets
means by which accounting information about a business' activ…
is a person who has the authority to act for another
when a business publishes its income statement, balance sheet…
economic resources that a business owns and that it expects w…
accounting system
means by which accounting information about a business' activ…
agent
is a person who has the authority to act for another
10 terms
Accounting Terms
ACCOUNTANT
ACCOUNTING CLERK
AUDIT
CPA
PERSON WHO HANDLES A BROAD RANGE OF RESPONSIBILITIES, MAKES B…
AN ENTRY LEVEL JOB THAT CAN VARY FROM SPECIALIZING IN ONE PAR…
A REVIEW OF A COMPANY'S ACCOUNTING SYSTEMS AND FINANCIAL STAT…
AN ACCOUNTANT WHO HAS MET CERTAIN EDUCATION AND EXPERIENCE RE…
ACCOUNTANT
PERSON WHO HANDLES A BROAD RANGE OF RESPONSIBILITIES, MAKES B…
ACCOUNTING CLERK
AN ENTRY LEVEL JOB THAT CAN VARY FROM SPECIALIZING IN ONE PAR…
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