Study sets matching "accounting terms accouting"

Study sets
Classes
Users

Study sets matching "accounting terms accouting"

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
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
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
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…
chapter 11 terms accouting
subsidiary ledger
accounts payable ledger
accounts receivable ledger
controlling account
ledger that is summarized in a single general ledger account
a subsidiary ledger containing only accounts for vendors from…
a subsidiary ledger containing only accounts for a charge cus…
account in a general ledger that summarizes all accounts in a…
subsidiary ledger
ledger that is summarized in a single general ledger account
accounts payable ledger
a subsidiary ledger containing only accounts for vendors from…
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
20 terms
Accouting Ch. 6 Terms
Trade Discounts
FOB (free on board) Destination
Income from Operations (Operating Inco…
Sales
discounts from the list prices in published catalogs or speci…
freight terms in which the seller pays the transportation cos…
revenues less operating expenses and service department charg…
the total amount charged customers for merchandise sold, imcl…
Trade Discounts
discounts from the list prices in published catalogs or speci…
FOB (free on board) Destination
freight terms in which the seller pays the transportation cos…
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…
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…
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
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
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…
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…
Accounting Terms
Debit
Credit
Assets
Liabilities
...
Debit
Credit
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…
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
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…
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…
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…
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.
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…
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
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…
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
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.
20 terms
Accounting Terms
Planning, recording, analyzing, and in…
Organized summaries operations of a bu…
An equation showing the relationship a…
A decrease in owner's equity resulting…
Accounting
Accounting records
Accounting equations
Expense
Planning, recording, analyzing, and in…
Accounting
Organized summaries operations of a bu…
Accounting records
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…
Accounting Terms
AR
AP
CF
CR
Accounts Receivable
Accounts Payable
Cash Flow
credit
AR
Accounts Receivable
AP
Accounts Payable
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
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.
Accounting terms
Debit
Owner's Equity
Accounts payable
Prepaid expenses
the amount on the left hand side of an account
What's left over after assets and liabilities have been settl…
Anything entered into ledger that has yet to be paid out.
An amount that has already been paid that relates to a future…
Debit
the amount on the left hand side of an account
Owner's Equity
What's left over after assets and liabilities have been settl…
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…
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
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…
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…
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
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
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)
Accounting - Terms
Bookkeeping
Financial reporting
Integrity
Public Accounting
the procedural aspect of accounting that involves keeping det…
A broad term that describes all information provided to exter…
An important quality of accounting information that allows in…
The segment of accounting profession that relates to providin…
Bookkeeping
the procedural aspect of accounting that involves keeping det…
Financial reporting
A broad term that describes all information provided to exter…
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
22 terms
Accounting Terms
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
5 terms
Accounting Chapter 2 Terms
T Account
Debit
Credit
Normal Balance
an accounting device used to analyze transactions
an amount recorded on the left side of a T account
an amount recorded on the right side of a T 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 a T account
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…
Accounting Chapter 1 Terms
Accounting
Accounting System
Financial Statements
Net Worth Statement
The process of planning, recording, analyzing, and interpreti…
A planned process designed to compile financial data and summ…
Financial reports that summarize the financial condition and…
A document that allows the person extending the loan to see t…
Accounting
The process of planning, recording, analyzing, and interpreti…
Accounting System
A planned process designed to compile financial data and summ…
17 terms
Accounting 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 a check transferring owne…
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…
8 terms
Accounting Chapter 4 Terms
Ledger
General Ledger
Account Number
File Maintenance
Group of accounts
Ledger that contains all accounts needed to prepare financial…
Number assigned to account
Arranging accounts in a general ledger, assigning account num…
Ledger
Group of accounts
General Ledger
Ledger that contains all accounts needed to prepare financial…
30 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
1 of 10