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Study sets matching "accounting terms chapter 6 management"

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Study sets matching "accounting terms chapter 6 management"

23 terms
Management Accounting Chapter 6
Absorption Costing
Common Fixed Cost
Segment
Segment Margin
a costing method that includes all manufacturing costs-direct…
A fixed cost that supports more than one business segment, bu…
Any part or activity of an organization about which managers…
A segment's contribution margin less its traceable fixed cost…
Absorption Costing
a costing method that includes all manufacturing costs-direct…
Common Fixed Cost
A fixed cost that supports more than one business segment, bu…
8 terms
Accounting Chapter 6 Terms
Fiscal Period
Work Sheet
Trial balance
Adjustments
The length of time for which a business Summarizes and report…
A columnar accounting form used to summarize the general ledg…
A proof of the equality of debits and credits in a general le…
Changes recorded on a work sheet to update general ledger acc…
Fiscal Period
The length of time for which a business Summarizes and report…
Work Sheet
A columnar accounting form used to summarize the general ledg…
22 terms
chapter 6 accounting for financial management
annual report
balance sheet
income statement
statement of stockholders' equity
4 basic statements contained in the annual report... -balance sh…
thought of as a snapshot of firm's financial position at part…
reports results of operations over a period of time... -shows ea…
shows change in stockholder's equity, change in retained earn…
annual report
4 basic statements contained in the annual report... -balance sh…
balance sheet
thought of as a snapshot of firm's financial position at part…
28 terms
Accounting Terms - Chapter 6
cost of merchandise sold
gross profit
merchandise inventory
perpetual inventory system
The expense subtracted from sales (of merchandise) to arrive…
The profit before deducting operating expenses.
Merchandise on hand (not sold) at the end of the accounting p…
A system where each purchase and sale of merchandise is conti…
cost of merchandise sold
The expense subtracted from sales (of merchandise) to arrive…
gross profit
The profit before deducting operating expenses.
30 terms
Chapter 6 - Accounting for Financial Management
What are the four basic statements con…
What does the balance sheet show?
How can the balance sheet be thought of?
What is the function of the income sta…
1. Balance sheet... 2. Income statement... 3. Statement of retained…
Assets and liabilities, or claims against assets
As a snapshot of the firm's financial position at a particula…
Reports the results of operations over a period of time, and…
What are the four basic statements con…
1. Balance sheet... 2. Income statement... 3. Statement of retained…
What does the balance sheet show?
Assets and liabilities, or claims against assets
46 terms
Management Chapter 6 Terms
plan (ning)
Benefits of Planning
mission
Steps in Planning
A set of activities intended to achieve goals,... whether for an…
- Focus... - Coordination... - Motivation
A definition of an organization's fundamental... purpose and its…
1. Create Mission Statement ... 2. Assess the Current Situation…
plan (ning)
A set of activities intended to achieve goals,... whether for an…
Benefits of Planning
- Focus... - Coordination... - Motivation
13 terms
Accounting Chapter 6 Terms
Fiscal Period
Fiscal Year
Work Sheet
Trial Balance
The length of time for which a business summarizes its financ…
A fiscal period consisting of 12 consecutive months
A columnar accounting form used to summarize the general ledg…
A proof of the equality of debits and credits in a general le…
Fiscal Period
The length of time for which a business summarizes its financ…
Fiscal Year
A fiscal period consisting of 12 consecutive months
12 terms
Accounting Chapter 6 Terms
Checking account
Endorsement
Blank endorsement
Special endorsement
A bank account from which payments can be ordered by a deposi…
A signature or stamp on the back of a transferring ownership
An endorsement consisting only of the endorser's signature
An endorsement indicating a new owner of a check
Checking account
A bank account from which payments can be ordered by a deposi…
Endorsement
A signature or stamp on the back of a transferring ownership
22 terms
Accounting Chapter 6 Terms
Accounting Cycle
Source Document
Invoice
Receipt
The accounting period of a business is separated into activit…
Evidence of business transactions.
Describes the buying or selling of an item on account. Normal…
A record of cash received by a business. It indicates the dat…
Accounting Cycle
The accounting period of a business is separated into activit…
Source Document
Evidence of business transactions.
14 terms
Accounting Terms: Chapter 6
Average Cost Method:
Consigned goods
Current replacement cost
Days in inventory
An inventory costing method that uses the weighted-average un…
Goods held for sale by one party although ownership of the go…
The cost of purchasing the same goods at the present time fro…
Measure of the average number of days inventory is held; calc…
Average Cost Method:
An inventory costing method that uses the weighted-average un…
Consigned goods
Goods held for sale by one party although ownership of the go…
22 terms
Accounting Chapter 6 Review
Accounting Cycle
Source Document
Invoice
Receipt
The accounting period of a business is separated into activit…
Evidence of business transactions.
Describes the buying or selling of an item on account. Normal…
A record of cash received by a business. It indicates the dat…
Accounting Cycle
The accounting period of a business is separated into activit…
Source Document
Evidence of business transactions.
13 terms
Accounting Terms Chapter 6
fiscal period
fiscal year
work sheet
trial balance
the length of time for which a business summarizes its financ…
a fiscal period consisting of twelve consecutive months
a columnar accounting form used to summarize the general ledg…
a proof of the equality of debits and credits in a general le…
fiscal period
the length of time for which a business summarizes its financ…
fiscal year
a fiscal period consisting of twelve consecutive months
13 terms
Chapter 6 Accounting Terms
Fiscal Period
Fiscal Year
Work Sheet
Trial Balance
The length of time for which a business summarizes its financ…
A fiscal period consisting of twelve consecutive months.
A columnar accounting form used to summarize the general ledg…
A proof of equality of debits and credits in a general ledger.
Fiscal Period
The length of time for which a business summarizes its financ…
Fiscal Year
A fiscal period consisting of twelve consecutive months.
13 terms
Chapter 6 Accounting Terms
Fiscal Period
Fiscal Year
Work Sheet
Trial Balance
The length of time for which a business summarizes its financ…
A fiscal period consisting of twelve consecutive months.
A columnar accounting form used to summarize the general ledg…
A proof of equality of debits and credits in a general ledger.
Fiscal Period
The length of time for which a business summarizes its financ…
Fiscal Year
A fiscal period consisting of twelve consecutive months.
8 terms
Chapter 6 Accounting Terms
Adjustments
Balance Sheet
Fiscal Period
Income Statement
Changes recorded on a work sheet to update general ledger acc…
A financial statement that reports assets, liabilities, and o…
The length of time for which a business summarizes and report…
A financial statement showing the revenue and expenses for a…
Adjustments
Changes recorded on a work sheet to update general ledger acc…
Balance Sheet
A financial statement that reports assets, liabilities, and o…
8 terms
Accounting Chapter 6 Terms
Fiscal Period
Work Sheet
Trial Balance
Adjustment
The length of time for which a business summarizes and report…
A columnar accounting form used to summarize the general ledg…
A proof of the equality of debits and credits in a general le…
Changes recorded on a worksheet to update general ledger acco…
Fiscal Period
The length of time for which a business summarizes and report…
Work Sheet
A columnar accounting form used to summarize the general ledg…
13 terms
Accounting Chapter 6 Terms
fiscal period
fiscal year
work sheet
trial balance
the length of time for which a business summarizes its financ…
a fiscal period consisting of twelve consecutive months
a columnar accounting form used to summarize the general ledg…
a proof of the equality of debits and credits in a general le…
fiscal period
the length of time for which a business summarizes its financ…
fiscal year
a fiscal period consisting of twelve consecutive months
11 terms
Chapter 6 Accounting Terms
Accounting Cycle
Calendar year
Check Stub
Fiscal Year
Activities performed in an accounting period that help the bu…
Accounting period that begins on January 1 and ends on Decemb…
A source document that lists the same information that appear…
An accounting period of twelve months.
Accounting Cycle
Activities performed in an accounting period that help the bu…
Calendar year
Accounting period that begins on January 1 and ends on Decemb…
13 terms
Charles' Chapter 6 Accounting Terms
fiscal period
fiscal year
work sheet
trial balance
length of time for which a business summarizes its financial…
A period of twelve consecutive months.
A columnar accounting form used to summarize the general ledg…
Proof of the equality of debits and credits in a general ledg…
fiscal period
length of time for which a business summarizes its financial…
fiscal year
A period of twelve consecutive months.
8 terms
Chapter 6 Accounting Terms
Adjustments
Balance Sheet
Fiscal Period
Income Statement
Changes recorded on a work sheet to update general ledger acc…
A financial statement that reports assets, liabilities, and o…
The length of time for which a business summarizes and report…
A financial statement showing the revenue and expenses for a…
Adjustments
Changes recorded on a work sheet to update general ledger acc…
Balance Sheet
A financial statement that reports assets, liabilities, and o…
19 terms
Chapter 6 Terms, Accounting
gross profit
revenue principle
FOB (free on board) shipping point
FOB destination
net sales revenue minus cost of sales
requires that revenues be recorded when they are earned
buyer pays for shipping
seller pays for shipping
gross profit
net sales revenue minus cost of sales
revenue principle
requires that revenues be recorded when they are earned
13 terms
Accounting Chapter 6 Terms
Fiscal period
Fiscal year
Work sheet
Trial balance
the length of time for which a business summarizes its financ…
fiscal period consisting of twelve consecutive months
columnar accounting form used to summarize the general ledger…
proof of equality of debits and credits in a general ledger
Fiscal period
the length of time for which a business summarizes its financ…
Fiscal year
fiscal period consisting of twelve consecutive months
8 terms
Accounting Chapter 6 Terms
fiscal period
work sheet
trial balance
adjustments
the length of time for which a business summarizes and report…
A columnar accounting form used to summarize the general ledg…
a proof of the equality of debits and credits in a general le…
changes recorded on a work sheet to update general ledger acc…
fiscal period
the length of time for which a business summarizes and report…
work sheet
A columnar accounting form used to summarize the general ledg…
13 terms
Chapter 6 Accounting Terms
Fiscal Period
Fiscal Year
Work Sheet
Trial Balance
The length of time for which a business summarizes its financ…
A fiscal period consisting of twelve consecutive months.
A columnar accounting form used to summarize the general ledg…
A proof of equality of debits and credits in a general ledger.
Fiscal Period
The length of time for which a business summarizes its financ…
Fiscal Year
A fiscal period consisting of twelve consecutive months.
13 terms
Chapter 6: Accounting Terms
prepaid expense
cash basis of accounting
fiscal period
fiscal year
Cash paid for an expense in one fiscal period that is not use…
Reporting income when the cash is received and expenses when…
the length of time for which a business summarizes and report…
A 12-month pd, October through Septmeber, for planning the fe…
prepaid expense
Cash paid for an expense in one fiscal period that is not use…
cash basis of accounting
Reporting income when the cash is received and expenses when…
8 terms
chapter 6 accounting terms
fiscal period
work sheet
trial balance
adjustments
the length of time for which a business summarizes and report…
a columnar accounting form used to summarize the general ledg…
a proof of the equality of debits and credits in a general le…
changes recorded on a work sheet to update general ledger acc…
fiscal period
the length of time for which a business summarizes and report…
work sheet
a columnar accounting form used to summarize the general ledg…
15 terms
Chapter 6 Accounting Terms
accrual basis of accounting
Adjusted trial balance
Adjusting entries
Adjustments
reporting income when earned and expenses when incurred
A trial balance prepared after adjusting entries are posted
Journal entries recorded to update general ledger accounts at…
Changes recorded on a work sheet to update general ledger acc…
accrual basis of accounting
reporting income when earned and expenses when incurred
Adjusted trial balance
A trial balance prepared after adjusting entries are posted
17 terms
Accounting - Chapter 6 Terms
Average-cost method
Cosigned goods
Current replacement cost
Days in inventory
An inventory costing method that uses the weighted-average un…
Goods held for sale by one party although ownership of the go…
The cost of purchasing the same goods at the present time fro…
Measure of the average number of days inventory is held; calc…
Average-cost method
An inventory costing method that uses the weighted-average un…
Cosigned goods
Goods held for sale by one party although ownership of the go…
10 terms
Accounting/Chapter 6: Terms
Accounting Cycle
Source Document
Invoice
Receipt
Activities performed in an accounting period that help the bu…
A paper prepared as the evidence that a transaction occurred.
A source document that lists the quantity, description, unit…
A source document that serves as a record of cash received.
Accounting Cycle
Activities performed in an accounting period that help the bu…
Source Document
A paper prepared as the evidence that a transaction occurred.
18 terms
Accounting Chapter 6 Terms
Generally accepted Accounting Principl…
International Accounting standards Boa…
International Financial Reporting Stan…
Internal Control Objectives
Accounting information that is useful to decision makers
developed IFRS
promoted by IASB
Safeguard Assets... Operate Efficiently and effectively ... Ensure…
Generally accepted Accounting Principl…
Accounting information that is useful to decision makers
International Accounting standards Boa…
developed IFRS
8 terms
Accounting Terms Chapter 6
fiscal period
work sheet
trial balance
adjustments
the length of time for which a business summarizes and report…
a columnar accounting form used to summarize the general ledg…
a proof of equality of debits and credits in a general ledger
changes recorded on a work sheet to update general ledger acc…
fiscal period
the length of time for which a business summarizes and report…
work sheet
a columnar accounting form used to summarize the general ledg…
12 terms
Accounting Terms Chapter 6
accounting cycle
source document
invoice
receipt
The accounting period of a business is separated into activit…
A paper prepared as evidence that a transaction occurred.
A bill; a form that lists the quantity, description, unit pri…
A form that serves as a record of cash received.
accounting cycle
The accounting period of a business is separated into activit…
source document
A paper prepared as evidence that a transaction occurred.
8 terms
Chapter 6 Accounting Terms
adjustments
balance sheet
fiscal period
income statement
Changes recorded on a work sheet to update general ledger acc…
a financial statement that reports assets, liabilities, and o…
The length of time for which a business summarizes and report…
A financial statement showing the revenue and expenses for a…
adjustments
Changes recorded on a work sheet to update general ledger acc…
balance sheet
a financial statement that reports assets, liabilities, and o…
8 terms
Accounting Chapter 6 Terms
Adjustments
Balance Sheet
Fiscal Period
Income statement
Changes recorded on a work sheet to update general ledger acc…
A financial statement that reports assets, liabilities, and o…
The length of time for which a business summarizes and report…
A financial statement showing the revenue and expenses for a…
Adjustments
Changes recorded on a work sheet to update general ledger acc…
Balance Sheet
A financial statement that reports assets, liabilities, and o…
13 terms
Accounting Terms - Chapter 6
Conservatism
Consistency Principle
Cost of Goods Available for Sale
Day's Sales in Inventory
a business should report the least favorable figures in the f…
a business should use the same accounting methods and produce…
the total cost spent on inventory that was available to be so…
measures the average number of days that inventory is held by…
Conservatism
a business should report the least favorable figures in the f…
Consistency Principle
a business should use the same accounting methods and produce…
15 terms
Accounting Terms Chapter 6
Fiscal Period
Worksheet
Trial Balance
Consistent Reporting
the length of time for which a business summarizes and report…
a column accounting form used to summarize the general ledger…
a proof that debits equal credits
the same accounting procedures must be followed in the same w…
Fiscal Period
the length of time for which a business summarizes and report…
Worksheet
a column accounting form used to summarize the general ledger…
13 terms
Accounting Terms Chapter 6
Fiscal Period
Fiscal Year
Work Sheet
Trial Balance
The length of time for which a business summarizes its financ…
A fiscal period consisting of 12 consecutive months.
A columnar accounting form used to summarize the general ledg…
A proof of the equality of debits and credits in a general le…
Fiscal Period
The length of time for which a business summarizes its financ…
Fiscal Year
A fiscal period consisting of 12 consecutive months.
39 terms
Accounting - Chapter 6 Terms
Accounting Controls
Administrative Controls
Adverse Opinion
Authority Manual
Designed to safeguard company assets and ensure reliable acco…
Concerned with evaluation performance and assessing the degre…
Means that one or more departures from GAAP are so material,…
Establishes a definitive chain of command.
Accounting Controls
Designed to safeguard company assets and ensure reliable acco…
Administrative Controls
Concerned with evaluation performance and assessing the degre…
15 terms
Chapter 6 Accounting Terms
Conservatism
Consistency Principle
Cost of Goods Available for Sale
Days' Sales in Inventory
Business should report the least favorable figures in the fin…
Business should use the same accounting methods and procedure…
Total cost spent on inventory that was available to be sold d…
Measures the average number of days that inventory is held by…
Conservatism
Business should report the least favorable figures in the fin…
Consistency Principle
Business should use the same accounting methods and procedure…
8 terms
Chapter 6 Accounting Terms
adjustments
balance sheet
fiscal period
income statement
Changes recorded on a work sheet to update general ledger acc…
a financial statement that reports assets, liabilities, and o…
The length of time for which a business summarizes and report…
A financial statement showing the revenue and expenses for a…
adjustments
Changes recorded on a work sheet to update general ledger acc…
balance sheet
a financial statement that reports assets, liabilities, and o…
8 terms
Chapter 6 Accounting Terms
Adjustments
Balance sheet
Fiscal period
Net income
Changes recorded on a work sheet to update general ledger acc…
A financial statement that reports assets, liabilities, and o…
The length of time for which a business summarizes and report…
The difference between total revenue and total expenses when…
Adjustments
Changes recorded on a work sheet to update general ledger acc…
Balance sheet
A financial statement that reports assets, liabilities, and o…
13 terms
Accounting Terms Chapter 6
Fiscal Period
Fiscal Year
Work Sheet
Trial Balance
The length of time for which a business summarizes its financ…
A fiscal period consisting of twelve consecutive months.
A columnar accounting form used to summarize the general ledg…
A proof of the equality of debits and credits in a general le…
Fiscal Period
The length of time for which a business summarizes its financ…
Fiscal Year
A fiscal period consisting of twelve consecutive months.
8 terms
Accounting Chapter 6 Terms
fiscal period
work sheet
trial balance
adjustments
the length of time for which a business summarizes and report…
a columnar accounting form used to summarize the general ledg…
a proof of the equality of debits and credits in a general le…
changes recorded on a work sheet to update general ledger acc…
fiscal period
the length of time for which a business summarizes and report…
work sheet
a columnar accounting form used to summarize the general ledg…
13 terms
Accounting Chapter 6 Terms
Fiscal Period
Fiscal Year
Work Sheet
Trial Balance
The length of time for which a business summarizes its financ…
A fiscal period consisting of 12 consecutive months.
A columnar accounting form used to summarize the general ledg…
A proof of equality of debits and credits in a general ledger.
Fiscal Period
The length of time for which a business summarizes its financ…
Fiscal Year
A fiscal period consisting of 12 consecutive months.
11 terms
Accounting Chapter 6 terms
checking account
endorsement
blank account
special endoresment
A bank account from which payments can be ordered by a deposi…
A signature or stamp on the back of a check transferring owne…
An endorsement consisting only of the endorser's signature.
An endorsement indicating a new owner of a check.
checking account
A bank account from which payments can be ordered by a deposi…
endorsement
A signature or stamp on the back of a check transferring owne…
11 terms
Chapter 6 Accounting Terms
Accounting Cycle
Source Document
Invoice
Receipt
Accounting period of a business is separated into activities…
Paper prepared as evidence of a business transaction.
Lists specific info about business transaction in buying or s…
Record of cash received by a business. With date, name, amount
Accounting Cycle
Accounting period of a business is separated into activities…
Source Document
Paper prepared as evidence of a business transaction.
8 terms
Accounting 1 Chapter 6 Terms
Fiscal Period
Work Sheet
Trial Balance
Adjustments
The length of time for which a business summarizes and report…
A columnar accounting form used to summarize the general ledg…
A proof of the equality of debits and credits in the general…
Charges recorded on a work sheet to update general ledger acc…
Fiscal Period
The length of time for which a business summarizes and report…
Work Sheet
A columnar accounting form used to summarize the general ledg…
17 terms
Accounting Chapter 6 Terms
account form of balance sheet
accounting cycle
classified balance sheet
closing process
A balance sheet in which the assets are on the left and the l…
The steps involved in accounting for all of the business acti…
A balance sheet with separate categories for current assets;…
The process of giving zero balances to the temporary accounts…
account form of balance sheet
A balance sheet in which the assets are on the left and the l…
accounting cycle
The steps involved in accounting for all of the business acti…
13 terms
Accounting Terms Chapter 6
fiscal period
fiscal year
worksheet
trial balance
the length of time for which a business summarizes its financ…
a fiscal period consisiting of 12 consecutive months
columnar accounting form used to summarize the general ledger…
a proof of the equality of debits and credits in a general le…
fiscal period
the length of time for which a business summarizes its financ…
fiscal year
a fiscal period consisiting of 12 consecutive months
13 terms
Accounting Chapter 6 Terms
Fiscal period
Fiscal year
Worksheet
Trial balance
The length of time for which a business summarizes its financ…
A fiscal period consisting of 12 consecutive months
A columnar accounting form used to summarize the general ledg…
A proof of the equality of debits and credits in a general le…
Fiscal period
The length of time for which a business summarizes its financ…
Fiscal year
A fiscal period consisting of 12 consecutive months
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