Study sets matching "accounting terms chapter 6 management"

Study sets
Classes
Users

Study sets matching "accounting terms chapter 6 management"

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…
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…
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
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…
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
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.
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 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
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
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…
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
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…
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 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
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
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.
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…
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…
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…
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.
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…
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
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…
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…
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
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.
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…
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…
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…
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…
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…
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.
12 terms
Accounting, Chapter 6, Identifying Accounting Terms
bank statement
blank endorsement
checking account
debit card
A report of deposits, withdrawals, and bank balances sent to…
An endorsement consisting only of the endorser's signature.
A bank account from which payments can be ordered by a deposi…
A bank card that, when making purchases, automatically deduct…
bank statement
A report of deposits, withdrawals, and bank balances sent to…
blank endorsement
An endorsement consisting only of the endorser's signature.
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
18 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…
Chapter 6 Management Terms
Decision
Problem
Decision Criteria
Structured Problems
A choice among two or more alternatives
An obstacle that makes it difficult to achieve a desired goal…
Criteria that define what's important or relevant to resolvin…
Straightforward, familiar, and easily defined.
Decision
A choice among two or more alternatives
Problem
An obstacle that makes it difficult to achieve a desired goal…
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.
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.
Chapter 6 accounting terms
Work sheet
Fiscal period
Trial balance
Adjustments
A columbar wccounting form used to summarize the general ledg…
The length of time for which a business summarizes and report…
A proof of the equality of debits and credits in a general le…
Changes recorded on a worksheet to update general ledger acco…
Work sheet
A columbar wccounting form used to summarize the general ledg…
Fiscal period
The length of time for which a business summarizes and report…
33 terms
Chapter 6 Accounting terms
ATM
bank reconciliation
bank routing number
bank statement
machines that enable depositors to make deposits, withdrawls…
a process by which an accountant determines whether and why t…
a nine digit number used by the federal reserve bank to ident…
a periodic statement that a bank sends to the drawer/deposito…
ATM
machines that enable depositors to make deposits, withdrawls…
bank reconciliation
a process by which an accountant determines whether and why t…
12 terms
Chapter 6 Accounting Terms
fiscal period
fiscal year
work sheet
trial balance
a length of time which a business summarizes its financial in…
a fiscal period of 12 consecutive months
a form used to summarize general ledger information that is n…
proof that debits and credits equal in a general ledger
fiscal period
a length of time which a business summarizes its financial in…
fiscal year
a fiscal period of 12 consecutive months
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.
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 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 year period consitsting of twelve consecutive months
a columnat accounting form used to summarize the genral ledge…
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 year period consitsting of twelve consecutive months
11 terms
Accounting Terms Chapter 6
Invoice
Periodic Inventory Procedure
Cash Discount
Delivery Expense
A document prepared by the seller of merchandise and sent to…
A method of accounting for merchandise acquired for sale to c…
A deduction from the invoice price that can be taken only if…
A selling expense recorded by the seller for freight costs in…
Invoice
A document prepared by the seller of merchandise and sent to…
Periodic Inventory Procedure
A method of accounting for merchandise acquired for sale to c…
Chapter 6 Accounting Terms
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…
Accounting Chapter 6 Terms
segment
variable costing
absorption costing
Manufacturing overhead deferred from i…
a part or activity or activity of an organization about which…
only those manufacturing costs that vary with output are trea…
treats all manufacturing costs as product costs, regardless o…
fixed MOH in ending inv.- Fixed MOH in beg. inv.
segment
a part or activity or activity of an organization about which…
variable costing
only those manufacturing costs that vary with output are trea…
1 of 10