How can we help?

You can also find more resources in our Help Center.

Study sets matching "accounting terms"

Study sets
Classes
Users

Study sets matching "accounting terms"

11 terms
Accounting terms
check
double entry accounting
entry
general journal
a business from ordering a bank to pay cash from bank accounts
the recording of debit and credit parts of a transaction
information from each transaction recorded in a journal
a journal with two amounts columns in which all kinda of entr…
check
a business from ordering a bank to pay cash from bank accounts
double entry accounting
the recording of debit and credit parts of a transaction
9 terms
Accounting Terms
Board of Directors
Credit Memorandum
Debit Memorandum
Declaring a Dividend
a body of elected or appointed members who jointly oversee th…
which is a document issued by the seller of goods or services…
A document given to an account holder which states that the a…
A portion of a company's profits that have been decided to be…
Board of Directors
a body of elected or appointed members who jointly oversee th…
Credit Memorandum
which is a document issued by the seller of goods or services…
113 terms
Accounting Terms
Cash equivalent
Direct method
Financing activities
Indirect method
An item readily convertible to a known amount of cash with a…
For preparing the Operating Activities section of the stateme…
Activities concerned with the raising and repaying of funds i…
For preparing the Operating Activities section of the stateme…
Cash equivalent
An item readily convertible to a known amount of cash with a…
Direct method
For preparing the Operating Activities section of the stateme…
Accounting Terms
Capital Expenditure
Revenue Expenditure
Capital Receipts
Revenue Receipts
Money spent to buy a fixed asset... Eg. Buying a car or building…
Money spent on the daily running expenses of the business... Eg.…
The income generated from the non-operating sources, which ar…
The major source of income of the enterprise, without which a…
Capital Expenditure
Money spent to buy a fixed asset... Eg. Buying a car or building…
Revenue Expenditure
Money spent on the daily running expenses of the business... Eg.…
27 terms
Accounting Terms
account
account balance
account title
accounting
A record that summarizes all the transactions pertaining to a…
The difference between the increases and decreases in an acco…
The name given to an account
The process of planning, recordng, analyzing, and interpretin…
account
A record that summarizes all the transactions pertaining to a…
account balance
The difference between the increases and decreases in an acco…
10 terms
Accounting Terms
Journal
Capital
Bad Debts
Salary
the record book where business transactions are entered first…
money or wealth used to invest in business or enterprise
Accounts receivable which are uncollectable now
the money paid for employee services
Journal
the record book where business transactions are entered first…
Capital
money or wealth used to invest in business or enterprise
16 terms
Accounting Terms
Accounting
Accounting System
Accounting Records
Service Business
Planning, recording, analyzing, and interpreting financial in…
A planned process for providing financial information that wi…
Organized summaries of a business' financial records
A business that performs an activity for a fee
Accounting
Planning, recording, analyzing, and interpreting financial in…
Accounting System
A planned process for providing financial information that wi…
22 terms
Accounting Mid Term 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 3 Terms
check
double entry accounting
entry
general journal
a business form ordering a bank to pay cash from a bank accou…
the recording of debit and credit parts of a transaction.
information for each transaction recorded in a journal.
a journal with two amount columns in which all kinds of entri…
check
a business form ordering a bank to pay cash from a bank accou…
double entry accounting
the recording of debit and credit parts of a transaction.
8 terms
Accounting Terms
Debt Security
Held to Maturity
Trading
Available for Sale
Represents a creditor relationship with another entity
Debt securities that the company has the positive intent and…
Debt securities bought and held primarily for sale in the nea…
Debt securities not classified as htm or trading securities
Debt Security
Represents a creditor relationship with another entity
Held to Maturity
Debt securities that the company has the positive intent and…
13 terms
Accounting Terms
Financial data
Financial information
Liabilities
Assets
Raw facts and figures upon which financial information is bas…
Financial data that has been sorted, classified and summarise…
The sum of money a business owes to an external entity.
Are resources controlled or owned by a company and is going t…
Financial data
Raw facts and figures upon which financial information is bas…
Financial information
Financial data that has been sorted, classified and summarise…
14 terms
Accounting Terms
activity based costing
Cause and effect relationship
Controllable cost
Cost allocation
Method of assigning overhead costs that identifies key activi…
An allocation of cost to the cost objective that cause it to…
Cost that a manager can influence
Process of assigning indirect costs
activity based costing
Method of assigning overhead costs that identifies key activi…
Cause and effect relationship
An allocation of cost to the cost objective that cause it to…
60 terms
Accounting 1 Terms
Accounting
Accounting System
GAAP
Accounting Concepts/Assumptions
Planning, recording, analyzing, and interpreting financial in…
A planned process for providing financial information that wi…
Generally Accepted Accounting Principles
Basic concepts that underlie all financial statements
Accounting
Planning, recording, analyzing, and interpreting financial in…
Accounting System
A planned process for providing financial information that wi…
10 terms
Accounting Chapter 3 Terms
Journal
Journalizing
Entry
General Journal
A form for recording transactions in a journal
Recording transactions in a journal
Information for each transaction in a journal
A journal with two account columns in which all kinds of entr…
Journal
A form for recording transactions in a journal
Journalizing
Recording transactions in a journal
23 terms
Accounting Terms CHAPTER 1
accounting
accounting system
financial statements
net worth statement
is the process of planning, recording, analyzing, and interpr…
is a planned process designed to compile financial data and s…
financial reports that summarize the financial condition and…
a formal report that shows what an individual owns, what an i…
accounting
is the process of planning, recording, analyzing, and interpr…
accounting system
is a planned process designed to compile financial data and s…
23 terms
Accounting Terms
Cash
Accounts Receivable
Supplies
Prepaid Rent
Asset, Debit, B/S, Perm
Asset, Debit, B/S, Perm.
Asset, Debit, B/S, Perm.
Asset, Debit, B/S, Perm.
Cash
Asset, Debit, B/S, Perm
Accounts Receivable
Asset, Debit, B/S, Perm.
accounting terms
notes receivable
utilities payable
inventory
supplies
asset, balance sheet, debit
liability, balance sheet, credit
asset, balance sheet, debit
asset, balance sheet, debit
notes receivable
asset, balance sheet, debit
utilities payable
liability, balance sheet, credit
35 terms
Accounting Terms
Cash
Short-term investment
Accounts Receivable
Notes Receivable
Asset
Asset
Asset
Asset
Cash
Asset
Short-term investment
Asset
100 terms
Accounting 2 - Terms
Accounting Period Cycle
Adequate Disclosure
Business Entity
Consistent Reporting
The accounting concept that is applied when changes in financ…
The accounting concept that is applied when financial stateme…
The accounting concept that is applied when a financial infor…
The accounting concept that is applied when the same accounti…
Accounting Period Cycle
The accounting concept that is applied when changes in financ…
Adequate Disclosure
The accounting concept that is applied when financial stateme…
8 terms
Accounting Terms
Specific Identification
Materiality Concept
Last-In, First Out
Conservatism
Identifies exactly which inventory item was sold. Usually use…
Principle that states significant items must conform to GAAP
Treats the most recent/newest purchases as the first units so…
Principle whose foundation is to exercise caution in reportin…
Specific Identification
Identifies exactly which inventory item was sold. Usually use…
Materiality Concept
Principle that states significant items must conform to GAAP
63 terms
Accounting Terms
Economic Entity Assumption
Going Concern Assumption
Periodicity Assumption
Monetary Unit Assumption
All economic events can be identified with a particular entity
Assumes the entity will continue indefinitely
Relates to the qualitative characteristic of timeliness
Inflation causes a violation of this assumption
Economic Entity Assumption
All economic events can be identified with a particular entity
Going Concern Assumption
Assumes the entity will continue indefinitely
73 terms
Accounting Terms
account
accounting equation
accounts payable
accounts receivable
A record in which transactions affecting individual assets, l…
Assets = Liabilities + Owners' equity (A = L + OE). The funda…
A liability representing an amount payable to another entity,…
An asset representing a claim against another entity, usually…
account
A record in which transactions affecting individual assets, l…
accounting equation
Assets = Liabilities + Owners' equity (A = L + OE). The funda…
25 terms
Accounting: Chapter 2 Terms
Financial Position
Assets
Liabilities
Equity
The status of the business based on its assets, liabilities,…
All the things that one has that have dollar values
One's debts
The difference between the total assets and total liabilities…
Financial Position
The status of the business based on its assets, liabilities,…
Assets
All the things that one has that have dollar values
18 terms
Accounting terms
Property
financial claim
Credit
Creditor
Anything of value that a person or business owns and therefor…
is a legal right to property.
An arrangement to receive cash, goods, or services now and pa…
A person to whom money is owed
Property
Anything of value that a person or business owns and therefor…
financial claim
is a legal right to property.
19 terms
Basic Accounting terms
asset
liability
equity
accounting equation
what a company owns
what a company owes
an owner's claim on the company; what's left after the bills…
Assets = Liabilities + Equity
asset
what a company owns
liability
what a company owes
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
Current Ratio
Acid-test Ratio
Accounts Receivable Turnover
Inventory Turnover
Current Assets/Current Liabilities
Cash + Short Term Investments + Current Receivables / Current…
Net Sales / Average Accounts Receivable, net
Cost of goods sold / Average Inventory
Current Ratio
Current Assets/Current Liabilities
Acid-test Ratio
Cash + Short Term Investments + Current Receivables / Current…
32 terms
Accounting Terms
accounting
6 steps of accounting process
analyzing
recording
a system of gathering financial information about a business…
1. analyzing... 2. recording... 3. classifying... 4. summarizing... 5. re…
looking at events that have taken place and thinking about ho…
entering financial information about events into the accounti…
accounting
a system of gathering financial information about a business…
6 steps of accounting process
1. analyzing... 2. recording... 3. classifying... 4. summarizing... 5. re…
19 terms
Accounting Terms
Accounting
Fiscal Year
Cash Method of Accounting
Accrual Method of Accounting
Keeping financial records for a business.
12 months of accounting records. Sometimes it matches a calen…
Income is counted when it is received. Expenses are counted w…
Income is counted when it is earned (usually before it's reci…
Accounting
Keeping financial records for a business.
Fiscal Year
12 months of accounting records. Sometimes it matches a calen…
13 terms
Chapter 3 Accounting Terms
Journal
Journalizing
Special Amount Column
General Amount Column
A form for recording transactions in chronological order
Recording transactions in a journal
A journal amount column headed with an account title
A journal amount column that is not headed with an account ti…
Journal
A form for recording transactions in chronological order
Journalizing
Recording transactions in a journal
22 terms
Accounting Terms
Accounting
Accounting system
Accounting records
Service business
Planning, recording, analyzing, and interpreting financial in…
Planned process for providing financial information that will…
Organized summaries of a business's financial activities
Business that performs an activity for a fee
Accounting
Planning, recording, analyzing, and interpreting financial in…
Accounting system
Planned process for providing financial information that will…
92 terms
accounting terms
capital
external stakeholders
internal stakeholders
types of accounting
money
outside of the company; capital market stakeholders, product/…
business managers and employees
financial, managerial
capital
money
external stakeholders
outside of the company; capital market stakeholders, product/…
15 terms
Accounting Terms
Accounts receivable
Accounts payable
Accrued expenses/liabilities
Accumulated depreciation
Money owed to an organisation
Money owed by an organisation
Items incurred for which payment is postponed
Decreasing of value of an asset
Accounts receivable
Money owed to an organisation
Accounts payable
Money owed by an organisation
11 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
33 terms
Accounting Terms
Accounting
Accounting Equation
Auditors
Cost Constraint
"language of business." System of maintaining records of a co…
Assets=Liabilities + Stockholder's Equity
express a professional opinion of the conformity of that comp…
financial accounting information is provided only when the be…
Accounting
"language of business." System of maintaining records of a co…
Accounting Equation
Assets=Liabilities + Stockholder's Equity
36 terms
accounting terms
General entry
general leger
subsidary leger... AR;AP;inventery,payrol…
journal... journal entry
记账凭证
总账
分类账
日志... 日记账
General entry
记账凭证
general leger
总账
10 terms
Accounting Terms Chap 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
Accounting Terms Chapter 5
Bank statement
Blank endorsement
Checking account
Code of conduct
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 may be ordered by a deposi…
A statement that guides the ethical behavior of a company and…
Bank statement
A report of deposits, withdrawals, and bank balances sent to…
Blank endorsement
An endorsement consisting only of the endorser's signature.
18 terms
Basic Accounting Terms
accounting
service business
proprietorship
assets
planning, recording, analyzing, and interpreting financial in…
business that performs an activity for a fee
business owned by one person
items owned
accounting
planning, recording, analyzing, and interpreting financial in…
service business
business that performs an activity for a fee
73 terms
accounting terms
confirmatory value
fundamental characteristics of account…
material
bad debt expense
enables users to check and confirm earlier predictions or eva…
1.) relevance... 2.) faithful representation... 3.) comparability... 4…
item is material when its omission or misstatement could, ind…
an expense represents the amount of uncollectible accounts re…
confirmatory value
enables users to check and confirm earlier predictions or eva…
fundamental characteristics of account…
1.) relevance... 2.) faithful representation... 3.) comparability... 4…
47 terms
Accounting Terms
Five main sections of assets and liabi…
Current assets include
Operating Cycle is the time span
Current assets fall into several broad…
current assets, non-current assets, current liabilities, non-…
cash and all other assets that are reasonably expected to be…
during which cash is spent to acquire goods and services that…
cash and cash equivalents, accounts receivable, inventories,…
Five main sections of assets and liabi…
current assets, non-current assets, current liabilities, non-…
Current assets include
cash and all other assets that are reasonably expected to be…
53 terms
Accounting Terms
Define Assets
Define Liabilities
Define Owner's Equity
Define Revenue
Items of value owned or controlled by a business.
Amounts owed by a business to external parties.
Owner's equity is the difference between the assets and liabi…
Revenue is the inflow of resources to the business (money rec…
Define Assets
Items of value owned or controlled by a business.
Define Liabilities
Amounts owed by a business to external parties.
20 terms
Accounting Terms
accounting equation
accounting
accounting system
accounting records
assets=liabilities+equity
planning, recording, analyzing, and interpreting financial in…
a planned process for providing financial information
organized summaries of a business's financial records
accounting equation
assets=liabilities+equity
accounting
planning, recording, analyzing, and interpreting financial in…
29 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.
30 terms
Accounting Terms
Sole Propritor
Partnership
Corporation
Limited Liability Corporation
unlimited liability
least popular form of business
Earn the most money
Designed as a corporation but taxed as a partnership
Sole Propritor
unlimited liability
Partnership
least popular form of business
13 terms
Accounting Chapter 8 Terms
worksheet
ruling
matching principle
net income
a working paper used to collect information from the ledger a…
means "drawing a line"
principle stating that expenses are compared to revenues for…
the amount of revenue that remains after expenses for the per…
worksheet
a working paper used to collect information from the ledger a…
ruling
means "drawing a line"
10 terms
Accounting Terms - Accounting Elements
A resource controlled by the entity as…
A present obligation of the entity as…
A resource controlled by the entity as…
A present obligation of the entity as…
Non-current Asset
Current Liability
Current Asset
Non-current Liability
A resource controlled by the entity as…
Non-current Asset
A present obligation of the entity as…
Current Liability
18 terms
Basic Accounting Terms
accounting
service business
proprietorship
assets
planning, recording, analyzing, and interpreting financial in…
business that performs an activity for a fee
business owned by one person
items owned
accounting
planning, recording, analyzing, and interpreting financial in…
service business
business that performs an activity for a fee
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…
12 terms
Accounting Chapter 12 Terms
Salary
Pay Period
Payroll
Total Earnings
The money paid for employee services
Period covered by salary payment
The total amount earned by all employees for a pay period
Total pay due for a pay period before deductions
Salary
The money paid for employee services
Pay Period
Period covered by salary payment
4 of 10