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Study sets matching "accounting"

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Study sets matching "accounting"

40 terms
Accounting
Accounting
Financial Accounting
Managerial Accounting
Creditor
the information system that measures business activities, pro…
the field of accounting that focuses on providing information…
The field of accounting that focuses on providing information…
Any person or business to whom a business owes money
Accounting
the information system that measures business activities, pro…
Financial Accounting
the field of accounting that focuses on providing information…
18 terms
Accounting
Income statement... MONTH ENDING
Statement of OE... MONTH ENDING
Balance sheet... DATE
GAAP
Revenue... Total rev.... Expenses... Total exp.... NET income:
Original capital... Add: owners investment... Net income... Total:... Le…
Assets... Total assets... Liabilities... Total liabilities... Equity... Tota…
Generally accepted accounting principles
Income statement... MONTH ENDING
Revenue... Total rev.... Expenses... Total exp.... NET income:
Statement of OE... MONTH ENDING
Original capital... Add: owners investment... Net income... Total:... Le…
11 terms
accounting
accounting
accumulate
asset
audit
(n) sự tính toán, công tác kế toán
(v) cộng dồn; tích luỹ lại
(n) tài sản
(v) kiểm tra sổ sách, kiểm toán
accounting
(n) sự tính toán, công tác kế toán
accumulate
(v) cộng dồn; tích luỹ lại
27 terms
Accounting
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 formal report that shows what an individual owns, what an i…
Accounting
The process of planning, recording, analyzing, and interpreti…
Accounting system
A planned process designed to compile financial data and summ…
44 terms
Accounting
Managerial accounting
Balanced scorecard
Financial accounting
Empowerment
Is the process of identifying, measuring, analyzing, interpre…
Is a model of business performance evaluation that balances m…
Is the use of accounting information for reporting to parties…
Is the concept of encouraging and authorizing workers to take…
Managerial accounting
Is the process of identifying, measuring, analyzing, interpre…
Balanced scorecard
Is a model of business performance evaluation that balances m…
Accounting
diverse
performance
to be available
to be confronted with
разнообразный, различный, разный, многообразный, отличный
функционирование, работа, выполнение обязанностей
быть в наличии, иметься
столкнуться с чем-либо
diverse
разнообразный, различный, разный, многообразный, отличный
performance
функционирование, работа, выполнение обязанностей
12 terms
Accounting
Expenses
Owners equity
Income
Liabilities
Expenses are decreases in assets or increases in liabilities,…
Owners equity is the owners residual interest in the assets a…
Incomes are increases in assets or reductions in liabilities,…
Liabilities are future sacrifices of assets that the entity i…
Expenses
Expenses are decreases in assets or increases in liabilities,…
Owners equity
Owners equity is the owners residual interest in the assets a…
100 terms
Accounting
An example of a voluntary deduction is…
Cash purchases of merchandise are reco…
The account payable controlling accoun…
The payroll register summarizes inform…
true
false
true
true
An example of a voluntary deduction is…
true
Cash purchases of merchandise are reco…
false
137 terms
Accounting
English
Entries for Bonds Payable and Installm…
The following transactions were comple…
2014
english
...
...
...
English
english
Entries for Bonds Payable and Installm…
...
17 terms
Accounting
Buisness entity principle
Financial position
Personal equity
Assets
Requires that each business be considered a separte entity.
Is the financial status of a person or company represented by…
Is the difference between the value of items owned and the de…
Are items of value owned by a business or a person.
Buisness entity principle
Requires that each business be considered a separte entity.
Financial position
Is the financial status of a person or company represented by…
19 terms
Accounting
Mark up/gross profit/distribution cost…
Profit meaning
Profit increased
Profit decreased
...
Income from sales that is left over once we have paid all exp…
-Did profit increase as result of mark up price increasing se…
-profit decrease as a result of decreasing the selling price…
Mark up/gross profit/distribution cost…
...
Profit meaning
Income from sales that is left over once we have paid all exp…
15 terms
Accounting
Sole Proprietorship
Partnership
Private company
Public company
a type of business entity that is owned and run by one person…
A legal form of business operation between two or more indivi…
a company whose shares may not be offered to the public for s…
a company whose shares are traded freely on a stock exchange.
Sole Proprietorship
a type of business entity that is owned and run by one person…
Partnership
A legal form of business operation between two or more indivi…
34 terms
Accounting
True and false. Answer key next on nex…
Answer key
Planning, recording, analyzing, and in…
A planned process for providing financ…
Accounting
Accounting system
True and false. Answer key next on nex…
Answer key
17 terms
Accounting
Assets
Balance Sheet
Accounting Equation
Expenses
Money and other valuables belonging to an individual or busin…
A financial statement that reports assets, liabilities, and o…
Assets = Liabilities + Owner's Equity
the cost required for something; the money spent on something.
Assets
Money and other valuables belonging to an individual or busin…
Balance Sheet
A financial statement that reports assets, liabilities, and o…
14 terms
Accounting
Accounting Process
Source
Record
Reporting
Source, Record, Report, Advice
Sourcing the relevant documents
Recording the relevant information
communicating financial information to the owner
Accounting Process
Source, Record, Report, Advice
Source
Sourcing the relevant documents
54 terms
Accounting
Double- Entry Accounting
Ledger
Credit
Temporary Capital Accounts
A financial recordkeeping system in which each business trans…
The accounts used by a business are kept on separate pages or…
An... is an amount entered on the right side of the T account
The revenue, expense, and withdrawals accounts are called.
Double- Entry Accounting
A financial recordkeeping system in which each business trans…
Ledger
The accounts used by a business are kept on separate pages or…
Accounting
cash 381
accounts receivable 311
service revenue 911
balance sheet
Pénztár
Vevő
Bevétel
mérleg
cash 381
Pénztár
accounts receivable 311
Vevő
15 terms
Accounting
Account
Account balance
Accounting
Accounting records
A record summarizing all the information pertaining to a sing…
The amount in the account
Planning, recording, analyzing and interpreting financial inf…
Organized summaries of a business's financial activities
Account
A record summarizing all the information pertaining to a sing…
Account balance
The amount in the account
23 terms
Accounting
Accounting
Accounting system
Accounting records
Financial statements
Planning, recording analyzing & interpreting information.
A planned process for providing financial information that wi…
Organized summaries of a business's financial activity.
Financial reports that summarize financial conditions & opera…
Accounting
Planning, recording analyzing & interpreting information.
Accounting system
A planned process for providing financial information that wi…
10 terms
Accounting
accounting
withdrawals
business ethics
owners equity
planning, recording, analyzing and interpreting financial inf…
assets taken out of a business for the owners personal use
the use of ethics in making business decisions
the amount remaining after the value of all liabilities are s…
accounting
planning, recording, analyzing and interpreting financial inf…
withdrawals
assets taken out of a business for the owners personal use
7 terms
accounting
ledger
general ledger
file maintenance
opening an accounts
a group of accounts
a ledger that contains all accounts needed to prepare finical…
the procedure for arranging accounts in a general ledger assi…
writing a account title and number on the heading of an account
ledger
a group of accounts
general ledger
a ledger that contains all accounts needed to prepare finical…
20 terms
accounting
Classified Balance Sheet
Liquidity
Current Asset
Operating cycle
A balance sheet that places each asset and each liability int…
A measure of how quickly an item can be converted to cash.
An asset that is expected to be converted to cash, sold, or u…
The time span during which cash is paid for goods and service…
Classified Balance Sheet
A balance sheet that places each asset and each liability int…
Liquidity
A measure of how quickly an item can be converted to cash.
8 terms
Accounting
Outstanding check
Deposits in Transit
NSF Check
Bank collection of note receivable
- Bank
+ Bank
- Book
+ Book
Outstanding check
- Bank
Deposits in Transit
+ Bank
34 terms
Accounting
Data
information
accounting
audit
numerical or verbal descriptions
data presented in a form that is useful for a specific purpose
process of systematically collecting, reporting and analyzing
examination of company's finances
Data
numerical or verbal descriptions
information
data presented in a form that is useful for a specific purpose
38 terms
Accounting
Balance sheet
Accounts receivable
receivables
Current assets
A financial statement that shows the financial position of a…
Money owed to a business
Money owed to a business
Assets that are held for a short period of time and that can…
Balance sheet
A financial statement that shows the financial position of a…
Accounts receivable
Money owed to a business
25 terms
Accounting
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 condition and…
Accounting
Planning, recording, analyzing, and interpreting financial in…
Accounting System
A planned process for providing financial information that wi…
55 terms
accounting
Classified Income Statement
Administrative expenses
Selling Expenses
Adjustments for depreciations
has 3 main sections; Revenue, Cost of Goods Sold, and operati…
is an account used to record the expenses involved in the gen…
money spent for the direct purpose of selling goods (i.e, sal…
Depreciation expense is added to the worksheet and is debited…
Classified Income Statement
has 3 main sections; Revenue, Cost of Goods Sold, and operati…
Administrative expenses
is an account used to record the expenses involved in the gen…
43 terms
Accounting
The purpose of accounting
The accounting process
Identify four user groups normally int…
The generally accepted accounting prin…
Recording financial information about the current operations…
1. Analyze... 2. Record... 3. Classify... 4. Summarize... 5. Reporting... 6.…
1. Owners... 2. Managers... 3. Creditors... 4. Government Managers
Procedures and guidelines to be followed in the accounting an…
The purpose of accounting
Recording financial information about the current operations…
The accounting process
1. Analyze... 2. Record... 3. Classify... 4. Summarize... 5. Reporting... 6.…
22 terms
Accounting
Free Enterprise System
Profit
Loss
Entrepreneur
A system in which individuals are free to produce the good an…
The amount earned above the amount of expenses incurred to ke…
The result when a business spends more money than it earns.
A person who transforms ideas for production of services into…
Free Enterprise System
A system in which individuals are free to produce the good an…
Profit
The amount earned above the amount of expenses incurred to ke…
17 terms
Accounting
adequate disclosure
Business entity concept
Consistency
cost principles
financial reports of a business contain all the information t…
The financial records of a business are kept separate from th…
the same accounting procedures are followed from one accounti…
all goods and services acquired by a business are recorded at…
adequate disclosure
financial reports of a business contain all the information t…
Business entity concept
The financial records of a business are kept separate from th…
11 terms
Accounting
Accounting equation
Retained Earnings
Net income
Net loss
Assets = Liabilities + Equity
Revenue - Dividends - Expenses
Revenue - Expense (when revenue exceeds expenses)
Revenue - Expenses (when expenses exceed revenue)
Accounting equation
Assets = Liabilities + Equity
Retained Earnings
Revenue - Dividends - Expenses
37 terms
Accounting
Equity
Main components of a Balance Sheet
Accounts receivable
Accounts payable
The residual interest of the owners
Assets, Liabilities and OE
Amount due from customers arising from the sale of a good and…
Amount owned to suppliers arising from the sale of a good and…
Equity
The residual interest of the owners
Main components of a Balance Sheet
Assets, Liabilities and OE
18 terms
Accounting
Work sheet
Adjusted trial balance columns
Depreciation
Fiscal year
A form used to pull together all of the information needed to…
The third pair of amount columns on the work sheet. They are…
A method of matching an asset's original cost against the rev…
A twelve-month period for which financial reports are prepared.
Work sheet
A form used to pull together all of the information needed to…
Adjusted trial balance columns
The third pair of amount columns on the work sheet. They are…
25 terms
Accounting
Public company
Sarbanes-Oxley Act (SOX)
Internal control
interanal auditor
one that sells its stock to the general public- to maintain a…
This act requires companies to review internal control and ta…
is the organizational plan and all the related measures desig…
is an employee of the business who ensures that the companies…
Public company
one that sells its stock to the general public- to maintain a…
Sarbanes-Oxley Act (SOX)
This act requires companies to review internal control and ta…
25 terms
Accounting
Asset
Liabilities
Expense
Revenue
Resources controlled by the business entity as a result of a…
An obligation of an entity that requires an outflow of the en…
Decreases in economic benefits during a reporting period in t…
Increases in economic benefits during a reporting period in t…
Asset
Resources controlled by the business entity as a result of a…
Liabilities
An obligation of an entity that requires an outflow of the en…
11 terms
Accounting
double-entry accounting
journal
journalizing
general journal
the recording of debit and credit parts of a transaction
a form for recording transactions in chronological order
recording transactions in a journal
a journal with two amount columns in which all kinds of entri…
double-entry accounting
the recording of debit and credit parts of a transaction
journal
a form for recording transactions in chronological order
33 terms
Accounting
1. The length of time for which a busi…
2. A fiscal period consisting of 12 co…
3. A columnar accounting form used to…
4. A proof of equality of debits and c…
Fiscal Period
Fiscal year
Worksheet
Trial balance
1. The length of time for which a busi…
Fiscal Period
2. A fiscal period consisting of 12 co…
Fiscal year
14 terms
accounting
current asset
non current asset
liabilities
assets
a resource that has to be payed within 12 months
a resource that doesn't have to be payed back within 12 months
bank overdraft, creditors loans and mortgages
cash at bank, debtors suppliers and it equipment
current asset
a resource that has to be payed within 12 months
non current asset
a resource that doesn't have to be payed back within 12 months
7 terms
Accounting
Predict future cash flows
Evaluate management decisions
Predict the ability to make debt payme…
Customers
The statement of cash flows helps this by reporting past cash…
The statement of cash flows helps this by reporting on manage…
The statement of cash flows helps this by reporting where cas…
Providing high-quality, reliable products/services for a reas…
Predict future cash flows
The statement of cash flows helps this by reporting past cash…
Evaluate management decisions
The statement of cash flows helps this by reporting on manage…
27 terms
Accounting
Account
Account balance
Account title
Accounting
A record summarizing all the information pertaining to a sing…
The amount in an account
A formal written document that describes the nature of a busi…
Planning recording analyzing and interpreting financial infor…
Account
A record summarizing all the information pertaining to a sing…
Account balance
The amount in an account
32 terms
Accounting
Balance Sheet Equation
Cash
Accounts Receivable
Inventory
Assets = Liabilities + Equity
Current Asset
Current Asset
Current Asset
Balance Sheet Equation
Assets = Liabilities + Equity
Cash
Current Asset
37 terms
Accounting
enterprise
free
system
service
business
no cost
a way of organizing
sell yourself and your abilities
enterprise
business
free
no cost
10 terms
Accounting
Taxes Payable
Accounts Receivable
Notes Payable, 9%, due in 90 days
Investment in Bonds
Current Liability
Current Assets
Current Liability
Long-term Investment
Taxes Payable
Current Liability
Accounts Receivable
Current Assets
14 terms
ACCOUNTING
Asset
Liability
Expense
Income
Resources that will generate future economic benefits to the…
Are future sacrifices of assets that the entity is currently…
A decrease in assets or increase in liabilities which results…
The increases in assets or decreases in liabilities which cau…
Asset
Resources that will generate future economic benefits to the…
Liability
Are future sacrifices of assets that the entity is currently…
49 terms
Accounting
Accounting
Interest
Balance
deficit
Planning, recording, analyzing, and interpreting financial in…
A sum paid or charged for the use of money or for borrowing m…
sum of debit entries minus sum of credit entries
A deficiency or lack of something
Accounting
Planning, recording, analyzing, and interpreting financial in…
Interest
A sum paid or charged for the use of money or for borrowing m…
14 terms
accounting
customer
sales tax
sales journals
cash sale
a person or business to whom merchandise or services are sold
a tax on a sale of merchandise or servies
a special journal used to record only sales of merchandise on…
a sale in which cash is received for the total amount of the…
customer
a person or business to whom merchandise or services are sold
sales tax
a tax on a sale of merchandise or servies
75 terms
accounting
Q
W
E
R
Q
W
E
R
Q
Q
W
W
59 terms
Accounting
Accounting
Accounting equation
Asset
Business plan
The process of planning, recording, analyzing, and interpreti…
An equation showing the relationship among assets, liabilitie…
Anything of value that is owned.
A formal written document that describes the nature of a busi…
Accounting
The process of planning, recording, analyzing, and interpreti…
Accounting equation
An equation showing the relationship among assets, liabilitie…
12 terms
Accounting
Salary
Pay period
Paytoll
Total earnings
The money paid for employee services
The period covered by a salary payment
The total amount earned by all employees for a pay period
The total pay due for a pay period before deductions
Salary
The money paid for employee services
Pay period
The period covered by a salary payment
18 terms
Accounts
CASH
ACCOUNTS RECEIVABLE
OFFICE EQUIPMENT
ACCOUNTS PAYABLE
ASSET
ASSET
ASSET
LIABILITY
CASH
ASSET
ACCOUNTS RECEIVABLE
ASSET
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