Study sets matching "accounting"

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Study sets matching "accounting"

27 terms
Accounting
Merchandise
Merchandising business
Retail merchandising business
Wholesale merchandising business
Goods that business purchases to sell
Business that purchases and sells goods
A business who sells to those who use or consume the goods
A business that buys and resells merchandise
Merchandise
Goods that business purchases to sell
Merchandising business
Business that purchases and sells goods
29 terms
Accounting
Merchandise
Merchandising Business
Retail Merchandising Business
Wholesale Merchandising Business
Goods that a business purchases to sell
A business that purchases and sells goods
A merchandising business that sells to those who use or consu…
A business that buys and resells merchandise to retail mercha…
Merchandise
Goods that a business purchases to sell
Merchandising Business
A business that purchases and sells goods
41 terms
Accounting
Accounting
Oxley act
Sole proprietorship
Partnership
Language of business; measures activities of business
Federal statue passed to Prevent fraud
Owned by an individual
Owned by two or more
Accounting
Language of business; measures activities of business
Oxley act
Federal statue passed to Prevent fraud
58 terms
Accounting
Proprietorship
Partnership
Corporation
States
One owner, no red tape (unless hire employees) Maybe business…
Same as proprietorship, but more than one. Recommended: forma…
To avoid joint legal liability. Separate legal identity from…
Authorize the formation of corporations
Proprietorship
One owner, no red tape (unless hire employees) Maybe business…
Partnership
Same as proprietorship, but more than one. Recommended: forma…
22 terms
Accounting
Accounting
Accounting system
Accounting records
Financial statements
Planning, recording, analyzing and interpreting financial inf…
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 inf…
Accounting system
A planned process for providing financial information that wi…
76 terms
Accounting
capital
for-profit firm
not-for-profit firm
net income
the name for the resources used to start and run a business
has the goal of making a profit for its owners
has the goal of providing goods or services to its clients
equals all revenues minus all expenses for a specific period…
capital
the name for the resources used to start and run a business
for-profit firm
has the goal of making a profit for its owners
5 terms
Accounting
Economics
Warranty
Risk taker decisions
Types of Wages
1 Study of why people make their choice... 2 study how advertisi…
1 states expected performance of product... 2 Includes... a who is…
1 what to produce... 2 when to produce it... 3 how many to produce…
1 hourly- set amount per hour... 2 salary- set amount per year... 3…
Economics
1 Study of why people make their choice... 2 study how advertisi…
Warranty
1 states expected performance of product... 2 Includes... a who is…
Accounting
Accounting
Accounts payable
Accounts Receivable
Financial Statements
The process of recording and reporting the financial status o…
the money a business has to pay to its creditors
the money a business receives for products or services provid…
Documents that summarizes the business transactions that occu…
Accounting
The process of recording and reporting the financial status o…
Accounts payable
the money a business has to pay to its creditors
ACCOUNTING
Calculator Tape
Sales Invoice
Check
Receipt
Receive cash from sales... T
Sold services on account... S
Paid cash... C
Receive Cash... R
Calculator Tape
Receive cash from sales... T
Sales Invoice
Sold services on account... S
accounting
transaction
account
account title
account balance
a business activity that change assets,liab. and owners equity
a record summarizing all the info pertaining to a single item…
the name given to an account
the amount given to an account
transaction
a business activity that change assets,liab. and owners equity
account
a record summarizing all the info pertaining to a single item…
Accounting
Account
Account balance
Account title
Accounting
account: a record summarizing all the information pertaining…
The amount in an account
The given to an account
: planning, recording, analyzing, and interpreting financial…
Account
account: a record summarizing all the information pertaining…
Account balance
The amount in an account
82 terms
Accounting
Inventory XX... Accounts Rec./Cash XX
Accounts Payable XX... Inventory XX... (or)…
is the total cost of merchandise sold…
Determine the cost of goods on hand at…
What is the entry when the seller of a good incurs the cost o…
What is the entry when the buyer of a good incurs the cost of…
what is the Cost of goods sold? What type of account is it?
To determine the cost of goods sold under a periodic inventor…
Inventory XX... Accounts Rec./Cash XX
What is the entry when the seller of a good incurs the cost o…
Accounts Payable XX... Inventory XX... (or)…
What is the entry when the buyer of a good incurs the cost of…
Accounting
Financial accounting
Retained Earnings
what appears on stockholders equity
purpose of cash flow
measuring business activities and reporting those measurement…
profits earned by a company that have not been paid to stockh…
Dividends, net income, beginning balance of retained earnings
provide information about cash receipts and cash disbursement…
Financial accounting
measuring business activities and reporting those measurement…
Retained Earnings
profits earned by a company that have not been paid to stockh…
Accounting
asset
liabilities
T-account
Businesses
things that you own
debts or obligations (money owed)
debits and credits of an account
use accounting to run the business.
asset
things that you own
liabilities
debts or obligations (money owed)
24 terms
Accounting
Assets
Liabilities
Owner's equity
Revenue
The possessions of people or businesses such as cash and equi…
Moneys owed by a business
The owner's investment in the business (this can be include c…
The money coming into a business from the sale of goods and s…
Assets
The possessions of people or businesses such as cash and equi…
Liabilities
Moneys owed by a business
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…
36 terms
Accounting
sole proprietorship
partnership
corporation
limited liability company
a business with a single owner
a business with two or more owners and not organized as a cor…
a business organized under state law that is a separate legal…
a company in which each member is only liable for his or her…
sole proprietorship
a business with a single owner
partnership
a business with two or more owners and not organized as a cor…
67 terms
accounting
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.
26 terms
Accounting
Business
Equity
Liabilities
Assets
Entity that creates value and trades that value with customers
Amount of owners' or shareholders' portion of a business - Mo…
Amount of money owed to creditors - banks
Economic resources owned by a firm
Business
Entity that creates value and trades that value with customers
Equity
Amount of owners' or shareholders' portion of a business - Mo…
22 terms
Accounting
Accouting
Owners Equity
Capital
Drawings
The process of recording all business tramsactions
The value of the owners investment in the business. Capital c…
When someone starts a business, they have to contribute capit…
Are the money and stock taken by the by the owner out of the…
Accouting
The process of recording all business tramsactions
Owners Equity
The value of the owners investment in the business. Capital c…
21 terms
Accounting
Accounting
Accounting system
Accounting records
Financial statements
Planning, recording, analyzing and interpreting financial inf…
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 inf…
Accounting system
A planned process for providing financial information that wi…
5 terms
Accounting
Property
Business transaction
Account
Revenue
Anything of value that is owned or controlled
Its an economic event that causes a change- Either an increas…
Shows balance for specific item , such as cash or computer eq…
Income earned from the sale of goods or services
Property
Anything of value that is owned or controlled
Business transaction
Its an economic event that causes a change- Either an increas…
Accounting
Cash- Debit
cash- credit
liabilities-debit
liabilities-credit
Increase; normal balance
decrease
decrease
increase; normal balance
Cash- Debit
Increase; normal balance
cash- credit
decrease
Accounting
Debit
credit
credit
credit
Cash
accounts payable
capital
fee's earned
Debit
Cash
credit
accounts payable
14 terms
Accounting
Asset
Liabilities
Owner's equity
Revenue
The possessions of people or business, such as cash and equip…
Money the business owes to another business.
The owner's investment in the business
The money coming into the business from the sales of goods an…
Asset
The possessions of people or business, such as cash and equip…
Liabilities
Money the business owes to another business.
21 terms
accounting
prepaid
assets increase
assets decrease
liabilities decrease
asset
debit
credit
debit
prepaid
asset
assets increase
debit
38 terms
Accounting
Accounting
Accounting system
Financial Statements
Net Worth Statement
process of planning, recording, analyzing, and interpreting f…
planned process designed to compile financial data and summar…
financial reports that summarize the financial condition and…
formal report that shows what an individual owns, what an ind…
Accounting
process of planning, recording, analyzing, and interpreting f…
Accounting system
planned process designed to compile financial data and summar…
57 terms
Accounting
Accounting
Financial Statements
service business
proprietorship
planning, recording, analyzing, and interpreting financial in…
financial reports that summarize the financial condition and…
a business that does a service for customers
business owned by a person
Accounting
planning, recording, analyzing, and interpreting financial in…
Financial Statements
financial reports that summarize the financial condition and…
62 terms
Accounting
Account
Account Balance
Account Cycle
Accounting
A record summarizing all the info pertainingto a single item…
The amount in an account
The series of accounting activities included in recording fin…
Planning, recording, analyzing, and interpreting financial info
Account
A record summarizing all the info pertainingto a single item…
Account Balance
The amount in an account
20 terms
Accounting
Accounting records
Financial statements
Service business
Proprietorship
Organized summaries of a business's financial activities.
Financial reports that summarize the financial condition and…
A business that preforms an activity for a fee.
A business owned by one person.
Accounting records
Organized summaries of a business's financial activities.
Financial statements
Financial reports that summarize the financial condition and…
15 terms
Accounting
Asset
Liability
Owners Equity
Business organisations
Item of value a business owns (cash at bank)
Item of value a business owes (bank loan)
Money that an owner has invested in the business
Sole trader, partnership, public company and private company
Asset
Item of value a business owns (cash at bank)
Liability
Item of value a business owes (bank loan)
27 terms
accounting
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, recording, analyzing, and interpreti…
account
a record that summarizes all the transactions pertaining to a…
account balance
the difference between the increases and decreases in an acco…
Accounting
Accounting
Accounting system
Financial statements
net worth statement
The process of planning, recording, analyzing, and interpreti…
is a planned process of designed to compile financial data an…
Financial reports that summarize the financial conditions and…
A formal report that shows what an individual owns, what an i…
Accounting
The process of planning, recording, analyzing, and interpreti…
Accounting system
is a planned process of designed to compile financial data an…
accounting
accounting
cycle
accounting equation
assets
action of keeping financial records
steps involved in accounting for all of the business activities
the most fundamental equation of double entry bookkeeping sys…
a resource of economic value
accounting
action of keeping financial records
cycle
steps involved in accounting for all of the business activities
12 terms
accounting
Break even point
Contribution Margin
Contribution margin ratio
Economies of Scale
The level of sales at which a company neither earns an operat…
Sales minus variable costs. The portion of sales revenue that…
a percent of sales, Represents the percentage of each revenue…
a reduction in unit cost achieved through a higher volume of…
Break even point
The level of sales at which a company neither earns an operat…
Contribution Margin
Sales minus variable costs. The portion of sales revenue that…
10 terms
Accounting
stakeholders
asset
interest
accounting principles (GAAP)
is a person or organization that is affected by a business.
an economic resource that a business owns and can use to oper…
the expense of using borrowed money for a period of time
the rules, principles and concepts established by the account…
stakeholders
is a person or organization that is affected by a business.
asset
an economic resource that a business owns and can use to oper…
11 terms
ACCOUNTING
4% Debentures 2019/2020[40] 4%
Trade Creditors
Ordinary Dividend
Intangible Assets
Annual fixed rate of intrest 4% Debenture = Long term loan 20…
People from whom you have bought goods on credit and you will…
Part of net profit paid out to ordinary shareholders. It is d…
These are assets that have real value but cannot be seen. Exa…
4% Debentures 2019/2020[40] 4%
Annual fixed rate of intrest 4% Debenture = Long term loan 20…
Trade Creditors
People from whom you have bought goods on credit and you will…
17 terms
Accounting
assets
Liabilities
Owners Equity
Capital
anything owned
Any amount owed
Account used to summarize the owners equity in a business.
Amount remaining after all liabilities are subtracted from al…
assets
anything owned
Liabilities
Any amount owed
11 terms
accounting
check
double-entry accounting
entry
general journal
a business form ordering the bank to pay cash from a bank acc…
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 the bank to pay cash from a bank acc…
double-entry accounting
the recording of debit and credit parts of a transaction
30 terms
Accounting
Accounting information system
Activity-based management
Business Ethics
Certified Internal Auditor
a system consisting of interrelated manual and computer parts…
an advanced control system that focuses management's attentio…
learning what is right and wrong in the work environment and…
An accountant certified to possess the professional qualifica…
Accounting information system
a system consisting of interrelated manual and computer parts…
Activity-based management
an advanced control system that focuses management's attentio…
37 terms
Accounting
Ledger
Trial Balance
Luca's Rule (double entry)
Transaction
A collection of T accounts used by the buisness to record tra…
Used to test the mathematical accuracy of the ledger.
1) at least 2 accounts must change... 2) for every debit entry,…
A business transaction is an exchange of things of value.
Ledger
A collection of T accounts used by the buisness to record tra…
Trial Balance
Used to test the mathematical accuracy of the ledger.
Accounting
Accounting
Authority
Builders
Business
The process of gathering, recording, organizing, and reportin…
Power to influence or control the opinions or behavior of oth…
A type of producer that constructs roads, bridges, buildings,…
An organized effort to produce and/or distribute goods and se…
Accounting
The process of gathering, recording, organizing, and reportin…
Authority
Power to influence or control the opinions or behavior of oth…
25 terms
Accounting
accounts receivable
receivables
Current assets
Long-term
amounts that are currently owed to a company
amounts that are currently owed to a company
Assets that are held for a short period of time and that can…
...
accounts receivable
amounts that are currently owed to a company
receivables
amounts that are currently owed to a company
30 terms
Accounting
Net Accounts Receivable
Accounts Receivable turnover rate
Average collection period
3 parties involved when credit cards a…
Accounts Receivable - allowance for doubtful expense
Net credit sales/avg. Net Accounts Receivable
365/accts receivable turnover
Credit card issuer... Retailer ... Customer
Net Accounts Receivable
Accounts Receivable - allowance for doubtful expense
Accounts Receivable turnover rate
Net credit sales/avg. Net Accounts Receivable
56 terms
accounting
financial accounting systems
creditors & shareholders
controlling role of management
managers
must follow GAAP rules
financial accounting develops reports for external parties su…
when managers evaluate the companies performance compared to…
decision makers inside a company
financial accounting systems
must follow GAAP rules
creditors & shareholders
financial accounting develops reports for external parties su…
390 terms
Accounting
Accelerated Method
Account Balance
Accounting
Accounting Conventions
A method of depreciation that allocates relatively large amou…
The difference in dollars between the total debit footing and…
An information system that measures, processes, and communica…
Rules of thumb, or general principles, for recording transact…
Accelerated Method
A method of depreciation that allocates relatively large amou…
Account Balance
The difference in dollars between the total debit footing and…
12 terms
accounting
code of conduct
checking account
endorsement
bank endorsement
statement that guides the ethical behavior of a company
bank account from which payment can be ordered by a depositor
signature or stamp on a bank of a check
consisting only of the endorsers signature
code of conduct
statement that guides the ethical behavior of a company
checking account
bank account from which payment can be ordered by a depositor
29 terms
Accounting
Accounting
Financial accounting
Generally accepted accounting principl…
Financial accounting standards Board (…
A system for recognizing, organizing, analyzing, and reportin…
The branch of accounting that prepares financial statements f…
A set of accounting standards that is used in the preparation…
The private board that establishes the generally accepted acc…
Accounting
A system for recognizing, organizing, analyzing, and reportin…
Financial accounting
The branch of accounting that prepares financial statements f…
ACCOUNTING
Source documents
Recording
Reporting
Advice
The pieces of paper that provide both the evidence that a tra…
Sorting classifying and summarising the information contained…
The preparation of financial statements that communicate fina…
The provision to the owner of a range of opinions appropriate…
Source documents
The pieces of paper that provide both the evidence that a tra…
Recording
Sorting classifying and summarising the information contained…
15 terms
Accounting
Budget
Sales Forecast
Production Budget
Cash Budget
A plan for making and spending money
The amount of a product a company expects to sell during a sp…
A detailed plan showing the number of units that must be prod…
An estimate of the actual money received and paid out for a s…
Budget
A plan for making and spending money
Sales Forecast
The amount of a product a company expects to sell during a sp…
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