Study sets matching "accounting2"
Study sets
Diagrams
Classes
Users
Accounting Formula
Asset Accounts
Liability Accounts
Owner's Equity Accounts
Assets = Liabilities - Owner's Equity
Debit for increase (+)... Credit for Decrease (-)
Credit for increase (+)... Debit for decrease (-)
Credit for increase (+)... Debit for decrease (-)
Accounting Formula
Assets = Liabilities - Owner's Equity
Asset Accounts
Debit for increase (+)... Credit for Decrease (-)
Accounts Receivable
Accounts Payable
Account Numbers
Accounts
Amounts Owed to the Business
Amounts a business owes for items or services purchased on cre…
Numbers assigned to accounts according to the chart of account…
Categories under the Assets, Liabilities and Owner's Equity he…
Accounts Receivable
Amounts Owed to the Business
Accounts Payable
Amounts a business owes for items or services purchased on cre…
Horizontal Analysis
Trend Analysis
Vertical Analysis
Working Capital
(Dollar Amount of Change / Base Period Amount) * 100
(Any Period Amount / Base Period Amount) * 100
(Specific Item / Base Amount) * 100
Current Assets - Current Liabilities
Horizontal Analysis
(Dollar Amount of Change / Base Period Amount) * 100
Trend Analysis
(Any Period Amount / Base Period Amount) * 100
Asset
Liability
Owner's Equity
Accounting Equation
Anything of value that is owned
An amount owed by a business
The amount remaining after the value of all liabilities is sub…
An equation showing the relationship among assets, liabilities…
Asset
Anything of value that is owned
Liability
An amount owed by a business
Accounts payable
Accounts receivable
Chart of accounts
Credit
Amounts to be paid in the future for goods or services already…
Amounts to be received in the future due to the sale of goods…
A list of accounts used by a business.
The amount recorded on the right side of a T account.
Accounts payable
Amounts to be paid in the future for goods or services already…
Accounts receivable
Amounts to be received in the future due to the sale of goods…
Accounts Payable
Accounts Receivable
Chart of Accounts
Credit
Amounts to be paid in the future for goods or services already…
Amounts to be received in the future due to the sale of goods…
A list of accounts used by a business.
An amount recorded on the right side of an account.
Accounts Payable
Amounts to be paid in the future for goods or services already…
Accounts Receivable
Amounts to be received in the future due to the sale of goods…
perpetual inventory system
periodic inventory system
fifo method
lifo method
business keeps a constant, up to date record of all merchandis…
physically counting goods
assigns cost to ending inventory, assumes that first products…
assigns cost to ending inventory assuming that the last produc…
perpetual inventory system
business keeps a constant, up to date record of all merchandis…
periodic inventory system
physically counting goods
Tax Bracket
Fiscal Period
Statement of Stockholder's Equity
Net Pay
A range of income amounts that are taxed at a particular rate.
The length of time for which a business summarizes and reports…
A financial statement that shows changes in a corporation's ow…
Amount of income left after taxes and deductions have been tak…
Tax Bracket
A range of income amounts that are taxed at a particular rate.
Fiscal Period
The length of time for which a business summarizes and reports…
Fiscal Period
Adjusting Entries
Closing Entries
Post-Closing Trial Balance
The length of time for which a business summarizes and reports…
Journal entries recorded to update general ledger accounts at…
Journal entries used to prepare temporary accounts for a new f…
A trial balance that is prepared after the closing entries are…
Fiscal Period
The length of time for which a business summarizes and reports…
Adjusting Entries
Journal entries recorded to update general ledger accounts at…
account
account balance
account number
accounting
a record summarizing all the information pertaining to a singl…
the amount in an account
the number assigned to an account
planning, recording, analyzing, and interpreting financial inf…
account
a record summarizing all the information pertaining to a singl…
account balance
the amount in an account
Accounting
Accounting System
Accounting Records
Financial Statement
Planning, recording, analyzing, and interpreting financial inf…
A planned process for providing financial information that wil…
Organized summaries of a business's financial activities
Financial reports that summarize the financial condition and o…
Accounting
Planning, recording, analyzing, and interpreting financial inf…
Accounting System
A planned process for providing financial information that wil…
direct cost
indirect cost
selling cost
admin cost
cost that can be easily traced to an object ex: Direct Labor (…
cost that cannot be easily traced to an object ex: Manufacturi…
costs necessary to sell product and get it to buyer ex: gas co…
costs necessary to run the company but not associated with mak…
direct cost
cost that can be easily traced to an object ex: Direct Labor (…
indirect cost
cost that cannot be easily traced to an object ex: Manufacturi…
Accounting Equation
Account
Ledger
Debtors
Assets = Liabilities + Equities
Record within an accounting system in which increases and decr…
Record containing all accounts (with amounts) for a business
Customers and others who owe a company
Accounting Equation
Assets = Liabilities + Equities
Account
Record within an accounting system in which increases and decr…
Straight Line Method (2)
Prepayment
Depreciation Journal
Straight Line Method (1)
Historical cost - Residual Value ÷ Useful Life
Current Asset
Depreciation Dr... Accumulated Depreciation Cr
Historical Cost x %
Straight Line Method (2)
Historical cost - Residual Value ÷ Useful Life
Prepayment
Current Asset
The responsibility center in which the…
This balance scorecard perspective meas…
This balance scorecards measures the pe…
Average invested assets formula
An Investment cener
Learning and growth
Customer perspective
Operating Income/ROI (residual income)
The responsibility center in which the…
An Investment cener
This balance scorecard perspective meas…
Learning and growth
T Account
Chart of accounts
Debit
Credit
An accounting device used to analyze transactions.
A list of all accounts used by a business.
An amount recorded on the left side of an account.
An amount recorded on the right side of an account.
T Account
An accounting device used to analyze transactions.
Chart of accounts
A list of all accounts used by a business.
Service Business
Proprietorship
Business Plan
GAAP
A business that performs an activity for a fee
A business owned by one person
A formal written document that describes the nature of a busin…
The standards and rules that accountants follow while recordin…
Service Business
A business that performs an activity for a fee
Proprietorship
A business owned by one person
Account Number
Correcting Entry
File Maintenance
General Ledger
Number assigned to an account
A journal entry made to correct an error in a previous journal…
The procedure for arranging accounts in a general ledger, assi…
A ledger that contains all accounts needed to prepare financia…
Account Number
Number assigned to an account
Correcting Entry
A journal entry made to correct an error in a previous journal…
T account
debit
credit
debit
an accounting device used to analyze transactions
Decreases to liability accounts are recorded on the __________…
An amount recorded on the right side of a T account is a _____…
Each asset has a normal ________________ balance.
T account
an accounting device used to analyze transactions
debit
Decreases to liability accounts are recorded on the __________…
Cost driver
Variable cost
Fixed cost
Decision context
A measure of activities that require the use of resources and…
A cost that changes in direct proportion to changes in the cos…
a cost that does not change, no matter how much of a good is p…
The circumstances surrounding the decision for which the cost…
Cost driver
A measure of activities that require the use of resources and…
Variable cost
A cost that changes in direct proportion to changes in the cos…
Service business
Sole Proprietorship
Asset
Liability
A business that preforms an activity for a fee.
A business owned by one person.
Past transaction, Present control, Future economic benefit.
Past transaction, Present obligation, Future economic sacrific…
Service business
A business that preforms an activity for a fee.
Sole Proprietorship
A business owned by one person.
Chart of accounts
Credit
Debit
Normal balance
An accounting device used to analyze transactions
An account recorded on the left side of a T account
An account recorded on the right side of a T account
The side of the account that is increased
Chart of accounts
An accounting device used to analyze transactions
Credit
An account recorded on the left side of a T account
Accounting
Accounting records
Financial statements
Service business
Planning, recording, analyzing and interpreting financial info…
Organized summaries of a business's financial activities.
Financial reports that summarize the financial condition and o…
A business that performs an activity for a fee.
Accounting
Planning, recording, analyzing and interpreting financial info…
Accounting records
Organized summaries of a business's financial activities.
Accounting
Accounting system
Accounting records
Financial statements
Planning, recording, analyzing and interpreting financial info…
A planned process for providing financial information that wil…
Organized summaries of a business's financial activities.
Financial reports that summarize the financial condition and o…
Accounting
Planning, recording, analyzing and interpreting financial info…
Accounting system
A planned process for providing financial information that wil…