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Study sets matching "business accounting introduction"

52 terms
Chapter 1 - Introduction to Accounting and Business
account form
account payable
account receivable
accounting
The form of balance sheet that resembles the basic format of…
The liability created by a purchase on account.
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
account form
The form of balance sheet that resembles the basic format of…
account payable
The liability created by a purchase on account.
11 terms
Introduction to Accounting & Business Vocab
ACCOUNTS PAYABLE
ACCOUNTS RECEIVABLE
ACCOUNTING EQUATION
ASSETS
Liability created by a purchase on account. The amount that y…
Claim against the customer (money owed to company), considere…
Assets= Liabilities + Owner's Equity
Resources owned by a business. Cash, Inventory, Accounts Rece…
ACCOUNTS PAYABLE
Liability created by a purchase on account. The amount that y…
ACCOUNTS RECEIVABLE
Claim against the customer (money owed to company), considere…
51 terms
Accounting 2: Introduction to Accounting and Business
Business
Objective of most bussinesses
Profit
Accounting
Is an organization in which basic resources (inputs), such as…
To earn a profit
Is the difference between the amounts received from customers…
Can be defined as an information system that provides reports…
Business
Is an organization in which basic resources (inputs), such as…
Objective of most bussinesses
To earn a profit
14 terms
Introduction to Accounting and Business Organizations
Accounting
Objective of Accounting
Business
Sole Proprietorship
An information system that identifies, measures, records and…
To help people make better decisions
One or more individuals selling products or services for prof…
A business owned by one person. It is only a separate entity…
Accounting
An information system that identifies, measures, records and…
Objective of Accounting
To help people make better decisions
58 terms
Introduction to business and accounting
Business
Accounting
Corporation
Business transactions
an organization in which basic resources (inputs), such as ma…
can be defined as an information system that provides reports…
is organized under state or federal statutes as a separate le…
an economic event or condition that directly changes an entit…
Business
an organization in which basic resources (inputs), such as ma…
Accounting
can be defined as an information system that provides reports…
13 terms
Introduction to The Role of Accounting in Business
Accounting is the information system t…
Which type of accountant typically spe…
Accounting is __________.
Which of the following is correct?
True
Private accountants
The process of keeping track of financial transactions and an…
Business owners and managers need financial information to ma…
Accounting is the information system t…
True
Which type of accountant typically spe…
Private accountants
33 terms
Business organisations + Introduction to accounting
Which legal form of business has limit…
Interest parties
Manufacturer
Identify the correct statement
Ship Craft Pty Ltd
People inside and outside of the business that have invested…
A business that converts raw materials into finished products
Shareholders are the owners of the company and have part owne…
Which legal form of business has limit…
Ship Craft Pty Ltd
Interest parties
People inside and outside of the business that have invested…
45 terms
Chapter 1: Introduction to Accounting and Business
Business
Profit
Three types of businesses
Accounting
An organization in which basic resources (inputs), such as ma…
The objective of the business is to earn a "profit." It is th…
Service, Merchandising, and Manufacturing
An information system that provides reports to stakeholders a…
Business
An organization in which basic resources (inputs), such as ma…
Profit
The objective of the business is to earn a "profit." It is th…
56 terms
Chapter 1 Introduction to Accounting and Business
Account form
account payable
account receivable
accounting
The form of balance sheet that resembles the basic format of…
The liability created by a purchase on account.
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
Account form
The form of balance sheet that resembles the basic format of…
account payable
The liability created by a purchase on account.
59 terms
Chapter 1 Introduction to Accounting and Business
account form
account payable
account receivable
accounting
The form of balance sheet that resembles the basic format of…
The liability created by a purchase on account.
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
account form
The form of balance sheet that resembles the basic format of…
account payable
The liability created by a purchase on account.
52 terms
Chapter 1 Introduction to Accounting and Business (Accounting Terms)
account form
account payable
account receivable
accounting
The form of balance sheet that resembles the basic format of…
The liability created by a purchase on account.
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
account form
The form of balance sheet that resembles the basic format of…
account payable
The liability created by a purchase on account.
12 terms
Chapter 1: Introduction to Accounting and Business
Business
Service Businesses
Merchandising Businesses
Manufacturing Businesses
An organization in which basic resources (inputs), such as ma…
Provide services rather than products to customers.... Walt Disn…
Sell products they purchase from other businesses to customer…
Change basic inputs into products that are sold to customers…
Business
An organization in which basic resources (inputs), such as ma…
Service Businesses
Provide services rather than products to customers.... Walt Disn…
Chapter 1- Introduction to Accounting and Business
Five Major Account Classifications
Cash, Accounts Receivable, Supplies, L…
Accounts Receivable
Supplies
Assets, Liabilities, Owner's Equity, Revenue, Expenses
Assets
Amounts owned to the business from charged customers; "Receiv…
On hand, Not used
Five Major Account Classifications
Assets, Liabilities, Owner's Equity, Revenue, Expenses
Cash, Accounts Receivable, Supplies, L…
Assets
30 terms
CHAPTER 1: INTRODUCTION TO ACCOUNTING & BUSINESS
The Retained Earnings Statement is lik…
To record the cash purchase of land, t…
When only cash is spent to purchase a…
Assets, liabilities, and stockholders'…
Dividends
Decreases Cash
Decreases... Stockholders' Equity... Liability
Credit Rating
The Retained Earnings Statement is lik…
Dividends
To record the cash purchase of land, t…
Decreases Cash
64 terms
Chapter One: Introduction to Accounting and Business
Business
Profit
Service Business
Merchandising Business
Organization in which basic resources (inputs), such as mater…
The objective of most businesses is to earn this. It is the d…
Provide services rather than products to customers... ie: Delta…
Sell products they purchase from other business to customers…
Business
Organization in which basic resources (inputs), such as mater…
Profit
The objective of most businesses is to earn this. It is the d…
44 terms
Chapter One Introduction to Accounting and Business
Business
Profit
3 Types of Businesses
Service Businesses
an organization in which basic resources (inputs), such as ma…
the difference between the amounts received from customers fo…
1. Service Businesses... 2.Merchandising Businesses... 3.Manufactur…
Provide services rather than products to customers... EX: Delta…
Business
an organization in which basic resources (inputs), such as ma…
Profit
the difference between the amounts received from customers fo…
46 terms
Ch.1 Introduction to Accounting and Business
business
profit
service businesses
merchandising business
an organization in which basic resources (inputs), such as ma…
the difference between the amounts received from customers fo…
provides services rather than products to customers.
sells products they purchase from other businesses to custome…
business
an organization in which basic resources (inputs), such as ma…
profit
the difference between the amounts received from customers fo…
52 terms
Chapter 1: Introduction to Accounting and Business
account form
account payable
account receivable
accounting
The form of a balance sheet that resembles the basic format o…
The liability created by a purchase on an account.
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
account form
The form of a balance sheet that resembles the basic format o…
account payable
The liability created by a purchase on an account.
52 terms
Chapter 1 - Introduction to Accounting and Business
account form
account payable
account receivable
accounting
The form of balance sheet that resembles the basic format of…
The liability created by a purchase on account.
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
account form
The form of balance sheet that resembles the basic format of…
account payable
The liability created by a purchase on account.
54 terms
Chapter 1 Introduction to Accounting and Business
Capital stock
Business
Types of businesses
Accounting
stock issued to stockholders. increase assets&equity
An organization that consists of inputs and outputs
Service, Merchandising, Manufacturing
Info system provides reports to users about activities and co…
Capital stock
stock issued to stockholders. increase assets&equity
Business
An organization that consists of inputs and outputs
51 terms
Chapter 1: Introduction to Accounting and Business
Business
Profit
Service businesses
Merchandising businesses
An organization in which basic resources (inputs), such as ma…
The difference between the amounts received from customers fo…
A business providing services rather than products to customers
A type of business that purchases products from other busines…
Business
An organization in which basic resources (inputs), such as ma…
Profit
The difference between the amounts received from customers fo…
29 terms
Chapter 1: Introduction to Accounting and Business
A business is _________________
Resources = _________
Services = ___________
Profit
an organization in which basic resources (inputs), such as ma…
input
output
the difference between the amounts received from customers fo…
A business is _________________
an organization in which basic resources (inputs), such as ma…
Resources = _________
input
35 terms
Chapter 1 - Introduction to Accounting and Business
business
profit
type of business
service business
An organization in which basic resources (inputs), such as ma…
The difference between the amounts received from customers fo…
service , merchandising , manufacturing business
providing services rather than products to customers.
business
An organization in which basic resources (inputs), such as ma…
profit
The difference between the amounts received from customers fo…
44 terms
Chapter 1 introduction to accounting and business
business
profit
accounting
management accounting
an organization in which basic resources (inputs), such as ma…
the difference between the amounts received from customers fo…
information system tht provides reports to users about the ec…
provides information to internal users of a business
business
an organization in which basic resources (inputs), such as ma…
profit
the difference between the amounts received from customers fo…
18 terms
Chapter 1: Introduction to Accounting and Business
Which financial statement reports fina…
Which of the following does NOT repres…
Clayton Company purchased a new coffee…
The statement that summarizes the chan…
a. Income Statement
c. Assets + Stockholders' Equity = Liablities
a. $2,500 net increase in assets and $2,500 increase in liabi…
a. Retained earnings statement
Which financial statement reports fina…
a. Income Statement
Which of the following does NOT repres…
c. Assets + Stockholders' Equity = Liablities
90 terms
Chapter 1:Introduction to Accounting and Business
Describe the nature of a business, the…
A __________is an organization in whic…
The objective on most businesses is to…
_________ is the difference between th…
The role of accounting in business is to provide information…
business , (inputs) , (outputs)
Earn a Profit (income)
Profit
Describe the nature of a business, the…
The role of accounting in business is to provide information…
A __________is an organization in whic…
business , (inputs) , (outputs)
54 terms
Chp 1: Introduction to Accounting and Business
business
profit (objective of most businesses)
What are the three types of businesses?
Service Business
an organization in which basic resources, such as materials a…
the difference between the amounts received from customers fo…
Service, merchandising, and manufacturing
a business providing services rather than products to custome…
business
an organization in which basic resources, such as materials a…
profit (objective of most businesses)
the difference between the amounts received from customers fo…
77 terms
Accounting Ch 1: Introduction to Accounting and Business
business
to make a profit
profit
service... merchandising... manufacturing
an organization in which basic resources (inputs), such as ma…
what is the objective of most businesses?
the difference between the amounts received from customers fo…
types of businesses
business
an organization in which basic resources (inputs), such as ma…
to make a profit
what is the objective of most businesses?
52 terms
Chapter 1 - Introduction to Accounting and Business
account form
account payable
account receivable
accounting
The form of balance sheet that resembles the basic format of…
The liability created by a purchase on account.
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
account form
The form of balance sheet that resembles the basic format of…
account payable
The liability created by a purchase on account.
52 terms
Chapter 1: Introduction to Accounting and Business
account form
account payable
account receivable
accounting
The form of a balance sheet that resembles the basic format o…
The liability created by a purchase on an account.
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
account form
The form of a balance sheet that resembles the basic format o…
account payable
The liability created by a purchase on an account.
52 terms
Chapter 1 Introduction to Accounting and Business (Accounting Terms)
account form
account payable
account receivable
accounting
The form of balance sheet that resembles the basic format of…
The liability created by a purchase on account.
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
account form
The form of balance sheet that resembles the basic format of…
account payable
The liability created by a purchase on account.
16 terms
Chapter 1 : Introduction to Accounting and Business
Business
Profit
Three types of businesses operating fo…
Service businesses
An organization in which basic resources (inputs), such as ma…
Objective of business -- The difference between the amounts r…
Service businesses... Merchandising businesses... Manufacturing bus…
Provide services rather than products to customers... Ex.: Delta…
Business
An organization in which basic resources (inputs), such as ma…
Profit
Objective of business -- The difference between the amounts r…
9 terms
Chapter 1 - Introduction to Accounting and Business
business
service business
merchandising business
manufacturing business
an organization in which resources are processed to provide g…
provide services to customers... ex.: Delta Airlines (transporta…
sell products they purchase from other businesses to customer…
change basic inputs into products that are sold to customers
business
an organization in which resources are processed to provide g…
service business
provide services to customers... ex.: Delta Airlines (transporta…
48 terms
Introduction to accounting and business (chap 1)
What is a business?
What is the objective of most business…
What is a profit?
What is accounting?
an organization in which basic resources (inputs), such as ma…
to earn a profit.
the difference between the amounts received from customers fo…
can be defined as an information system that provides reports…
What is a business?
an organization in which basic resources (inputs), such as ma…
What is the objective of most business…
to earn a profit.
45 terms
CHAPTER ONE - Introduction to Accounting and Business
What is a merchandising business?
Accounting
What is the objective of general purpo…
A Business
-organization that purchases products from other businesses a…
"language of business"
...
-organization in which basic resources(inputs) such as materi…
What is a merchandising business?
-organization that purchases products from other businesses a…
Accounting
"language of business"
19 terms
Module 1 - Introduction to Business Accounting
What is a private enterprise?
What are the three types of Private En…
A service business performs services t…
A merchandise business purchases goods…
Private enterprise refers to a commercial enterprise that is…
Service , Manufacturer and Merchandise
no,consumption, same
manufacturing
What is a private enterprise?
Private enterprise refers to a commercial enterprise that is…
What are the three types of Private En…
Service , Manufacturer and Merchandise
52 terms
Chapter 1 Introduction to Accounting and Business (Accounting Terms)
account form
account payable
account receivable
accounting
The form of balance sheet that resembles the basic format of…
The liability created by a purchase on account.
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
account form
The form of balance sheet that resembles the basic format of…
account payable
The liability created by a purchase on account.
31 terms
Chapter 1 - Introduction to Accounting and Business
sell products purchased from other bus…
Which of the following users is not co…
Which of the following is not accurate…
Which of the following forms of busine…
Merchandising businesses
A Manager
Provides economic data reports on the operations and conditio…
Corporations
sell products purchased from other bus…
Merchandising businesses
Which of the following users is not co…
A Manager
49 terms
12e Financial Accounting - Chapter 1 - Introduction to Accounting and Business
account form
account payable
account receivable
accounting
The form of balance sheet that resembles the basic format of…
The liability created by a purchase on account.
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
account form
The form of balance sheet that resembles the basic format of…
account payable
The liability created by a purchase on account.
54 terms
Accounting Information Systems- Introduction to Business Processes
System
subsystem
integration
Value of information
is a set of two or more interrelated components that interact…
smaller systems that perform a specific function, a change in…
is the elimination of duplicate recording, storage, reporting…
Benefits of information - Cost of producing information
System
is a set of two or more interrelated components that interact…
subsystem
smaller systems that perform a specific function, a change in…
9 terms
Chapter 1 Introduction to Accounting and Business
Determine if each of the following bus…
Determine if each of the following bus…
Determine if each of the following bus…
2. Are the following examples of a ser…
- Service
- Merchandising
- Manufacturer
. Merchandising
Determine if each of the following bus…
- Service
Determine if each of the following bus…
- Merchandising
17 terms
Chapter 1 Introduction to Accounting and Business
1. Assets = Liabilities + ______________
2. Revenues - Expenses = _______________
3. Beginning retained earnings + _____…
4. Cash flows from operating activitie…
Stockholders' equity
Net income or net loss
Net income (or subtract if a net loss)
Cash flows from investing activities
1. Assets = Liabilities + ______________
Stockholders' equity
2. Revenues - Expenses = _______________
Net income or net loss
37 terms
Integrated Business Processes Ch. 3 Introduction to Accounting
Account determination
Account group
Accounts payable accounting
Accounts receivables accounting
The reconciliation account for each asset in the asset sub le…
groups together accounts with similar characteristics; final…
associated with the procurement process
associated with the fulfillment process and is used to manage…
Account determination
The reconciliation account for each asset in the asset sub le…
Account group
groups together accounts with similar characteristics; final…
60 terms
McGraw-Hill Introduction to Accounting Chapter 1: Accounting and Business
Assets
Balance sheet
Business entity concept
Cash basis accounting
the rights to use resources that have expected future economi…
Financial statement designed to show the ending amounts of th…
The concept that requires an accounting system to reflect onl…
A system in which income is measured as the difference betwee…
Assets
the rights to use resources that have expected future economi…
Balance sheet
Financial statement designed to show the ending amounts of th…
16 terms
Introduction to Business & marketing, Finance unit Finance/Accounting key Terms
amount of money the business has earne…
property which a firm owns long-term,…
assessing the amount of goods which ar…
assets which are not able to be sold q…
Net Income
fixed assets
inventory goods on hand
Illiquid assets
amount of money the business has earne…
Net Income
property which a firm owns long-term,…
fixed assets
33 terms
Accounting I- BUS 101/ Chapter 1- Introduction to Accounting and Business
Business
Profit
Service Business
Merchandising Business
an organization in which basic resources (inputs), such as ma…
The difference the amounts received from customers for goods…
A business providing services rather than products to custome…
A type of business that purchases products from other busines…
Business
an organization in which basic resources (inputs), such as ma…
Profit
The difference the amounts received from customers for goods…
10 terms
ACC Chapter 1 Introduction to Accounting and Business
Business
Profit
Service Businesses
Merchandising Businesses
An organization in which basic resources (inputs), such as ma…
The difference between the amounts received from customers fo…
Type of business that provides services rather than products…
Type of business that sells products they purchase from other…
Business
An organization in which basic resources (inputs), such as ma…
Profit
The difference between the amounts received from customers fo…
62 terms
BMGT220 Chapter 1: Introduction to Accounting and Business
account payable
account receivable
accounting
accounting equation
The liability created by a purchase on account.
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
Assets = Liabilities + Owner's Equity
account payable
The liability created by a purchase on account.
account receivable
A claim against the customer created by selling merchandise o…
25 terms
Ch 1. Introduction to Accounting and Business Test
Which of the following is not one of t…
A type of business that changes basic…
The accounting concept that requires e…
The amounts for recording properties a…
cash flows from marketing activities
manufacturing business
unit of measure concept
cost concept
Which of the following is not one of t…
cash flows from marketing activities
A type of business that changes basic…
manufacturing business
279 terms
Introduction to Business
Business
What are the four resources a business…
What do manufacturing businesses do?
What do service businesses do?
The organized effort of individuals to produce and sell, for…
Human resources, material resources, informational resources,…
They process various materials.
They provide services.... Ex: Haircuts, legal advice, tax prepa…
Business
The organized effort of individuals to produce and sell, for…
What are the four resources a business…
Human resources, material resources, informational resources,…
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