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Study sets matching "business accounting"

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Study sets matching "business accounting"

32 terms
Accounting Cycle:Service Business
Accounting Equation
Accounts
Assets
Liabilities
provides the framework for all accounting events; Assets = Li…
records which collect specific business transactions
owned company resources which have dollar values
money owed by a company
Accounting Equation
provides the framework for all accounting events; Assets = Li…
Accounts
records which collect specific business transactions
18 terms
Accounting Merchandising Business Vocabulary
Corporation
Periodic inventory
Perpetual inventory
Merchandise
an organization made up of stockholders
inventory evaluated at the end of a fiscal period
inventory kept through continuous record keeping
goods that are sold in the store
Corporation
an organization made up of stockholders
Periodic inventory
inventory evaluated at the end of a fiscal period
33 terms
Business Accounting Chapter 2
account
account title
accounting equation
accounting period concept
a separate record used to summarize changes in each asset, li…
provides a description of the particular type of asset, liabi…
three basic accounting elements: Assets= Liabilities + Owner'…
the concept that income determination can be made on a period…
account
a separate record used to summarize changes in each asset, li…
account title
provides a description of the particular type of asset, liabi…
10 terms
Business UI Accounting
Fixed costs
Direct costs
a perk
a lapse of memory
remain the same and are not dependent on level of activity; u…
Are related to a specific product or department.
a benefit
to temporarily forget something.
Fixed costs
remain the same and are not dependent on level of activity; u…
Direct costs
Are related to a specific product or department.
13 terms
Business and Accounting lesson 4
profit
loss
service business
merchandising business
earned money greater than money spent., zysk
money spent greater than money earned., strata
provides a service for a fee., usługa
buys products and resells them., biznes oparty na kupnie i sp…
profit
earned money greater than money spent., zysk
loss
money spent greater than money earned., strata
15 terms
Accounting - Financial Management (Business)
Start-up budget
Revenue
Expenses
Operating budget
plans income and expenses from the beginning of a new busines…
all income that a business receives over a period of time
costs for operating a business
describes the financial plan for ongoing operations of the bu…
Start-up budget
plans income and expenses from the beginning of a new busines…
Revenue
all income that a business receives over a period of time
8 terms
Business Accounting Concepts
Accrual
Consistency
Prudence
Duality
Revenues that have been earned but have not yet been recorded…
If a new accounting method is used it must be used consistent…
Recording a sale for the items price only when it has been so…
The dual impact of business transactions on the cash flow and…
Accrual
Revenues that have been earned but have not yet been recorded…
Consistency
If a new accounting method is used it must be used consistent…
12 terms
Chapter 1 Accounting in Business
Accounting equation
Equity
Owner, Capital
Income Statement
会计等式
权益
所有者资产
利润表
Accounting equation
会计等式
Equity
权益
22 terms
Business Accounting - Balance Sheets
The Accounting Process
Source Documents
Recording
Reporting
1) Source Documents... 2) Recording... 3) Reporting... 4) Advice
The first accounting process.... - Provides evidence that the tr…
The second accounting process.... - Sorting, classifying and sum…
The third accounting process.... - Takes information from the ac…
The Accounting Process
1) Source Documents... 2) Recording... 3) Reporting... 4) Advice
Source Documents
The first accounting process.... - Provides evidence that the tr…
27 terms
Chapter 1. Accounting in business
Income statement
Statement of owner's equity
Balance sheet
Statement of cash flows
Describes a company's revenues and expenses along with the re…
Explains changes in equity from net income or loss and from a…
Describes a company's financial position( types and amounts o…
Identifies cash inflows (receipts) and cash outflows (payment…
Income statement
Describes a company's revenues and expenses along with the re…
Statement of owner's equity
Explains changes in equity from net income or loss and from a…
15 terms
Business organisations and the accounting framework
sole trader
partnership
limited liability partnership
limited company
an individual owning a business
2 or more individuals owning a business
incorporated partnership with limited liablity
separate legal entity owned by shareholders
sole trader
an individual owning a business
partnership
2 or more individuals owning a business
24 terms
Business Checking Accounts
Small Business
$0
Small Business
150 free, $0.25
Which business account requires $0 for a minimum daily balance?
What is the Small Business monthly Maintenance Fee?
Which business checking account requires a $0 monthly average…
What is the Small Business account's fee per transaction?
Small Business
Which business account requires $0 for a minimum daily balance?
$0
What is the Small Business monthly Maintenance Fee?
20 terms
accounting (language of business) (:
financial statements
balance sheet (financial statement)
liabilities
capital (assets-liabilities=capital)
reports that summarize financial data over a period of time
reports a business's assets, liabilities, & capital on a spec…
how much money a company owes
how much the company/individual is worth (also called net wor…
financial statements
reports that summarize financial data over a period of time
balance sheet (financial statement)
reports a business's assets, liabilities, & capital on a spec…
23 terms
UNIT 7: Business accounting
Profit and loss account
Trading account
Sales turnover (sales revenue )
Gross profit
An account that records business sales revenue, all costs and…
The part of the profit and loss account that records revenue,…
The value of sales in a certain time period
Profit after subtracting the cost of sales from sales turnover
Profit and loss account
An account that records business sales revenue, all costs and…
Trading account
The part of the profit and loss account that records revenue,…
14 terms
Business accounting unit
Accounts receivable
Accounts payable
Liquidity
Debt
The money someone owes you
The money you owe someone
How easily you can turn something into cash
Money you owe
Accounts receivable
The money someone owes you
Accounts payable
The money you owe someone
20 terms
Business Accounting Final
Main ledger
We owe them
They owe us
Purchases Journal
General Ledger
Accounts Payable Ledger
Accounts Receivable Ledger
Purchase of merchandise on account for resale
Main ledger
General Ledger
We owe them
Accounts Payable Ledger
30 terms
Vocabulary for Business and Accounting
Revenues
Assets
Liabilities
Cash flow
the income of a government from taxation, excise duties, cust…
items of ownership convertible into cash; total resources of…
moneys owed; debts or pecuniary obligations (opposed to asset…
the sum of the after-tax profit of a business plus depreciati…
Revenues
the income of a government from taxation, excise duties, cust…
Assets
items of ownership convertible into cash; total resources of…
22 terms
Applied Business Financial Accounts
Turnover or Revenue
Cost of sales
Gross Profit
Expenses
Income generated from sales. Price x Quantity sold
Cost of materials. These costs rise with each unit produced.
Revenue-Cost of sales
All costs other than cost of sales.
Turnover or Revenue
Income generated from sales. Price x Quantity sold
Cost of sales
Cost of materials. These costs rise with each unit produced.
17 terms
Business Transactions and the Accounting Equation
Property
Assets
Creditor
Equities
Is anything of value that a person or business owns and there…
Any type of tangible or intangible resources that can be meas…
The business or person selling you the item on credit is call…
The accounting item term for the financial claims to these as…
Property
Is anything of value that a person or business owns and there…
Assets
Any type of tangible or intangible resources that can be meas…
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…
15 terms
Jobs in business and accounting
chief financial officer (CFO)
finance manager
personal assistant (PA)
sales representative (rep)
główny dyrektor finansowy
manager ds. finansów
asystent (personalny)
przedstawiciel handlowy
chief financial officer (CFO)
główny dyrektor finansowy
finance manager
manager ds. finansów
16 terms
Chapter#7 Business accounting
Accounts
Accountants
Final accounts
The trading account
are the financial records of the firms transactions.
who have responsibility for keeping accurate accounts and for…
are produced at the end of the financial year and give detail…
shows how the gross profit of a business is calculated.
Accounts
are the financial records of the firms transactions.
Accountants
who have responsibility for keeping accurate accounts and for…
22 terms
Business Accounting (Chapter 2)
Free Enterprise System
Profit
Loss
Entrepreneur
A system in which individuals are free to produce the goods a…
The amount earned above the amount of expense incurred to kee…
The result when a business spends more money that they earned.
A person who transforms ideas for products to create a busine…
Free Enterprise System
A system in which individuals are free to produce the goods a…
Profit
The amount earned above the amount of expense incurred to kee…
35 terms
ACCOUNTING - chapter 11 Business
Trading account... Profit and loss account
Sales minus Cost of sales
Gross profit minus expenses
Price... Cost... Expenses... Dividends
The two parts of a P&L account?
Gross profit
Net profit
Importance of the P&L x4
Trading account... Profit and loss account
The two parts of a P&L account?
Sales minus Cost of sales
Gross profit
20 terms
Chapter 1 - Accounting and Business
accounting
professional accountant
public accountant
audit
system of dealing with financial data that can be used to mak…
person who has met the requirements of (at least) one of the…
accountant who offers their services to the public for a smal…
examination of a business' financial records to form an opini…
accounting
system of dealing with financial data that can be used to mak…
professional accountant
person who has met the requirements of (at least) one of the…
8 terms
Chapter 15: Global Business and Accounting
Four mechanisms to globalize business…
Exchange Rate
Techniques against losses in exchange…
Foreign Corrupt Practices Act
1) Exporting... 2) Licensing & Joint venture... 3) wholly own subsi…
FC X ER = Equivalent of US Dollars
1) Insist that receivables and payable are paid at a specific…
...
Four mechanisms to globalize business…
1) Exporting... 2) Licensing & Joint venture... 3) wholly own subsi…
Exchange Rate
FC X ER = Equivalent of US Dollars
Intro to Business: Accounting
Sole Proprietorship
Partnership
Service Business
Merchandising Business
A business owned by one person whose personal wealth is at ri…
A business owned by two or more individuals whose personal we…
A business that exists to provide services to customers or cl…
A business that obtains and distributes goods to customers
Sole Proprietorship
A business owned by one person whose personal wealth is at ri…
Partnership
A business owned by two or more individuals whose personal we…
16 terms
Chapter 1: Accounting and Business
Accounting
Professional Accountant
Public Accountant
Service Business
a system of dealing with financial data that provides informa…
a person who met the requirements of at least one of the thre…
serves the general public for a fee in the same way as a doct…
sells a service to the product
Accounting
a system of dealing with financial data that provides informa…
Professional Accountant
a person who met the requirements of at least one of the thre…
Accounting Foundations of Business
Account
Account Balance
Accounting Cycle
Accounting Equation
a device for recording the changes (increases or decreases) i…
the difference between the total debits and the total credits…
the process involved in journalizing, posting to the ledger,…
Assets= Liabilities + Owner's equity
Account
a device for recording the changes (increases or decreases) i…
Account Balance
the difference between the total debits and the total credits…
10 terms
Business Foundations - Accounting
accounting
assets
liabilities
owners equity
recording, measuring and understanding financial information
item of value a business owns
owed/borrowed money
money the owner put in
accounting
recording, measuring and understanding financial information
assets
item of value a business owns
39 terms
General business and accounting terminology
shareholder
voting right
to approve
annual report
der Aktionär
das Stimmrecht
zustimmen / bewilligen
der Geschäftsbericht
shareholder
der Aktionär
voting right
das Stimmrecht
19 terms
Business Orientation - Accounting
Accouting
CPA
Annual Report
Accounting Equation
Measure, Interpret, and... Communicate financial ... information ac…
Passed an exam over law, theory, practice, and auditing
By law certain types of companies must prepare a ... multi-secti…
Assets = Liabilities + Owners Equity
Accouting
Measure, Interpret, and... Communicate financial ... information ac…
CPA
Passed an exam over law, theory, practice, and auditing
19 terms
Business Unit 5 Accounting
Accouting
CPA
Annual Report
Accounting Equation
Measure, Interpret, and... Communicate financial ... information ac…
Passed an exam over law, theory, practice, and auditing
By law certain types of companies must prepare a ... multi-secti…
Assets = Liabilities + Owners Equity
Accouting
Measure, Interpret, and... Communicate financial ... information ac…
CPA
Passed an exam over law, theory, practice, and auditing
17 terms
Business Transactions and the Accounting Equation
Property
Assets
Creditor
Equities
Is anything of value that a person or business owns and there…
Any type of tangible or intangible resources that can be meas…
The business or person selling you the item on credit is call…
The accounting item term for the financial claims to these as…
Property
Is anything of value that a person or business owns and there…
Assets
Any type of tangible or intangible resources that can be meas…
13 terms
Accounting and the Business Environment
The financial statement that presents…
Purchasing office supplies for cash wo…
A cash investment into the business by…
Earning revenue on account _______.
Balance Sheet
Have no effect on owner's equity
Increase assets and increase owner's equity
Increases assets
The financial statement that presents…
Balance Sheet
Purchasing office supplies for cash wo…
Have no effect on owner's equity
19 terms
Business Unit 4: Accounting
Current Assets
Long Term Assets
Current Liabilities
Long Term Liabilities
...
...
...
...
Current Assets
...
Long Term Assets
...
63 terms
Chapter 1: Accounting in Business
Accounting
Accounting Equation
Assets
Audit
Principle that prescribes financial statements to reflect the…
Equality involving a company's assets, liabilities, and equit…
resources a business owns or controls that are expected to pr…
Analysis and report of an organization's accounting system, i…
Accounting
Principle that prescribes financial statements to reflect the…
Accounting Equation
Equality involving a company's assets, liabilities, and equit…
18 terms
Business Orientation Accounting Review
CPA
Net Worth
Owner's Equity
Asset
Certified Public Accoutant
Owner's Equity
Assets- liabilities
anything a business owns
CPA
Certified Public Accoutant
Net Worth
Owner's Equity
10 terms
Accounting: Understand the Role of Accounting in Business
Accounting Equation
Financial Statements
Asset
Liability
The relationship between income, expenses, and the ownership…
Accounting reports compiled necessary for the fair evaluation…
Something valuable that an entity owns, benefits from, or has…
Accounts and wages payable, accrued rent and taxes, trade deb…
Accounting Equation
The relationship between income, expenses, and the ownership…
Financial Statements
Accounting reports compiled necessary for the fair evaluation…
16 terms
Business Accounting notes
CPA
Net Worth aka Owners Equity
Income Statement
Accounts Receivable
Certified Public Accountant, an accounting professional who h…
Amount of owner has at stack in the company ... What the company…
profit and loss statement ... shows business financial position…
money owed to a company by its debtors.
CPA
Certified Public Accountant, an accounting professional who h…
Net Worth aka Owners Equity
Amount of owner has at stack in the company ... What the company…
Business-chapter 9 (accounting)
cost principal
depreciation
account payable
account recievable
accounting practice of always recording an asset at the actua…
when an asset loses value overtime
money that a business owes
money owed to a business
cost principal
accounting practice of always recording an asset at the actua…
depreciation
when an asset loses value overtime
55 terms
Chapter 1 - Accounting and Business
accounting
accounting and information systems fun…
accounting equation
accrual basis of accounting
the information infrastructure of the firm/economy that permi…
the function that is responsible for providing useful informa…
assets equal liabilities plus owners' equity
a system in which income is measured as the difference betwee…
accounting
the information infrastructure of the firm/economy that permi…
accounting and information systems fun…
the function that is responsible for providing useful informa…
9 terms
Business Accounting - Evaluation of Profitability
Reports (Evaluation of Profitability)
Analysis and Interpretation of Profita…
Profitability
Tools for assessing profitability
You need to look at:... - How much has been invested... - What is t…
When anaylising the ratios; ask yourself these questions:... - W…
Definition: The ability of a firm to earn profit as compare…
Variance: Difference between the budget and the actual repo…
Reports (Evaluation of Profitability)
You need to look at:... - How much has been invested... - What is t…
Analysis and Interpretation of Profita…
When anaylising the ratios; ask yourself these questions:... - W…
95 terms
BUSINESS - ACCOUNTING (from MODERN BUSINESS ENGLISH IN ENTERPRISE exercises only)
accounting, bookeeping
reporting
balance sheet
accounts receivable/receivables
účetnictví (širší a užší pojem)
výkaznictví
rozvaha
pohledávky, účty dlužníků
accounting, bookeeping
účetnictví (širší a užší pojem)
reporting
výkaznictví
44 terms
Grizzly Business Basic Accounting Cycle-Service Business
Account
Account balance
Account number
Account title
A record summarizing all the information pertaining to a sing…
The amount in an account.
The number assigned to an account.
The name given to an account.
Account
A record summarizing all the information pertaining to a sing…
Account balance
The amount in an account.
28 terms
Financial Accounting: Chapter - Accounting in business
Assests
Expenses
Dividend
Liabilities
Economic Resources (things of value) owned by a firm.
Money paid by a business for a good or service.
Sum of money paid regularly (typically quarterly) by a compan…
Amounts of money owed to others.
Assests
Economic Resources (things of value) owned by a firm.
Expenses
Money paid by a business for a good or service.
47 terms
Chapter 1 (Accounting in Business)
recordkeeping or bookkeeping
external users
financial accounting
internal users
The recording of transactions and events, either manually or…
Users that are not directly involved in running the organizat…
The area of accounting aimed at serving external users by pro…
Those directly involved in managing and operating an organiza…
recordkeeping or bookkeeping
The recording of transactions and events, either manually or…
external users
Users that are not directly involved in running the organizat…
19 terms
Accounting Information for a business
Mark Up%
Gross Profit
Liquid Raitio
Equity Raitio
% of the business has been added to the cost of invenrtory to…
% of sales left in the business as gross profit to cover the…
For every 1 dollar of liquid Liability, there are ( xxx) of L…
For every 1 dollar of assets, there are (xxx) contributed by…
Mark Up%
% of the business has been added to the cost of invenrtory to…
Gross Profit
% of sales left in the business as gross profit to cover the…
34 terms
Accounting and Merchandising Business
Service business
Merchandise business
Sales
Purchases
provides some type of service "Fee Earned" money is exchanged…
merchandise furniture retail etc "Sales" is revenue is a cred…
Customer buys from business
Business is doing the buying
Service business
provides some type of service "Fee Earned" money is exchanged…
Merchandise business
merchandise furniture retail etc "Sales" is revenue is a cred…
55 terms
Ch 1 - Accounting in Business
Accounting
Accounting equation
Assets
Audit
Information and measurement system that identifies, records,…
Equality involving a company's assets, liabilities, and equit…
Resources a business owns or controls that are expected to pr…
Analysis and report of an organization's accounting system, i…
Accounting
Information and measurement system that identifies, records,…
Accounting equation
Equality involving a company's assets, liabilities, and equit…
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