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Study sets matching "business accounting"

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Study sets matching "business accounting"

40 terms
Business Exam: Accounting &
(AICPA) American Institute of CPAs
(IASB) International Accounting Standa…
Better Survival Rates
Sole Proprietorship
Regulate accountants inside of US
Regulates accountants outside of US
44% of businesses will survive for at least 4 years after sta…
virtually no startup cost, tax rate is individual tax rate, U…
(AICPA) American Institute of CPAs
Regulate accountants inside of US
(IASB) International Accounting Standa…
Regulates accountants outside of US
32 terms
Accounting Cycle: Service Business
Accounting Equation
Accounts
Assets
Liabilities
provides the framework for all accounting events; Assets= Lia…
records which collect specific business transactions
owned company resources which have dollar values
money owned by a company
Accounting Equation
provides the framework for all accounting events; Assets= Lia…
Accounts
records which collect specific business transactions
13 terms
Unit 1 Accounting - 1. Small Business
cost price
franchise
franchisee
franchisor
the original purchase price of stock
an arrangement under which one party (the franchisor) grants…
the entity that purchases the right to operate under the fran…
the entity that holds (and sells to the franchisee) the right…
cost price
the original purchase price of stock
franchise
an arrangement under which one party (the franchisor) grants…
51 terms
Chapter 1: Introducing Accounting in Business
accounting
recordingkeeping/bookkeeping
financial accounting
external users
information and measurement system that identifies, records a…
recording of transactions and events, either manually or elec…
are of accounting aimed at serving external users by providin…
not directly involved in running the organization
accounting
information and measurement system that identifies, records a…
recordingkeeping/bookkeeping
recording of transactions and events, either manually or elec…
51 terms
Chapter 1: Accounting in Business
Accounting
Record keeping/Book keeping
External Users
Internal Users
Info. & measurement system that identifies, records, and comm…
The recording of transactions and events (manually or electro…
Not directly involved in running the business. Provides gener…
Directly involved in running the business. Managerial account…
Accounting
Info. & measurement system that identifies, records, and comm…
Record keeping/Book keeping
The recording of transactions and events (manually or electro…
16 terms
Accounting 1-The World of Business & Accounting
Service Business
Merchandising Business
Manufacturing Business
Sole Proprietorship
Provides a needed service for a fee... example: Hospitals
Buys finished products and resells them to individuals for ot…
Buy raw materials and converts them into real products... exampl…
A business owned by one person... Advantages: Easy set up, total…
Service Business
Provides a needed service for a fee... example: Hospitals
Merchandising Business
Buys finished products and resells them to individuals for ot…
22 terms
Business Midterm (Accounting)
Accounting
Who uses accounting info?
Managers use accounting info for...
Questions answered by accounting
Process of identifying, measuring and communicating economic…
Managers... Investors... Stockholders... Employees... Government... Vendors…
Decision Making... Performance Measurement... Planning
-What are the company's sales?... -How much are my expenses?... -Ho…
Accounting
Process of identifying, measuring and communicating economic…
Who uses accounting info?
Managers... Investors... Stockholders... Employees... Government... Vendors…
35 terms
Ch.1 Accounting in Business
Accounting
External users
Internal users
ethics
An information and measurement system that identifies, record…
users of accounting information who are not in the business
users of accounting information who are in the business
beliefs that distinguish right from wrong
Accounting
An information and measurement system that identifies, record…
External users
users of accounting information who are not in the business
18 terms
Business Transactions / The Account Equation
property
financial claim
credit
creditor
anything of value that a person or business owns and therefor…
legal right to an item
an arrangement to receive cash, goods, or services now and pa…
a person to whom money is owed
property
anything of value that a person or business owns and therefor…
financial claim
legal right to an item
33 terms
Intro to Business Accounting/marketing
How far back does accounting go?
Who is the father of bookkeeping?
What is the SEC?
FASB
7,000 plus years with mesopatamia
Luci Pacioli
Securities and Exchange Commission
Financial Accounting Standards Board
How far back does accounting go?
7,000 plus years with mesopatamia
Who is the father of bookkeeping?
Luci Pacioli
16 terms
Accounting: Business Transactions and the Accounting Equation
Accounting Equation
Owner's Equity
Business Transaction
Asset
Assets=Liabilities+Owner's Equity
The owner's claims to the total assets of the business
Economic event that causes a change in assets, liabilities, o…
Any property or item of value owned by a business
Accounting Equation
Assets=Liabilities+Owner's Equity
Owner's Equity
The owner's claims to the total assets of the business
20 terms
Business Studies- Accounting
assets= liabilities + owner's equity
inflow of economic resources, income f…
outflow of economic resources, costs a…
item of value, result of a past transa…
accounting equation
define revenue
define expense
define asset
assets= liabilities + owner's equity
accounting equation
inflow of economic resources, income f…
define revenue
Accounting Vocab: Business Law
tort
business law
case law
appellate court
an offense against someone
rules that apply to business situations
law created by appellate courts
court that reviews trail court decisions
tort
an offense against someone
business law
rules that apply to business situations
44 terms
Chapter 1 Accounting in Business
Accounting
Accounting equation
Accounts payable
Accounts receivable
The information system that measures business activity, proce…
The basic tool in accounting, measuring the resources of the…
A short term liability that will be payed in the future
The right to receive cash in the future from customers for go…
Accounting
The information system that measures business activity, proce…
Accounting equation
The basic tool in accounting, measuring the resources of the…
22 terms
Principles of accounting: Accounting and business enterprises
Accounting
Profitability
Liquidity
Financing activities
An information system that measures, processes, and communica…
The ability to earn enough income to attract and hold investm…
Having enough cash available to pay debts when they're due
Activities of management engaged to obtain adequate funds for…
Accounting
An information system that measures, processes, and communica…
Profitability
The ability to earn enough income to attract and hold investm…
25 terms
Business accounting t2
Accounts
1. Trading enterprise
2. Service enterprise
REALO
Individual records showing all increases and decreases in fin…
Business that buys goods and resells them at a higher price
Business that provides services to customers for a fee
Revenues, expenses, assets, liabilities, owners equity
Accounts
Individual records showing all increases and decreases in fin…
1. Trading enterprise
Business that buys goods and resells them at a higher price
15 terms
Intro to Business Accounting
Accounting
Assets
Liabilities
Owners Equity
the function of business that involves maintaining and auditi…
property or other items of value owned by a business
creditors claims to the assets of a business
owners claims to the assets of a business
Accounting
the function of business that involves maintaining and auditi…
Assets
property or other items of value owned by a business
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…
Chapter 1: Accounting in Business
accounting
recordkeeping (bookkeeping)
external users
financial accounting
an information and measurement system that identifies, record…
the recording of transactions and events
are not directly involved in running the organization
the area of accounting aimed at serving external users by pro…
accounting
an information and measurement system that identifies, record…
recordkeeping (bookkeeping)
the recording of transactions and events
119 terms
Accounting and Business- BUS 1A
Assets= Liabilities + _________+______…
Capital Stock and Revenue ____________…
The Four types of business organizatio…
What are the three different types of…
stockholders' Equity +Owner's Equity
Increase
1. Proprietorship... 2. Partnership... 3. Corporation... 4. Limited Li…
1)Service... 2) merchandising... 3) manufacturing
Assets= Liabilities + _________+______…
stockholders' Equity +Owner's Equity
Capital Stock and Revenue ____________…
Increase
20 terms
Business Essentials Accounting Vocab
assets
liabilities
owner's equity
financial claim
anything of monetary value that you own
something that you aren't owning but paying for
amount of investment in the business
entitles a creditor to receive a payment from a debtor in cir…
assets
anything of monetary value that you own
liabilities
something that you aren't owning but paying for
10 terms
Accounting - Merchandising Business
Cost of Goods Sold
Periodic inventory system
Perpetual inventory system
Inventory cycle
Value of the sold goods at cost price
cost of goods sold is determined only at the end of each fisc…
uses computers, up to date
1. there exists beginning inventory... 2. Merchandise is sold ... 3…
Cost of Goods Sold
Value of the sold goods at cost price
Periodic inventory system
cost of goods sold is determined only at the end of each fisc…
15 terms
Business 01 - Accounting
Accounting
Users of Accounting
Generally Accepted Accounting Principl…
International Financial Reporting Stan…
Process of identifying, measuring and communicating economic…
Investors/Stockholders, Employees, Government, Vendors, Lende…
rules and procedures for US firms to use when preparing accou…
established and maintained by the International Accounting St…
Accounting
Process of identifying, measuring and communicating economic…
Users of Accounting
Investors/Stockholders, Employees, Government, Vendors, Lende…
Accounting For Business Decisions A
Accounting
Assest
Economic Entity Assumption
Time Period Assumption
The process of identifying, measuring and communicating econo…
An economic resource that is objectively measurable, results…
Accountants assume that the financial activities of a busines…
A summary of a businesses performance in financial terms rela…
Accounting
The process of identifying, measuring and communicating econo…
Assest
An economic resource that is objectively measurable, results…
73 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…
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…
55 terms
Ch1: Accounting in Business
accounting
recordkeeping/bookkeeping
external users
financial accounting
information and measurement system that identifies, records,…
part of accounting that involves recording transactions and e…
persons using accounting information who are not directly inv…
area of accounting aimed mainly at serving external users
accounting
information and measurement system that identifies, records,…
recordkeeping/bookkeeping
part of accounting that involves recording transactions and e…
28 terms
Intro to Business: Finance & Accounting
Interest Formula
"Rule of 72"
5 types of loans
Key components of a LoAn
Principal x rate x time = interest
Divide 72 by interest rate to see how may years it takes to d…
Auto... Personal... Business... College... Home (mortgage/home equity)
Interest Rate ... Term... Down Payment... Monthly Payment... Penalties
Interest Formula
Principal x rate x time = interest
"Rule of 72"
Divide 72 by interest rate to see how may years it takes to d…
25 terms
Chapter 1 "Accounting and Business"
Technology allows businesses to to ___…
What are businesses today?
JIT(Just in Time) Policy
JIT is a _____ _____ _____
more readily ascertain customers need's, gain access to globa…
Customer Focused
Stipulates that products (inventory) should be received by cu…
Customer focused philosophy
Technology allows businesses to to ___…
more readily ascertain customers need's, gain access to globa…
What are businesses today?
Customer Focused
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
45 terms
Ch. 1 Accounting in Business
The four major financial statements
Income statement
Statement of owner's equity
Balance sheet
Income statement ... Statement of owner's equity... Balance sheet…
Reports the revenues and expenses incurred by a business for…
Reports the changes in equity during a period of time ... (firs…
Reports the balance of assets, liabilities, and equity at a p…
The four major financial statements
Income statement ... Statement of owner's equity... Balance sheet…
Income statement
Reports the revenues and expenses incurred by a business for…
33 terms
Managerial Accounting and the Business Environment
Strategy
Customer Value Propositions
Customer Intimacy Strategy
Operational Excellence
A "game plan" that enables a company to attract customers by…
The reason customers would choose one company over its compet…
"You should choose use because we understand and respond to y…
"You should choose us because we can deliver products and ser…
Strategy
A "game plan" that enables a company to attract customers by…
Customer Value Propositions
The reason customers would choose one company over its compet…
9 terms
Business 2: Responsibility Accounting
Responsibility segments/SBUs
Cost SBU
Revenue SBU
Profit SBU
Strategic business units; financial measures for which manage…
Managers held responsible for controlling costs
Managers held responsible for generating revenues
Managers held responsible for producing target profit (both r…
Responsibility segments/SBUs
Strategic business units; financial measures for which manage…
Cost SBU
Managers held responsible for controlling costs
14 terms
Accounting for Business Transactions
account
account balance
chart of accounts
credit
record of increases/decreases
different between debit and credit
list of all ledger accounts
right side of T-Account
account
record of increases/decreases
account balance
different between debit and credit
80 terms
Accounting for a small business
Accounting
Key Knowledge... reasons for establishing…
What are some of the challenges and ri…
Alternative to small business ownershi…
Accounting is the process of recording, reporting, analysing…
Key Skills ... use correct accounting terminology... research infor…
- Work hours ... - Owner has the responsibility for the success…
Cash - bank accounts or term deposits ... Property real estate…
Accounting
Accounting is the process of recording, reporting, analysing…
Key Knowledge... reasons for establishing…
Key Skills ... use correct accounting terminology... research infor…
16 terms
Chapter 1 - Accounting and Business
Accounting
Professional accountant
Service business
Public accountant
A system of dealing with financial data that provides informa…
A person who has met the requirements of at least one of the…
Sells a service to the public and it does not make or sell a…
They serve the general public for a fee in the same way as a…
Accounting
A system of dealing with financial data that provides informa…
Professional accountant
A person who has met the requirements of at least one of the…
18 terms
Business Transactions and the Accounting Equation
Property
Financial Claim
Credit
Creditor
Items of value that are owned or controlled by a business; ec…
Legal items to an item.
An agreement to pay for a purchase at a later time; an entry…
A person or business that has a claim to the assets of a busi…
Property
Items of value that are owned or controlled by a business; ec…
Financial Claim
Legal items to an item.
17 terms
Accounting for a Business
Discount
NPV
IRR
ARR
present value
discount values - total cost
rate(nper, net cash flows, cost of equipment)
net income / cost of equipment
Discount
present value
NPV
discount values - total cost
19 terms
IB business accounting
what is acid Test Ratio
what is gearing Ratios
What can gearing ratios do
What is earnings per share
Tests the liquidity of a business ... - Ratio of less than 1 is…
Indicates how risky investment in a business will be ... - highe…
-Prevent dilution of ownership of the business... -Improve profi…
MEASURES OVERALL PROFIT generated for each share in existence…
what is acid Test Ratio
Tests the liquidity of a business ... - Ratio of less than 1 is…
what is gearing Ratios
Indicates how risky investment in a business will be ... - highe…
30 terms
1 Accounting and the Business Environment
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…
36 terms
Accounting-Foundations of Business / Connolly
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…
23 terms
CHAPTER 1 (ACCOUNTING AND THE BUSINESS ENVIRONMENT)
ACCOUNTING
ACCOUNTING EQUATION
ACCOUNTS PAYABLE
ACCOUNTS RECEIVABLE
Planning, recording, analyzing, and interpreting financial in…
Assets = Liabilities + Owner's Equity
liability
Money an organization's customers owe the organization.
ACCOUNTING
Planning, recording, analyzing, and interpreting financial in…
ACCOUNTING EQUATION
Assets = Liabilities + Owner's Equity
24 terms
Unit 5 accounting business
Accounting
What is the importance of Accounting t…
List and explain at least THREE ways A…
CPA
assessing the assets, liabilities and cash flow, or the futur…
it shows the financial health of it.
1.interpreting past performance... 2. measuring present progres…
a accounting professional that has met additional state certi…
Accounting
assessing the assets, liabilities and cash flow, or the futur…
What is the importance of Accounting t…
it shows the financial health of it.
6 terms
#1 The Role of Accounting in Business
Profit
Limited Liability Company
Proprietorship
Proprietorship
Profit is the difference between the amounts received from cu…
LLC
A proprietorship is owned by one individual. whereby the indi…
The primary disadvantage of _____ is that the financial resou…
Profit
Profit is the difference between the amounts received from cu…
Limited Liability Company
LLC
12 terms
Business Ch. 8 (Accounting)
Accounting: who use it?
Managers
Stockholders
Employees
Managers, Stockholders, employees, creditors, suppliers, gove…
Use for information about sales in various regions and for va…
Have keen interests in a companies financial performance.
Help make their case for nice pay raises and hefty bonuses, a…
Accounting: who use it?
Managers, Stockholders, employees, creditors, suppliers, gove…
Managers
Use for information about sales in various regions and for va…
48 terms
Chapter 1: Accounting and the Business Environment
Accounting
Financial Accounting
Managerial Accounting
Certified Management Accountants (CMAs)
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…
Certified professionals who specialize in accounting and fina…
Accounting
The information system that measures business activities, pro…
Financial Accounting
The field of accounting that focuses on providing information…
20 terms
Accounting for a merchandising business
accounts payable ledger
cash discounts
cash payments journal
controlling account
A subsidiary ledger that lists the individual accounts of cre…
Discounts offered by a seller to encourage early payments by…
A special journal used for recording all disbursements of cas…
An account the the general ledger that summarized accounts in…
accounts payable ledger
A subsidiary ledger that lists the individual accounts of cre…
cash discounts
Discounts offered by a seller to encourage early payments by…
36 terms
Accounting and the Business Environment
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…
38 terms
Business Accounting - Definitions
Income Statement (Revenue expenditure)
Statement of Financial Position (Accou…
Current Assets
Non-current Assets
includes revenue, expenses, and profit/loss from operating ac…
Assets - Liabilities = Capital
Inventory (goods that have been purchased for resale), trade…
tangible assets (property, plant, equipment), intangible asse…
Income Statement (Revenue expenditure)
includes revenue, expenses, and profit/loss from operating ac…
Statement of Financial Position (Accou…
Assets - Liabilities = Capital
24 terms
Business accounting chapter 7
Bank reconciliation
Canceled checks
Electronic funds transfer
Bank statement
A report used to bring the book and bank balances into agreem…
The depositor's checks paid by the bank during the bank state…
A process using a computer rather than paper checks to comple…
A statement of account issued by a bank to each depositor onc…
Bank reconciliation
A report used to bring the book and bank balances into agreem…
Canceled checks
The depositor's checks paid by the bank during the bank state…
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