Study sets matching "business accounting"

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Study sets matching "business accounting"

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
Intro to Business Accounting
normal balance
if you are paying off revenue, what is…
capital vs. revenue
fixed asset vs. current asset
what side of the t-account does it normally fall (credit vs.…
credit
capital = funds put in by owners... revenue = money earned from…
fixed asset is used by company for many years (car, building)…
normal balance
what side of the t-account does it normally fall (credit vs.…
if you are paying off revenue, what is…
credit
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.
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…
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.
18 terms
Small Business Accounting Chapter 13
Managerial accounting
tax accounting
financial accounting
Going concern
Accounting Methods are specially intended to be used by insid…
Accounting based on specific accounting requirements set by t…
A formal, rule-based set of accounting principals and procedu…
Assumption that the business will stay in business. It allows…
Managerial accounting
Accounting Methods are specially intended to be used by insid…
tax accounting
Accounting based on specific accounting requirements set by t…
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…
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…
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
Accounting Chapter 3: Business Transactions and the Accounting Equation
property
financial claim
credit
creditor
anything of value that a person or business owns and therefor…
a legal right to an item
when you buy something and agree to pay it later
the business or person selling you the item
property
anything of value that a person or business owns and therefor…
financial claim
a legal right to an item
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…
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
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
22 terms
Accounting Intro to Business
Accounting
Transaction
Equation
Assets
a system used to record, classify, and summarize financial da…
any activity that has an effect on the financial situation of…
assets=liabilities+owners equity
items owned by the business
Accounting
a system used to record, classify, and summarize financial da…
Transaction
any activity that has an effect on the financial situation of…
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…
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…
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.
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…
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…
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…
29 terms
Accounting-Foundations of Business
GAAP
Aspects of Accounting
Overall Goal of Accounting
Littleton, A.C.: The Antecedents of Do…
Generally Accepted Accounting Principles
financial control (auditors), information collection, interna…
To provide economic information for decision makers
About how double entry bookkeeping was created as a result of…
GAAP
Generally Accepted Accounting Principles
Aspects of Accounting
financial control (auditors), information collection, interna…
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…
Business Accounting Flashcards
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
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.
#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
Business in Global Environment: Accounting
Accounting
Accounting equation
Users of Accounting Information
Public Accounting
process of identifying, measuring, and communicating economic…
Assets= Liabilities+Owner's Equity
Managers - to 4-cast trends, evaluate employee performance... In…
audit and advising, forensic accounting, and taxes.
Accounting
process of identifying, measuring, and communicating economic…
Accounting equation
Assets= Liabilities+Owner's Equity
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…
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
Accounting and the Business Environment
Certified management accountants
Accounting
Net
Managerial accounting
Certified professionals who work for a single company.
The information system that measures business activities, pro…
subtract
The field of accounting that focuses on providing information…
Certified management accountants
Certified professionals who work for a single company.
Accounting
The information system that measures business activities, pro…
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
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…
36 terms
1 - Accounting: The Language of Business
Accounting
Accounting System
3 areas accountants usually choose to…
Public accountants
- The process by which financial information about a business…
- a process designed to accumulate data about a firm's financ…
- public accounting... - managerial accounting... - government acco…
- Work for public accounting firms (those that provide accoun…
Accounting
- The process by which financial information about a business…
Accounting System
- a process designed to accumulate data about a firm's financ…
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…
20 terms
Small Business + The Accounting Equation
Small business
What is the purpose of accounting
What is the accounting process
Types of reports
Any business where the owner is the same as the manager and w…
To provide business owners with financial information that wi…
Involves collecting documents , recording financial data and…
Balance sheets... Income Statement... Cash Flow Statement... Statement…
Small business
Any business where the owner is the same as the manager and w…
What is the purpose of accounting
To provide business owners with financial information that wi…
5 terms
Business Accounting Terms
Revenue
Expense
Asset
Liability
Income earned by the business. Eg. Sales
costs incurred by the business Eg. Wages, rent
Items of value that are owned by the business. Eg. Inventory,…
Amounts that a business owes to other people or organisations…
Revenue
Income earned by the business. Eg. Sales
Expense
costs incurred by the business Eg. Wages, rent
22 terms
Business & Accounting- Chapter 2
Free Enterprise System
Profit
Loss
Entrepreneur
People Are Free To Produce The Goods And Services They Choose
The Amount Of Money Earned Over And Above The Amount Spent To…
The Result When A Business Spends More Money Than They Earned
A Person Who Transforms Ideas For Products Or Services Into R…
Free Enterprise System
People Are Free To Produce The Goods And Services They Choose
Profit
The Amount Of Money Earned Over And Above The Amount Spent To…
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…
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…
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…
42 terms
BUSINESS ACCOUNTING CHPT8
accounting
transaction
accounting principles
record keeping
the process of recording, analyzing, and interpreting the eco…
> any business activity involving money is recorded this... > oc…
based on the fact that at least 2 things happen during any tr…
> companies keep records of transaction ... > done for several r…
accounting
the process of recording, analyzing, and interpreting the eco…
transaction
> any business activity involving money is recorded this... > oc…
Business Chapter 8: 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…
31 terms
Accounting Business Unit 7
Accounting Records
Outsourcing
Data Processing Center
Point of Sale Terminal
Are organized summaries of a business's financial activities
Is hiring an outside firm to perform specialized tasks for a…
A business that uses computers to analyze and organize data f…
Cash registers connected to computers
Accounting Records
Are organized summaries of a business's financial activities
Outsourcing
Is hiring an outside firm to perform specialized tasks for a…
22 terms
Business Accounting terms
Accounting
Management accounting
Financial accounting
Cost object
a process of identifying, recording, summarising, and reporti…
information system provides information to assist management…
focuses on the specific needs of decision makers external to…
Anything for which we are trying to ascertain the cost. examp…
Accounting
a process of identifying, recording, summarising, and reporti…
Management accounting
information system provides information to assist management…
Business Unit 5- Accounting
Accounting
Ways accounting helps managers
CPA
Annual report
The action or process of measuring, interpreting, and communi…
Interpreting past performance... Measuring present progress ... Ant…
A Certified Public Accountant (accounting professional) hat p…
A comprehensive report on a company's activities for the year…
Accounting
The action or process of measuring, interpreting, and communi…
Ways accounting helps managers
Interpreting past performance... Measuring present progress ... Ant…
6 terms
Business: Accounting Terms
Revenue=
Gross Profit Earnings=
Earnings before taxes/interest before…
Income before taxes=
Sales
Gross Income/ Gross
Operating Taxes/Income
Earnings before taxes/Profit before taxes
Revenue=
Sales
Gross Profit Earnings=
Gross Income/ Gross
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,…
22 terms
Business Spanish - Accounting
to finance
to go down
to go up
to invest
financiar
bajar
subir
invertir (e-ie)
to finance
financiar
to go down
bajar
59 terms
Accounting Chapter 1 (Business, Accounting, and You)
Accounting
Business
Products
Goods
The process of recognizing, measuring, recording, and reporti…
A legal organization that attempts to create value by exchang…
A good or service purchased or produced by a business to be s…
Physical items that can be touched and felt
Accounting
The process of recognizing, measuring, recording, and reporti…
Business
A legal organization that attempts to create value by exchang…
Chapter 1-Accounting in Business
Income statement
What is recorded first on an income st…
What are NOT recorded on an income sta…
Statement of Retained Earnings
describes a company's revenues and expenses along with the re…
revenues
stockholders' investments and dividends
explains changes in equity from net income (or loss) and from…
Income statement
describes a company's revenues and expenses along with the re…
What is recorded first on an income st…
revenues
Business Accounting Set 4
Electronic Funds Transfer
Bank Statement
Deposit Ticket
Drawee
A process using a computer rather than paper checks to comple…
A statement of account issued out by the bank to each deposit…
A form showing a detailed listing of items being deposited
Bank or facility on which a check is drawn or written.
Electronic Funds Transfer
A process using a computer rather than paper checks to comple…
Bank Statement
A statement of account issued out by the bank to each deposit…
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