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Study sets matching "college accounting"

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Study sets matching "college accounting"

35 terms
College Accounting
Account Payable
Account Receivable
Accounting Cycle
Accrual Basis Accounting
The liability created by the purchase on account
A claim against the customer created by selling merchandise o…
The process that begins with analyzing and journalizing trans…
Under this basis of accounting, revenues and expenses are rep…
Account Payable
The liability created by the purchase on account
Account Receivable
A claim against the customer created by selling merchandise o…
55 terms
College Accounting-Chapter 1
Accounting
Accounting and Information Systems Fun…
Accounting Equation
Accrual Basis of Accounting
The information infrastructure of the firm, economy that perm…
The function that is responsible for providing useful informa…
Assets=Liabilities+Owners Equity
A system in which income is measured as the difference betwee…
Accounting
The information infrastructure of the firm, economy that perm…
Accounting and Information Systems Fun…
The function that is responsible for providing useful informa…
26 terms
College Accounting-Chapter 4
Depreciation
Indirect Labor
Incremental Revenue
Product Cost
The cost of a long-term asset spread over the period the asse…
The cost of production employees who do not physically manufa…
The additional revenue associated with an alternative.
A cost that is incurred to obtain or manufacture a product.
Depreciation
The cost of a long-term asset spread over the period the asse…
Indirect Labor
The cost of production employees who do not physically manufa…
29 terms
college accounting
chart of accounts
credit
debit
normal balance
an accounting device used to analyze transactions
an amount recorded on the left side of the T-account
an amount recorded on the right side of a t-account
the side of the account that is increased
chart of accounts
an accounting device used to analyze transactions
credit
an amount recorded on the left side of the T-account
9 terms
College Accounting-Chapter 3
balance
credit
credit balance
debit
the difference between the footings of an account.
to enter an amount on the right side of an account.
the normal balance of liability, owner's equity, and revenue…
to enter an amount on the left side of an account.
balance
the difference between the footings of an account.
credit
to enter an amount on the right side of an account.
35 terms
College accounting
Accounting
Service business
Merchandising business
Manufacturing business
An info system that provides reports to users about the econo…
Provides service rather than product
Sell products they purchase from other businesses
Change basic inputs into products that are sold to consumers
Accounting
An info system that provides reports to users about the econo…
Service business
Provides service rather than product
8 terms
College Accounting
Measurement Principle (Cost Principle)
Revenue Recognition Principle
Matching Principle (Expense Recognition)
Full Disclosure Principle
Information is based on actual cost. You have to record the a…
Provides guidance on when a company must recognize revenue. Y…
Prescribes that a company must record its expenses incurred t…
Requires a company to report the details behind financial sta…
Measurement Principle (Cost Principle)
Information is based on actual cost. You have to record the a…
Revenue Recognition Principle
Provides guidance on when a company must recognize revenue. Y…
24 terms
College Accounting--Chapter 7
A place where the results of events af…
The time period between financial stat…
Completed after adjusting entries have…
An internal entry made to adjust the a…
Account
Accounting Cycle
Adjusted trial balance
Adjusting entry
A place where the results of events af…
Account
The time period between financial stat…
Accounting Cycle
19 terms
college accounting
ownership types
sole proprietorship
partnership
corporation
sole proprietorship, corporation, partnership
one owner, owner assumes all risks, owner makes all decisions
two or more owners, partners share risks, partners may disagr…
stockholders, stockholders have limited risk, stockholders ma…
ownership types
sole proprietorship, corporation, partnership
sole proprietorship
one owner, owner assumes all risks, owner makes all decisions
31 terms
College accounting
Account balance
Account
Account title
Accounting
The difference between the increases and decreases in an acco…
A record that summarizes all the transactions pertaining to a…
The name given to an account
The process of planning, recording, analyzing, and interpreti…
Account balance
The difference between the increases and decreases in an acco…
Account
A record that summarizes all the transactions pertaining to a…
20 terms
College Accounting
debits
credits
Closing
payroll
- cash in bank... - accounts receivable ... - supplies... -withdrawals…
- accounts payable... - any payable account... -capital
Revenues... income summary... expenses ... income summary... income sum…
overtime- 1.5
debits
- cash in bank... - accounts receivable ... - supplies... -withdrawals…
credits
- accounts payable... - any payable account... -capital
14 terms
College accounting
Accouting cycle**
Accounting period
Source documents
How to analyze business transactions
Accounting cycle is a process whereby transactions are identi…
Represents a period of time and financial measurement for a b…
Identify and describe transactions and events entering accoun…
1) identify accounts affected ... 2) classify/ analyze accounts…
Accouting cycle**
Accounting cycle is a process whereby transactions are identi…
Accounting period
Represents a period of time and financial measurement for a b…
17 terms
College accounting
accounting
accounting system
auditing
auditor report
the procces by which financial info about a business is recor…
a process de4signed to accumulate financial data
the review of financial statements
indepdendent accountants review of finanical statemnets
accounting
the procces by which financial info about a business is recor…
accounting system
a process de4signed to accumulate financial data
42 terms
College Accounting
B. Restaurant
C. A new accounting principle can be a…
Owners Equity is INCREASED
How does receiving a bill to be paid n…
Not Normally a service business
NOT true about the accounting principles
B. Revenue
D. Liabilities INCREASE,... Owners Equity DECREASE
B. Restaurant
Not Normally a service business
C. A new accounting principle can be a…
NOT true about the accounting principles
30 terms
College Accounting
Accounts Payable
Accounts Receivable
Assets
Liabilities
A liability account used for short term obligation or change…
An account used to record the amounts due from charge customers
cash, properties, and other things of value owned by an econo…
debts or amounts owed to creditors
Accounts Payable
A liability account used for short term obligation or change…
Accounts Receivable
An account used to record the amounts due from charge customers
21 terms
College accounting chapter 3
Accrued revenue
Accrued expense
Prepaid assets/expenses
Unearned revenue
Work that you have done but you havent sent the bill yet
Work that has been done for you that you have not paid
Paying for a concept and it is slowly being given
Receiving money in advance but you owe work
Accrued revenue
Work that you have done but you havent sent the bill yet
Accrued expense
Work that has been done for you that you have not paid
22 terms
College Accounting-Chapter 5
accrual basis of accounting
adjusted trial balance columns
adjusting entries
Balance Sheet columns
a method of accounting under which revenues are recorded when…
the third pair of amount columns on the work sheet. They are…
journal entries made at the end of an accounting period to re…
the worksheet columns that show the amounts that will be repo…
accrual basis of accounting
a method of accounting under which revenues are recorded when…
adjusted trial balance columns
the third pair of amount columns on the work sheet. They are…
26 terms
College Accounting Chapter 1
Accounting
Accounting system
Auditing
Auditor's report
The process by which financial information about a business i…
A process designed to accumulate, classify, and summarize fin…
The review of financial statements to assess their fairness a…
An independent accountant's review of a firm's financial stat…
Accounting
The process by which financial information about a business i…
Accounting system
A process designed to accumulate, classify, and summarize fin…
20 terms
College Accounting Chapter 3
Accounting Cycle
Balance Form of Account
Book of Final Entry
Book of Original Entry
the sequence of steps and procedures used to record and summa…
A standard ledger account form expanded to include two balanc…
The ledger to which amounts are transferred (posted) from the…
The journal in which transactions are first formally recorded.
Accounting Cycle
the sequence of steps and procedures used to record and summa…
Balance Form of Account
A standard ledger account form expanded to include two balanc…
39 terms
College accounting quiz
Account numbers
Accounts
Accounts Payable
Accounts Receivable
The numbers assigned to accounts according to the chart of ac…
The categories under the Assets, Liabilities, and Owner's Equ…
A liability account used for... short-term obligations or charge…
An account used to record... the amounts due from (legal claims…
Account numbers
The numbers assigned to accounts according to the chart of ac…
Accounts
The categories under the Assets, Liabilities, and Owner's Equ…
16 terms
College Accounting chapter3
Account Balance
Accounts
Chart of Accounts
Classification
the difference between the amounts recorded on the two sides…
written records of the assets, liabilities and owner's equity…
a list of the accounts used by a business to record its finan…
a means of identifying each account as an asset, liability or…
Account Balance
the difference between the amounts recorded on the two sides…
Accounts
written records of the assets, liabilities and owner's equity…
53 terms
College Accounting chapter1
Accounting
Accounting Standards Codification
Accounting Standards Update
Accounting System
The process by which financial information is recorded, class…
The source of authoritative U.S. GAAP p.14
Changes to Accounting Standards Codification are communicated…
A process designed to accumulate, classify and summarize fina…
Accounting
The process by which financial information is recorded, class…
Accounting Standards Codification
The source of authoritative U.S. GAAP p.14
39 terms
College Accounting Chapter 1
Measurement Principle
Revenue Recognition Principle
Expense Recognition Principle
Full Disclosure Principle
Accounting information is based on actual cost
Recognize revenue when it is earned, proceeds need not be in…
A company must record its expenses incurred to generate the r…
A company is required to report the details behind financial…
Measurement Principle
Accounting information is based on actual cost
Revenue Recognition Principle
Recognize revenue when it is earned, proceeds need not be in…
15 terms
College Accounting Chapter 2
Account
Balance
To Credit
Credit Balance
An individual form used to record increases in a specific ass…
The difference between total debts and total credits to an ac…
To enter an amount on the right or credit side of the account…
A balance that occurs when the amount on the debit side of an…
Account
An individual form used to record increases in a specific ass…
Balance
The difference between total debts and total credits to an ac…
39 terms
College Accounting Chapter 1
accounting
accounting equation
accounting period
accounts payable
the process of recording, summarizing, analyzing, and interpr…
the equation that expresses the relationship between the acco…
a period for which accounting records are maintained, typical…
the liability that results from purchasing goods or services…
accounting
the process of recording, summarizing, analyzing, and interpr…
accounting equation
the equation that expresses the relationship between the acco…
39 terms
College Accounting Chapter One
Accounting:
Accounting Equation:
Accounting Period:
Accounts Payable:
Is the process of recording, summarizing, analyzing, and inte…
The relationship among the accounting elements can be express…
A period for which accounting records are maintained, typical…
The liability that results from purchasing goods and services…
Accounting:
Is the process of recording, summarizing, analyzing, and inte…
Accounting Equation:
The relationship among the accounting elements can be express…
42 terms
College Accounting Chapter 1
Business
Profit
Service business
Merchandising Business
An organization in which basic resources such as material and…
Amount received from customers minus goods or services provid…
A business providing service rather than products to customer…
A type of business that purchases products from other busines…
Business
An organization in which basic resources such as material and…
Profit
Amount received from customers minus goods or services provid…
20 terms
College Accounting Chapter 2
A group of accounts for a business ent…
A list of accounts in the ledger
How are accounts normally listed?
How are balance sheet accounts listed
ledger
Chart of Accounts
In the order they appear in the financial statement
Assets, Liabilities, SE
A group of accounts for a business ent…
ledger
A list of accounts in the ledger
Chart of Accounts
11 terms
College Accounting chapter5
Account form balance sheet
Adjusting entries
Book value
Contra account
A balance sheet that lists assets on the left and lisbilities…
Journal entries made to update accounts for items that were n…
The portion of an asset's original cost that has not yet been…
An account with a normal balance that is opposite that of a r…
Account form balance sheet
A balance sheet that lists assets on the left and lisbilities…
Adjusting entries
Journal entries made to update accounts for items that were n…
13 terms
College Accounting Chapter 5
Accrual Basis of Accounting
Cash Basis of Accounting
Clearing Account
Closing Entries
The basis of accounting that requires that revenue is recorde…
A basis of accounting where revenue is recorded only when cas…
An account used to summarize the balances of other accounts.
Entries made at the end of an account period to transfer the…
Accrual Basis of Accounting
The basis of accounting that requires that revenue is recorde…
Cash Basis of Accounting
A basis of accounting where revenue is recorded only when cas…
9 terms
College Accounting Chapter 4
Adjusting Entry
Book Value
Contra Asset Account
Depreciation
An entry made at the end of an accounting period to bring the…
The difference between an asset's cost and its accumulated de…
An account whose balance is opposite the asset to which relat…
An allocation process in which the cost of a long-term asset…
Adjusting Entry
An entry made at the end of an accounting period to bring the…
Book Value
The difference between an asset's cost and its accumulated de…
17 terms
College Accounting Chapter 2
Classified Balance Sheet
Current Assets
Long-Term Investments
Property, Plant, Equipment (PPE)
Helps determine things such as whether the company has enough…
Assets that are expected to be converted to cash or used up w…
Investments of stocks and bonds of other corporations which a…
Assets with relatively long useful lives that a company is cu…
Classified Balance Sheet
Helps determine things such as whether the company has enough…
Current Assets
Assets that are expected to be converted to cash or used up w…
11 terms
College Accounting- Unit 4
Explain the first 4 steps of the accou…
Explain the role of the journal entry.
What are the parts to the journal entry?
Explain what the chart of accounts is…
1. Identify a transaction from a source document ... 2. Analyze…
"Books of original entry" ... Used ro record business transactions
Date... Accounts effected... Balance... Explanation
Lists all the accounts in a company's ledger.
Explain the first 4 steps of the accou…
1. Identify a transaction from a source document ... 2. Analyze…
Explain the role of the journal entry.
"Books of original entry" ... Used ro record business transactions
20 terms
College Accounting, TC - Chapter 3
accounting period concept
accrual basis of accounting
accrued revenues
accrued expenses
assumes that the economic life of the business can be divided…
revenues and expeneses are reported in the income statement i…
unrecorded revenues that have been earned and but cash has ye…
unrecorded expenses that have been incurred and for which cas…
accounting period concept
assumes that the economic life of the business can be divided…
accrual basis of accounting
revenues and expeneses are reported in the income statement i…
12 terms
College Accounting Chapter 5
Account form balance sheet
Adjusting entries
Adjustments
Book value
A balance sheet that lists assets on the left and liabilities…
Journal entries made to update accounts for items that were n…
Another name for adjusting entries
That portion of an asset's original cost that has not yet bee…
Account form balance sheet
A balance sheet that lists assets on the left and liabilities…
Adjusting entries
Journal entries made to update accounts for items that were n…
33 terms
College Accounting: Chapter 1
Accounting
Sole Proprietorship
Partnership
Corporation
A system that measures the business's activities in financial…
A type of organization that has ONE owner. The owner is perso…
A form of business organization that has at least TWO owners.…
A type of business organization that is owned by stockholders…
Accounting
A system that measures the business's activities in financial…
Sole Proprietorship
A type of organization that has ONE owner. The owner is perso…
39 terms
College Accounting Chap 1
Accounting
Accounting Equation
Accounting Period
Accounts Payable
the process of recording, summarizing, analyzing, and interpr…
the equation that expresses the relationship between the acco…
a period for which accounting records are maintained, typical…
the liability that results from purchasing goods or services…
Accounting
the process of recording, summarizing, analyzing, and interpr…
Accounting Equation
the equation that expresses the relationship between the acco…
30 terms
College Accounting, TC - Chapter 1
Account Payable
Account Receivable
Assets
Balance Sheet
The liability created by a purchase on account
A claim against the customer created by selling merchandise o…
The resources owned by a business
A list of the assets, liabilities, and owner's equity as of a…
Account Payable
The liability created by a purchase on account
Account Receivable
A claim against the customer created by selling merchandise o…
47 terms
FINAL COLLEGE ACCOUNTING
What is Accounting?
Who uses the Accounting Data?
Who are external users?
Who are internal users?
1. The way of communicating numbers... 2. Identify relevant info…
External Users and Internal Users
People outside the company who want financial information abo…
People who plan, organize, and run the business... -Managers, su…
What is Accounting?
1. The way of communicating numbers... 2. Identify relevant info…
Who uses the Accounting Data?
External Users and Internal Users
31 terms
College Accounting Chapter 1
Balance Sheet equasion
Expenses
Generally Accepted Accounting Principl…
Pre-Paid Expenses
assets = liabilities + owners equity
assets used up or services consumed in the process of generat…
Generally accepted guidelines for the preparation of financia…
Items such as supplies that will be used in the business in t…
Balance Sheet equasion
assets = liabilities + owners equity
Expenses
assets used up or services consumed in the process of generat…
12 terms
College Accounting Chapter 4
Accounting cycle
Audit trail
Balance ledger form
Chronological order
A series of steps performed during each accounting period to…
A chain of references that makes it possible to trace informa…
A ledger account form that shows the balance of the account a…
Organized in the order in which the events occur
Accounting cycle
A series of steps performed during each accounting period to…
Audit trail
A chain of references that makes it possible to trace informa…
71 terms
College Accounting Final Exam
Corporation
Merchandising Business
Fiscal year
Processing
a business owned by stockholders (or shareholders)
a business that buys a product from another business to sell…
Accounting period of 12 months
recognizing the effect of transactions on the assets, liabili…
Corporation
a business owned by stockholders (or shareholders)
Merchandising Business
a business that buys a product from another business to sell…
30 terms
College Accounting-Chapter 3
Variable Cost
Fixed Cost
Mixed Cost
Purchase Order
A cost that changes in direct proportion to the change in act…
A cost that does not change in total as the amount of activit…
A cost that varies, but not proportionately, to a change in a…
A document sent from a buyer to a vendor to request items for…
Variable Cost
A cost that changes in direct proportion to the change in act…
Fixed Cost
A cost that does not change in total as the amount of activit…
40 terms
Chapter 10 College Accounting
Depletion is with what asset?
Depreciation goes with what type of as…
Amortization goes with what type of as…
Journal entry for depreciation
Natural resources
Fixed
Intangible
Dr depreciation expense... Cr AD
Depletion is with what asset?
Natural resources
Depreciation goes with what type of as…
Fixed
22 terms
college accounting quiz 3
Accounting cycle
Accrual
Accrued wages
Adjusting entries
The sequence of steps in the accounting process completed dur…
Recognition of an expense or a revenue that has been incurred…
Unpaid wages owed to employees for the time between the end o…
Entries that bring the books up to date at the end of the fis…
Accounting cycle
The sequence of steps in the accounting process completed dur…
Accrual
Recognition of an expense or a revenue that has been incurred…
24 terms
College Accounting chapter 7
accounts receivable ledger
charge-account sales
contra revenue account
control account
a subsidiary ledger that contains credit customers accounts
sales made through the use of open-account credit or one of v…
an account with a debit balance, which is contrary to the nor…
an account that links a subsidiary ledger and the general led…
accounts receivable ledger
a subsidiary ledger that contains credit customers accounts
charge-account sales
sales made through the use of open-account credit or one of v…
18 terms
Financial Accounting College 5
Fiscale jaarrekening
Verschil fiscale jr en bedrijfseconomi…
Verliesverrekening (2 soorten)
Carry-back op de balans
Goedkoopmansgebruik
-Belastbaar tijdelijke verschillen... -Verrekenbaar tijdelijke v…
-Carry-back (1 jaar)... -Carry-forward (9 jaar)
Vordering VPB
Fiscale jaarrekening
Goedkoopmansgebruik
Verschil fiscale jr en bedrijfseconomi…
-Belastbaar tijdelijke verschillen... -Verrekenbaar tijdelijke v…
64 terms
College Accounting - Unit 1
What is the purpose of accounting?
What is the relation between accountin…
Identify some advantages of technology…
Who are the internal and external user…
Accounting is an information and measurement system that iden…
(also called bookkeeping) is the recording of financial trans…
Technology offers increased accuracy, speed, efficiency and c…
External users of accounting include lenders, shareholders, d…
What is the purpose of accounting?
Accounting is an information and measurement system that iden…
What is the relation between accountin…
(also called bookkeeping) is the recording of financial trans…
97 terms
College Accounting Semester 1 Final
Accounting
Accounting Equation
Accrual Basis of Accounting
Assets
The information infrastructure of the firm, economy that perm…
Assets=Liabilities+Owners Equity
A system in which income is measured as the difference betwee…
The rights to use resources that have expected future economi…
Accounting
The information infrastructure of the firm, economy that perm…
Accounting Equation
Assets=Liabilities+Owners Equity
COLLEGE ACCOUNTING CHAPTER 2
The Accounting Equation
accounting elements
business entity
ASSETS
Assets = Liabilities + Owner's Equity ... Assets-Liabilities=Own…
assets, liabilities, and owner's equity make up the three bas…
an individual, association, or organization that engages in e…
items that are owned by a business and will provide future be…
The Accounting Equation
Assets = Liabilities + Owner's Equity ... Assets-Liabilities=Own…
accounting elements
assets, liabilities, and owner's equity make up the three bas…
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