Study sets matching "financial accounting business"

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Study sets matching "financial accounting business"

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.
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
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.
25 terms
Busi 101- Financial Accounting
Who is the Father of Accounting? When…
What is Financial accounting?
What is Managerial Accounting?
What is a proprietorship?
Luca Pacioli ... 1494
Work done with external audiences (outside the business) ... --…
Work done with internal audiences
One person starting a business
Who is the Father of Accounting? When…
Luca Pacioli ... 1494
What is Financial accounting?
Work done with external audiences (outside the business) ... --…
42 terms
Business Decisions and Financial Accounting
accounting
private accountant
public accountant
managerial accounting reports
an information system designed by an organization to capture…
an accountant that works as an employee of the business (corp…
an accountant who is contracted to several businesses (SMBs)
include detailed financial plans and continually updated repo…
accounting
an information system designed by an organization to capture…
private accountant
an accountant that works as an employee of the business (corp…
Business | Financial Accounts
The three main business accounts:
Income statement
Three sections of an *income stateme…
Gross profit
1. Income statement... 2. Balance sheet... 3. Cash-flow statement
Records the revenue, costs and profit (or loss) of a business…
1. Trading account... 2. Profit and loss account... 3. *Appropr…
Gross profit = sales revenue less cost of sales
The three main business accounts:
1. Income statement... 2. Balance sheet... 3. Cash-flow statement
Income statement
Records the revenue, costs and profit (or loss) of a business…
32 terms
Ch.1: Business & Financial Accounting
Sole Proprietorship
Partnership
Corporation
Accounting
form of business owned, usually operated by one individual; e…
similar to sole proprietorship, except all profits, taxes, le…
legal responsible for its own taxes & debts, separate from bo…
information system designed by an organization to analyze, re…
Sole Proprietorship
form of business owned, usually operated by one individual; e…
Partnership
similar to sole proprietorship, except all profits, taxes, le…
18 terms
Financial: Ch 1: Financial Accounting and Business Decisions
The area of accounting dealing with th…
On which statement are assets, liabili…
Which of the following items are discl…
Which of the following is not part of…
Financial accounting
Balance sheet
Inventory, accounts receivable, equipment
The company's industry
The area of accounting dealing with th…
Financial accounting
On which statement are assets, liabili…
Balance sheet
1. Business Decisions and Financial Accounting
Sole Proprietorship
Partnership
Corporation
Accounting is a system of...
Business organization owned by one person who is personally l…
Business organization owned by two or more people where each…
Separate entity from both legal and accounting perspective. O…
analyzing, recording, summarizing, and reporting the results…
Sole Proprietorship
Business organization owned by one person who is personally l…
Partnership
Business organization owned by two or more people where each…
Ch 1-Business Decisions and Financial Accounting
Sole Proprietorship
Partnership
Corporation
the majority of businesses are organiz…
-a business organization owned by one person... -the owner is pe…
-is a business organization owned by two or more people... -each…
-operates a business separate from its owners from both a leg…
sole propreitorships
Sole Proprietorship
-a business organization owned by one person... -the owner is pe…
Partnership
-is a business organization owned by two or more people... -each…
Chapter 1: Financial Accounting and Business Decisions Vocabulary
Accounting
Accounting entity
Accounting equation
Accounting period
The process of measuring the economic activity of a business…
An economic unit with identifiable boundaries that is the foc…
An expression of the equivalency of the economic resources an…
The time period, usually one year, to which period accounting…
Accounting
The process of measuring the economic activity of a business…
Accounting entity
An economic unit with identifiable boundaries that is the foc…
74 terms
Financial Accounting Chapter 1 - Financial Accounting and Business Decisions
Accounting
Accounting Entity
Accounting Equation
Accounting Period
The process of measuring the economic activity of a business…
An economic unit with identifiable boundaries that is the foc…
An expression of the equivalency of the economic resources an…
The time period, usually one year, to which periodic accounti…
Accounting
The process of measuring the economic activity of a business…
Accounting Entity
An economic unit with identifiable boundaries that is the foc…
Accounting Chapter 1 Business Decisions and Financial Accounting
Stockholders are creditors of a corpor…
All corporations acquire financing by…
The daily activities involved in runni…
Stockholders' equity is the difference…
False
False
True
True
Stockholders are creditors of a corpor…
False
All corporations acquire financing by…
False
113 terms
Business English Accounting and financial vocabulary
bookkeeping
accounting
managerial accounting
cost accounting
księgowość, rachunkowość prosta; zapisywanie po stronie kredy…
księgowość ogólna; prowadzenie ksiąg czyli zapisywanie przych…
przygotowywanie stanu budżetu i innych sprawozdań finansowych…
kalkulowanie kosztów; wydatków poniesionych na prowadzenie dz…
bookkeeping
księgowość, rachunkowość prosta; zapisywanie po stronie kredy…
accounting
księgowość ogólna; prowadzenie ksiąg czyli zapisywanie przych…
Ch. 1: Business Decisions & Financial Accounting
Accounting
Organizational Forms
Sole Proprietorship
Partnership
A system for identifying, measuring, recording and reporting…
1) Sole Proprietorship... 2) Partnership... 3) Corporation
Business organization owned by one person. The owner is perso…
Business organization owned by 2+ people. Each partner is per…
Accounting
A system for identifying, measuring, recording and reporting…
Organizational Forms
1) Sole Proprietorship... 2) Partnership... 3) Corporation
42 terms
Business Principles- Accounting and Financial Reporting
Double entry system
GAAP
Financial Accounting Standards Board (…
Two Types of Accounting
Two entries on the balance sheet
General Acceptable Accounting Principles: is a loose set of r…
Published most authoritative principles, a panel created by A…
Financial and Management
Double entry system
Two entries on the balance sheet
GAAP
General Acceptable Accounting Principles: is a loose set of r…
47 terms
Financial Accounting - Ch. 1: Business, Accounting, and You
accounting
business
cost
good
the process of recognizing, measuring, recording, and reporti…
a legal organization that attempts to create value by exchang…
the amount of money or money substitutes that a business pays…
a physical item that can be touched and felt; tangible
accounting
the process of recognizing, measuring, recording, and reporti…
business
a legal organization that attempts to create value by exchang…
32 terms
Business: Financial Information and Accounting Concepts
Private Accounting
Public Accounting
controller
audit
works for corporations, government agencies, and non-profit o…
professionals who provide accounting services to other busine…
highest-raking accountant in a company, responsible for overs…
formal evaluations of the fairness and reliability of a clien…
Private Accounting
works for corporations, government agencies, and non-profit o…
Public Accounting
professionals who provide accounting services to other busine…
44 terms
Ch 1: Business Decisions and Financial Accounting
3 organizational forms
Sole Proprietorship
Partnership
Corporation
1. Sole Proprietorship... 2. Partnership... 3. Corporation
- Form of business owned (and usually operated) by one indivi…
-Similar to a sole proprietorship except legal matters are th…
- A separate entity ... - A corporation, not its owners, are leg…
3 organizational forms
1. Sole Proprietorship... 2. Partnership... 3. Corporation
Sole Proprietorship
- Form of business owned (and usually operated) by one indivi…
Chapter 1: Financial Accounting and Business Decisions
Sole Proprietorship
Partnership
Corporation
New York Exchange (NYSE)
A business owned by one person... The most common form of business
A voluntary association of two or more persons for the purpos…
A separate legal entity... The owners of the corporation are the…
exist to enable stockholders to readily buy and sell their ow…
Sole Proprietorship
A business owned by one person... The most common form of business
Partnership
A voluntary association of two or more persons for the purpos…
25 terms
Business Finance Chapter 07 (Financial Accounting)
Financial Reports
Accounting Period
Accounting Cycle
Accounting Equation
Written records that summarize the results of financial trans…
A block of time that covers an accounting report.
The activities, or steps, that helps a business keep its acco…
The basis for keeping all accounting records in balance, sign…
Financial Reports
Written records that summarize the results of financial trans…
Accounting Period
A block of time that covers an accounting report.
22 terms
Business 3.4 - Financial Accounts
Appropriation account
Balance sheet
Book value
Costs of goods sold (COGS)
The final selection of a P&I account and shows how the net pr…
Contains fiancial information on an organisation's assets, li…
The value of an asset as shown on a balance sheet
Shown in the trading account and represents the direct costs…
Appropriation account
The final selection of a P&I account and shows how the net pr…
Balance sheet
Contains fiancial information on an organisation's assets, li…
6 terms
Business Tools: Managerial Accounting vs. Financial Accounting
Taxes... What is a marginal tax rate?... Why…
Taxes:... What is a capital gain?... What is…
Taxes:... Know how to calculate the depre…
Taxes: Know how to calculate the book…
The marginal tax rate represents the rate at which the next d…
The amount by which the sale price of an asset exceeds the as…
...
...
Taxes... What is a marginal tax rate?... Why…
The marginal tax rate represents the rate at which the next d…
Taxes:... What is a capital gain?... What is…
The amount by which the sale price of an asset exceeds the as…
General business: financial & checking accounts
bank reconciliation
bank statement
budget
canceled check
process of seeing whether an account holder records agree wit…
banks record of all the transactions in checking account
plan for using your income in a way that best meets your want…
checks that have been cashed
bank reconciliation
process of seeing whether an account holder records agree wit…
bank statement
banks record of all the transactions in checking account
BUSINESS A2 - Financial Accounts
Income Statement
Balance Sheet
Revenue
Cost of sales
A formal financial document that summarise a business' tradin…
A formal financial document that summarises the net worth of…
Selling price x quantity sold.
Direct costs relating to quantity sold.
Income Statement
A formal financial document that summarise a business' tradin…
Balance Sheet
A formal financial document that summarises the net worth of…
12 terms
Chapter 1 Business decisions and financial Accounting
Accounting
Financial statements
Basic Accounting Equation
Separate Entity Assumption
A system of analyzing, recording, and summarizing the results…
Accounting reports that summarize the financial results of bu…
Assets = Liabilities + Stockholders Equity.
Financial reports of a business are assumed to include the re…
Accounting
A system of analyzing, recording, and summarizing the results…
Financial statements
Accounting reports that summarize the financial results of bu…
13 terms
Chapter 1 (Business Decisions and Financial Accounting)
Accounting
Accounts
Balance sheet
Basic Accounting Equation
System of analyzing, recording, and summarizing the results o…
A standardized format that organizations use to accumulate th…
Rules used in the US to calculate and report information in t…
ASSETS = LIABILITIES + STOCKHOLDER'S EQUITY
Accounting
System of analyzing, recording, and summarizing the results o…
Accounts
A standardized format that organizations use to accumulate th…
13 terms
CH 1 Vocab: Business Decisions and Financial Accounting
Accounting
Financial Statements
Basic Accounting Equation
Separate Entity Assumption
An information system designed by an organization to capture…
Accounting reports that summarize the financial results of op…
A = L + SE
The financial reports of businesses are assumed to include th…
Accounting
An information system designed by an organization to capture…
Financial Statements
Accounting reports that summarize the financial results of op…
52 terms
Chapter I: Business Decisions and Financial Accounting
List three ways businesses can be orga…
Sole Proprietorship
Partnership
Corporation
1. Sole proprietorship... 2. Partnership... 3. Corporation
Form of business owned and operated by one individual.
Form of business owned and operated by two or more individual…
A separate entity from both legal and accounting perspectives…
List three ways businesses can be orga…
1. Sole proprietorship... 2. Partnership... 3. Corporation
Sole Proprietorship
Form of business owned and operated by one individual.
14 terms
Business Chapter 17: Financial Information and Accounting Concepts
accounting
financial accounting
management accounting
sarbanes-oxley
measuring, interpreting, and communicating financial informat…
the area of accounting concerned with preparing financial inf…
the area of accounting concerned with preparing data for use…
-the informal name of comprehensive legislation designed to i…
accounting
measuring, interpreting, and communicating financial informat…
financial accounting
the area of accounting concerned with preparing financial inf…
15 terms
Chapter 1. Business Decisions and Financial Accounting
Sole Proprietorship
Partnership
Corporation
A limited liability company
This is a form of business owned (and usually operated) by on…
A partnership is similar to a sole proprietorship, except tha…
Unlike sole proprietorships and partnerships, a corporation i…
combines characteristics of a partnership and a corporation.
Sole Proprietorship
This is a form of business owned (and usually operated) by on…
Partnership
A partnership is similar to a sole proprietorship, except tha…
36 terms
Chapter 1 Business Decisions and Financial Accounting
Business organization owed by one pers…
Business organization owned by 2 or mo…
Separate legal entity, owners (stockho…
The owners of the corporation that are…
Sole Proprietorship
Partnership
Corporation
Stockholders
Business organization owed by one pers…
Sole Proprietorship
Business organization owned by 2 or mo…
Partnership
43 terms
Ch1 Business Decisions and Financial Accounting
Sole Proprietorship
Partnership
Corporation
Stock certificate
Busines organization owned by 1 person. The owner being perso…
Business organization owned by 2 or more people. Each partner…
Separate legal entity. Owners of corporation (stockholders) a…
a share of the corporation's ownership is indicated on a lega…
Sole Proprietorship
Busines organization owned by 1 person. The owner being perso…
Partnership
Business organization owned by 2 or more people. Each partner…
48 terms
Business Chapter 14: Accounting and Financial Statements
Accounting
Certified Public Accountant (CPA)
Private accountants
Certified management accountants (CMAs)
the recording, measurement, and interpretation of financial i…
an individual who has been state certified to provide account…
accountants employed by large corporations, government agenci…
private accountants who, after rigorous examination, are cert…
Accounting
the recording, measurement, and interpretation of financial i…
Certified Public Accountant (CPA)
an individual who has been state certified to provide account…
49 terms
12e Financial Accounting - Chapter 1 - Introduction to Accounting and Business
account form
account payable
account receivable
accounting
The form of balance sheet that resembles the basic format of…
The liability created by a purchase on account.
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
account form
The form of balance sheet that resembles the basic format of…
account payable
The liability created by a purchase on account.
59 terms
Business: Chapter 14; Accounting and financial statements
accounting
Certified public accountant
Sarbanes-Oxley act
managerial accounting
the recording, measurement,and interpretation of financial in…
certified by the state to provide accounting services lil pre…
requires firms to be more rigorous in their accounting and re…
when managers use accounting information to plan and direct a…
accounting
the recording, measurement,and interpretation of financial in…
Certified public accountant
certified by the state to provide accounting services lil pre…
Financial Accounting ********
Net Working Capital
Current Ratio
Debt Ratio
Quick Ratio
Total Current Assets - Total Current Liabilities
Net Working Capital
Total Current Assets - Total Current Liabilities
Current Ratio
Chapter 1: Financial Accounting and Business Decisions
Sole proprietorship
Partnership
Corporation
Stockholders
A form of business organization in which one person owns the…
A voluntary association of two or more persons for the purpos…
A legal entity created under the laws of a state or the feder…
An owner of a corporation as a result of the purchase of the…
Sole proprietorship
A form of business organization in which one person owns the…
Partnership
A voluntary association of two or more persons for the purpos…
Financial Accounting
Financial Accounting
Cost Accounting
Managerial Accounting
Tax Accounting
Recording, Classifying, and summarizing transactions, deals w…
Determines cost by department, product, function, service
*Provide information to enhance controls... *Basis for managemen…
Preparation and filing of taxes ... -Federal, state, and local…
Financial Accounting
Recording, Classifying, and summarizing transactions, deals w…
Cost Accounting
Determines cost by department, product, function, service
16 terms
Chapter 1: Business Decisions and Financial Accounting
Organizational Forms
Sole Proprietorship
Partnership
Corporation
Sole proprietorship, partnership, corporation, LLC
Owned by one individual. Easiest to start because it doesnt r…
Similar to sole proprietorship. Profits, taxes, and legal lia…
Separate entity from both legal and accounting perspectives.…
Organizational Forms
Sole proprietorship, partnership, corporation, LLC
Sole Proprietorship
Owned by one individual. Easiest to start because it doesnt r…
chapter 1 business decisions and financial accounting
income statement
statement of retained earnings
balance sheet
statement of cash flows
the financial performance of the business during the (current…
accumulation of earnings retained in the business during the…
the financial position of a business (at a point in time)
activities that caused increases and deceases in cash (during…
income statement
the financial performance of the business during the (current…
statement of retained earnings
accumulation of earnings retained in the business during the…
61 terms
Financial Accounting: Ch.1 Financial Statements and Business decisions
Creditors
Stockholders
Accounting System
Accounting System: Financial Accountin…
-lenders that help finance a business.... -make on loans by char…
-additional people may become part owners or stockholders.... -t…
-A system that collects and processes(analyzes, measures, and…
-includes periodic financial statements and related disclosur…
Creditors
-lenders that help finance a business.... -make on loans by char…
Stockholders
-additional people may become part owners or stockholders.... -t…
22 terms
Business studies - financial strategies and accounts
Current assets
Non - current assets
Current liability
Non - current liabilities
Assets a business uses within 12 months
Assets a business owns that lasts longer than 12 months e.g.…
Something a business owes that is paid off within 12 months e…
Something a business owes that takes longer than 12 months to…
Current assets
Assets a business uses within 12 months
Non - current assets
Assets a business owns that lasts longer than 12 months e.g.…
30 terms
Financial Accounting// Legal forms of businesses
AG, kotierte AG
GmbH, grosse GmbH, kleine AG
Stimmrecht
Verwaltungsrat
public limited company, PLC
limited (company), Ltd.
voting right
board of directors, supervisory board
AG, kotierte AG
public limited company, PLC
GmbH, grosse GmbH, kleine AG
limited (company), Ltd.
12 terms
Business Chap 17 ~ Using Accounting and Financial Information
Accounting
Managerial Accounting
Financial Accounting
Balance Sheet
The process of systematically collecting, analyzing, and repo…
Provides information for managers inside an organization to m…
Provides information for people outside an organization throu…
A financial statement that provides a snapshot of a company's…
Accounting
The process of systematically collecting, analyzing, and repo…
Managerial Accounting
Provides information for managers inside an organization to m…
Business Ch. 14 Accounting and Financial Systems
Certified Public Accountant
Private Accountant
Certified Management Accountant
Managerial Accounting
an individual certified by the state who practice to provide…
Accountant specific to a certain company
Pass big test for this one
Internal use of accounting statements by managers in planning…
Certified Public Accountant
an individual certified by the state who practice to provide…
Private Accountant
Accountant specific to a certain company
42 terms
IB Business and Management ACCOUNTS AND FINANCE 3.5 Financial Accounts
The three main business accounts:
Income statement
Three sections of an *income stateme…
Gross profit
1. Income statement... 2. Balance sheet... 3. Cash-flow statement
Records the revenue, costs and profit (or loss) of a business…
1. Trading account... 2. Profit and loss account... 3. *Appropr…
Gross profit = sales revenue less cost of sales
The three main business accounts:
1. Income statement... 2. Balance sheet... 3. Cash-flow statement
Income statement
Records the revenue, costs and profit (or loss) of a business…
Financial Accounting
What is the basic accounting equation?
What are the four basic financial stat…
What is a balance sheet?
What is an Income Statement?
Assets = Liabilities + Stockholders Equities
1. Balance Sheet... 2. Income Statement... 3. Statement of Stockhol…
Reports the amount of assets, liabilities, and stockholder eq…
Reports the revenues and expenses of the accounting period
What is the basic accounting equation?
Assets = Liabilities + Stockholders Equities
What are the four basic financial stat…
1. Balance Sheet... 2. Income Statement... 3. Statement of Stockhol…
11 terms
Chapter 1-Business Decisions & Financial Accounting
Accounting
Sole Proprietorship
Partnership
Corporations
A system of analyzing, recording, and summarizing the results…
A business owned and operated by one person, this person is p…
A business owned by 2 or more individuals. Both of which are…
Separate entity in itself, owners of the business are stockho…
Accounting
A system of analyzing, recording, and summarizing the results…
Sole Proprietorship
A business owned and operated by one person, this person is p…
Week 1: Business Decisions and Financial Accounting Intro to Financial Statements
Sole proprietorship
Partnership
Corporation
Accounting
Business owned/ operated by one individual. Requires business…
Similar to above, but profits, taxes, legal liability are the…
Corporation a separate entity from both a legal/ accounting p…
A system of analyzing, recording, summarizing results of a bu…
Sole proprietorship
Business owned/ operated by one individual. Requires business…
Partnership
Similar to above, but profits, taxes, legal liability are the…
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