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Study sets matching "fund accounting"

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Study sets matching "fund accounting"

59 terms
Fundamental Accounting Principles
Accounting
Recordkeeping
Bookkeeping
External users
is an information and measurement system that identifies, rec…
is the recording of transactions and events, either manually…
is the recording of transactions and events, either manually…
Person using accounting information who are not directly invo…
Accounting
is an information and measurement system that identifies, rec…
Recordkeeping
is the recording of transactions and events, either manually…
32 terms
Accounting fundamental
Income statement
Gross profit
Revenue (formerly called sales turnover)
Cost of sales
Records the revenue, costs and profit (or loss) of a business…
Equal to sales revenue less cost of sales
the total value of sales made during the trading period = sel…
(Or cost of goods sold): this is the direct cost of the goods…
Income statement
Records the revenue, costs and profit (or loss) of a business…
Gross profit
Equal to sales revenue less cost of sales
17 terms
Fundamental accounting
Financial accounting
Management accounting
Private accountants
Controller
Prepairing financial info for users outside the orginization
Preparing data for organization
In house accountants
Highest ranking
Financial accounting
Prepairing financial info for users outside the orginization
Management accounting
Preparing data for organization
17 terms
Fundamental Accounting
A business wants actual component perc…
The corporate form of a business organ…
Regardless of when payment is made, re…
The amount an owner expects to receive…
Cost of merchandise sold and total expenses
Limited liability
Realization of Revenue
Salvage value
A business wants actual component perc…
Cost of merchandise sold and total expenses
The corporate form of a business organ…
Limited liability
50 terms
Fundamentals of Accounting
Amortization
Average Cost
Book Value
Chart of Accounts
Gradual writing off of an amount. Ex. Depreciation and Deplet…
Calculate an average cost per unit
Value of an asset or liability. Reported on the balance sheet…
List of all the accounts. Being used by a specific business e…
Amortization
Gradual writing off of an amount. Ex. Depreciation and Deplet…
Average Cost
Calculate an average cost per unit
59 terms
Chapter 01 Fundamental Accounting Principles
Accounting
Recordkeeping
Bookkeeping
External users
is an information and measurement system that identifies, rec…
is the recording of transactions and events, either manually…
is the recording of transactions and events, either manually…
Person using accounting information who are not directly invo…
Accounting
is an information and measurement system that identifies, rec…
Recordkeeping
is the recording of transactions and events, either manually…
27 terms
fundamental accounting Chapter 1
An example of asset account
Right side of an account is called the
left side of an account is called the
List the Account Classifications
Supplies / office
credit
debit
Liabilities, Asset, Revenue, Capital, Drawing, Expense, Cost…
An example of asset account
Supplies / office
Right side of an account is called the
credit
48 terms
Fundamental Accounting Principles
accounting
bookkeeping
external users
financial accounting
Information and measurement system that identifies, records,…
the recording of transactions and events, either manually or…
Persons using accounting information who are not directly inv…
focuses on reporting information to external users
accounting
Information and measurement system that identifies, records,…
bookkeeping
the recording of transactions and events, either manually or…
10 terms
Fundamental Accounting Concepts
GAAP: Generally Accepted Accounting Pr…
Business Entity
Unit of Measurement
Realization of Revenue
The standards and rules that accountants follow while recordi…
When a business's financial information is recorded and repor…
When business transactions are stated in numbers that have co…
When revenue is recorded at the time goods or services are so…
GAAP: Generally Accepted Accounting Pr…
The standards and rules that accountants follow while recordi…
Business Entity
When a business's financial information is recorded and repor…
20 terms
Chapter 3: Fundamental Financial Accounting Concepts
Account Balance
Book of Original Entry
Chart of Accounts
Closing Entries
Difference between total debit and total credit amounts in an…
A journal in which a transaction is first recorded.
List of all ledger accounts and their corresponding account n…
Entries that transfer the balances in the temporary accounts…
Account Balance
Difference between total debit and total credit amounts in an…
Book of Original Entry
A journal in which a transaction is first recorded.
12 terms
Chapter 5: Fundamental Financial Accounting Concepts
Average Days to Sell Inventory (averag…
Consistency
First-In, First-Out (FIFO) Cost Flow M…
Full Disclosure
Financial Ratio that measure the average number of days that…
The generally accepted accounting principle that a company sh…
Inventory cost flow method in which cost of goods sold is com…
The accounting principle that financial statements should inc…
Average Days to Sell Inventory (averag…
Financial Ratio that measure the average number of days that…
Consistency
The generally accepted accounting principle that a company sh…
34 terms
Chapter 4: Fundamental Financial Accounting Concepts
Cash Discount
Common size financial statements
Cost of Goods Available for Sale
Cost of Goods Sold
A price reduction offered by the seller to the buyer in retur…
Financial statements in which dollar amounts are converted to…
Total costs paid to obtain goods and ready them for sale, inc…
Cost of items sold by a businesses, expensed on the income st…
Cash Discount
A price reduction offered by the seller to the buyer in retur…
Common size financial statements
Financial statements in which dollar amounts are converted to…
33 terms
Chapter 2: Fundamental Financial Accounting Concepts
Recognition
Realization
Accrual Accounting
Deferral
Reporting an accounting event in the financial statements.
Accounting term that usually refers to actual cash collection…
This type of accounting recognizes revenues and expenses in t…
Accounting recognition of revenue or expense in a period afte…
Recognition
Reporting an accounting event in the financial statements.
Realization
Accounting term that usually refers to actual cash collection…
Fundamental of Accounting Chapter 1
accounting
accounting system
accounting records
financial statements
The planning, recording, analyzing, and interpreting financia…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activities.
Financial reports that summarize the financial condition and…
accounting
The planning, recording, analyzing, and interpreting financia…
accounting system
A planned process for providing financial information that wi…
26 terms
Chapter 7: Fundamental Financial Accounting Concepts
Accounts Receivable Turnover Ratio
Accrued Interest
Adjusting Entry
Aging of Accounts Receivable
Financial Ratio that measures how fast accounts receivable ar…
Interest revenue or expense that is recognized before cash ha…
Entry that updates account balances prior to preparing financ…
Classifying each account receivable by the number of days it…
Accounts Receivable Turnover Ratio
Financial Ratio that measures how fast accounts receivable ar…
Accrued Interest
Interest revenue or expense that is recognized before cash ha…
8 terms
Accounting Fundamental Qualitative Characteristics
Relevance
Predictive Value
Confirmatory Value
Materiality
Relevant information can make a difference to the decisions u…
Information is used as an input when determining what is like…
Information that provides feedback that either confirms or ch…
Information is material if its size or nature is so significa…
Relevance
Relevant information can make a difference to the decisions u…
Predictive Value
Information is used as an input when determining what is like…
27 terms
Fundamental Accounting Principles
Accounting - Definition
Recording - Definition
Communicating - Definition
Record keeping or Bookkeeping - Defini…
An information and measurement system that identifies. record…
Recording business activities requires that we keep a chronol…
Communicating business activities requires that we prepare ac…
is the recording of transactions and events, either manually…
Accounting - Definition
An information and measurement system that identifies. record…
Recording - Definition
Recording business activities requires that we keep a chronol…
42 terms
Chapter 6: Fundamental Financial Accounting Concepts
internal controls
accounting controls
administrative controls
separation of duties
policies and procedures used to provide reasonable assurance…
Procedures companies implement to safeguard assets and ensure…
concerned with evaluating performance and assessing the degre…
used as a deterrent to corruption; employees must work togeth…
internal controls
policies and procedures used to provide reasonable assurance…
accounting controls
Procedures companies implement to safeguard assets and ensure…
32 terms
Chapter 9: Fundamental Financial Accounting Concepts
Amortizing
classified balance sheets
contingent liability
contra liability account
Systematically allocating the cost of intangible assets to ex…
Balance sheet that distinguishes between current and noncurre…
Obligations with amounts due that depend on events that will…
Account used to reduce the reported value of the liability to…
Amortizing
Systematically allocating the cost of intangible assets to ex…
classified balance sheets
Balance sheet that distinguishes between current and noncurre…
38 terms
Chapter 10: Fundamental Financial Accounting Concepts
Amortization
Bond certificate
Bond Discount
Bond holder
systematic repayment of principle and interest over the life…
debts security used to obtain long term financing in which a…
difference between the selling price and the face amount of a…
the party BUYING the bond - also known as the LENDER OR THE C…
Amortization
systematic repayment of principle and interest over the life…
Bond certificate
debts security used to obtain long term financing in which a…
36 terms
Chapter 8: Fundamental Financial Accounting Concepts
accelerated depreciation method
accumulated depreciation
amortization
basket purchase
Depreciation method that recognizes more depreciation expense…
Contra asset account that shows the sum of all depreciation e…
The paying off of debt with a fixed repayment schedule in reg…
Acquiring several assets at once for a single purchase price;…
accelerated depreciation method
Depreciation method that recognizes more depreciation expense…
accumulated depreciation
Contra asset account that shows the sum of all depreciation e…
109 terms
BPA- Fundamental Accounting
Which of the following accounts is inc…
Prepaid insurance is expensed:
Elizabeth is a sales person for a car…
If a companies assets are 106,219 with…
Owners Capital
When it is consumed
928.55
(48,743) Debit
Which of the following accounts is inc…
Owners Capital
Prepaid insurance is expensed:
When it is consumed
17 terms
accounting - fundamental ch 11
Debit to unearned subscriptions, credi…
Notes Payable
probable and reasonably estimable
Debit to cash, credit to unearned plow…
Mary's Magazine Sales sells popular magazine subscriptions. D…
Bushra Co. replaced a $1000 account payable balance to Elin C…
In order for a contingent liability to be recorded as a journ…
John Grey owns Grey's Snow Plowing. In October, Grey's collec…
Debit to unearned subscriptions, credi…
Mary's Magazine Sales sells popular magazine subscriptions. D…
Notes Payable
Bushra Co. replaced a $1000 account payable balance to Elin C…
10 terms
Fundamental Accounting Concepts
GAAP: Generally Accepted Accounting Pr…
CONCEPT: Business Entity
CONCEPT: Unit of Measurement
CONCEPT: Realization of Revenue
The standards and rules that accountants follow while recordi…
When a business's financial information is recorded and repor…
When business transactions are stated in numbers that have co…
When revenue is recorded at the time goods or services are so…
GAAP: Generally Accepted Accounting Pr…
The standards and rules that accountants follow while recordi…
CONCEPT: Business Entity
When a business's financial information is recorded and repor…
37 terms
Fundamental Financial Accounting Chapter 1
Accounting
Market
Financial Resources
Investors
an information system that reports on the economic activites…
a group of people or entities organized to exchange items of…
Money
provide financial resources in exchange for ownership interes…
Accounting
an information system that reports on the economic activites…
Market
a group of people or entities organized to exchange items of…
41 terms
Chapter 11: Fundamental Financial Accounting Concepts
Appropriated Retained Earnings
articles of incorporation
authorized stock
board of directors
Retained earnings restricted by the board of directors for a…
Information about a proposed corporation, such as its name, p…
Number of shares of stock a corporation has state approval to…
Group of individuals elected by the stockholders of a corpora…
Appropriated Retained Earnings
Retained earnings restricted by the board of directors for a…
articles of incorporation
Information about a proposed corporation, such as its name, p…
22 terms
Chapter 02 Fundamental Accounting Principles
Account
Account Balance
Balance Column Account
Charts of Accounts
Record within an accounting system in which increases and dec…
Difference between total debits and total credits (including…
Account with debit and credit columns for recording entries a…
List of accounts used by a company; includes an identificatio…
Account
Record within an accounting system in which increases and dec…
Account Balance
Difference between total debits and total credits (including…
59 terms
Chapter 01 Fundamental Accounting Principles
Accounting
Recordkeeping
Bookkeeping
External users
is an information and measurement system that identifies, rec…
is the recording of transactions and events, either manually…
is the recording of transactions and events, either manually…
Person using accounting information who are not directly invo…
Accounting
is an information and measurement system that identifies, rec…
Recordkeeping
is the recording of transactions and events, either manually…
10 terms
Fundamental Accounting Concepts
GAAP (Generally Accepted Accounting Pr…
Business Entity
Unit of Measurement
Realization of Revenue
The standards and rules that accountants follow while recordi…
When a business's financial information is recorded and repor…
When business transactions are stated in numbers that have co…
When revenue is recorded at the time goods or services are so…
GAAP (Generally Accepted Accounting Pr…
The standards and rules that accountants follow while recordi…
Business Entity
When a business's financial information is recorded and repor…
38 terms
Fundamental Accounting Principles - Chapter 1
accounting
recordkeeping (bookkeeping)
external users
financial accounting
an information and measurement system that identifies, record…
the recording of transactions and events, either manually or…
users of accounting information who are not directly involved…
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, either manually or…
39 terms
Fundamental Accounting Principles Chapter 10
Accelerated Depreciation Method
Amortization
Asset Book Value
Betterments
A method of depreciation which records greater depreciation e…
Process of allocating the cost of an intangible asset to expe…
net balance sheet amount. Computed as: asset total cost - A/D
expenditures that make a plant asset more efficient or produc…
Accelerated Depreciation Method
A method of depreciation which records greater depreciation e…
Amortization
Process of allocating the cost of an intangible asset to expe…
10 terms
Fundamental Accounting Concepts
GAAP: Generally Accepted Accounting Pr…
Business Entity
Unit of Measurement
Realization of Revenue
The standards and rules that accountants follow while recordi…
When a business's financial information is recorded and repor…
When business transactions are stated in numbers that have co…
When revenue is recorded at the time goods or services are so…
GAAP: Generally Accepted Accounting Pr…
The standards and rules that accountants follow while recordi…
Business Entity
When a business's financial information is recorded and repor…
10 terms
Fundamental Accounting Concepts
GAAP: Generally Accepted Accounting Pr…
Business Entity
Unit of Measurement
Realization of Revenue
The standards and rules that accountants follow while recordi…
When a business's financial information is recorded and repor…
When business transactions are stated in numbers that have co…
When revenue is recorded at the time goods or services are so…
GAAP: Generally Accepted Accounting Pr…
The standards and rules that accountants follow while recordi…
Business Entity
When a business's financial information is recorded and repor…
9 terms
Fundamental accounting concepts
Gaap
Business entity
Unit of measurment
Realization of revenue
(Generally accepted accounting principles) the standards and…
When a business's financial information is recorded and repor…
When business transactions are stated in numbers that have co…
When revenue is recorded at the time goods or services are sold
Gaap
(Generally accepted accounting principles) the standards and…
Business entity
When a business's financial information is recorded and repor…
27 terms
Fundamental Accounting Principles Chapter 11
Contingent liability
Current liabilities
Current portion of long-term debt
Deferred Income Tax Liability
is a potential obligation that depends on a future event aris…
also called short-term liabilities, are obligations due withi…
refers to that part of long-term debt due within one year or…
Corporation income taxes that are deferred until future years…
Contingent liability
is a potential obligation that depends on a future event aris…
Current liabilities
also called short-term liabilities, are obligations due withi…
11 terms
Fundamental Accounting Concepts
Generally Accepted Accounting Principles
CONCEPT: Business Entity
CONCEPT: Unit of Measurement
CONCEPT: Realization of Revenue
The standards and rules that accountants follow while recordi…
When a business's financial information is recorded and repor…
When business transactions are stated in numbers that have co…
When revenue is recorded at the time goods or services are so…
Generally Accepted Accounting Principles
The standards and rules that accountants follow while recordi…
CONCEPT: Business Entity
When a business's financial information is recorded and repor…
10 terms
Fundamental Accounting Concepts
GAAP
Business Entity
Unit of Measurement
Realization of Revenue
Generally Accepted Accounting Principles; The standards and r…
When a business's financial information is recorded and repor…
When business transactions are stated in numbers that have co…
When revenue is recorded at the time goods or services are sold
GAAP
Generally Accepted Accounting Principles; The standards and r…
Business Entity
When a business's financial information is recorded and repor…
31 terms
Fundamental Accounting Principles Chapter 5
acid-test ratio
cash discount
cost of goods sold
credit memorandum
Ratio used to assess a company's ability to settle its curren…
Reduction in the price of merchandise granted by a seller ... to…
Cost of inventory sold to customers during a period; ... also ca…
Notification that the sender has credited the recipient's acc…
acid-test ratio
Ratio used to assess a company's ability to settle its curren…
cash discount
Reduction in the price of merchandise granted by a seller ... to…
20 terms
Fundamental Accounting Principles Chapter 4
accounting cycle
classified balance sheet
closing entries
closing process
Recurring steps performed each accounting period, ... starting w…
Balance sheet that presents assets and liabilities in relevan…
Entries recorded at the end of each accounting period ... to tra…
Necessary end-of-period steps to prepare the accounts ... for re…
accounting cycle
Recurring steps performed each accounting period, ... starting w…
classified balance sheet
Balance sheet that presents assets and liabilities in relevan…
10 terms
Chapter 02 Fundamental Accounting Principles
Charts of Accounts
Credit
Debit
General Journal
List of accounts used by a company; includes an identificatio…
Recorded on the right side; an entry that decreases asset and…
Recorded on the left side; an entry that increases asset and…
All-purpose journal for recording the debits and credits of t…
Charts of Accounts
List of accounts used by a company; includes an identificatio…
Credit
Recorded on the right side; an entry that decreases asset and…
23 terms
Fundamental Accounting Principles Chapter 3
Accounting Period
Accrual basis accounting
accrued expenses
accrued revenues
Length of time covered by financial statements; also ... called…
Accounting system that recognizes revenues ... when earned and e…
Costs incurred in a period that are both unpaid and ... unrecord…
Revenues earned in a period that are both unrecorded ... and not…
Accounting Period
Length of time covered by financial statements; also ... called…
Accrual basis accounting
Accounting system that recognizes revenues ... when earned and e…
35 terms
Fundamental Accounting Principles Chapter 8
Bank reconciliation
Bank statement
canceled checks
cash
Report that explains the difference between the ... book (compan…
Bank report on the depositor's beginning and ending ... cash bal…
Checks that the bank has paid and deducted from the ... deposito…
Includes currency, coins, and amounts on deposit in bank chec…
Bank reconciliation
Report that explains the difference between the ... book (compan…
Bank statement
Bank report on the depositor's beginning and ending ... cash bal…
12 terms
Fundamental concepts of accounting (12)
Entity
Money-Measurement
Going Concern
Cost
A business ... * sole proprietorship ... * partnership... *corporation
Everything is in monetary terms
Accounting assumes that an entity will continue to operate in…
Taking the depreciation amount from the original coat, shows…
Entity
A business ... * sole proprietorship ... * partnership... *corporation
Money-Measurement
Everything is in monetary terms
22 terms
Chapter 01 Fundamental Accounting Principles
Accounting
Cost Principle/Measurement Principle
Revenue Recognition Principle
Assets
is an information and measurement system that identifies, rec…
Accounting principle that prescribes financial statements inf…
The principle prescribing that revenue is recognized when ear…
Resources a business owns or controls that are expected to pr…
Accounting
is an information and measurement system that identifies, rec…
Cost Principle/Measurement Principle
Accounting principle that prescribes financial statements inf…
59 terms
Chapter 01 Fundamental Accounting Principles
Accounting
Recordkeeping
Bookkeeping
External users
is an information and measurement system that identifies, rec…
is the recording of transactions and events, either manually…
is the recording of transactions and events, either manually…
Person using accounting information who are not directly invo…
Accounting
is an information and measurement system that identifies, rec…
Recordkeeping
is the recording of transactions and events, either manually…
31 terms
Fundamental Accounting Principles Chapter 5
acid-test ratio
cash discount
cost of goods sold
credit memorandum
Ratio used to assess a company's ability to settle its curren…
Reduction in the price of merchandise granted by a seller ... to…
Cost of inventory sold to customers during a period; ... also ca…
Notification that the sender has credited the recipient's acc…
acid-test ratio
Ratio used to assess a company's ability to settle its curren…
cash discount
Reduction in the price of merchandise granted by a seller ... to…
16 terms
Fundamental Accounting Principles Chapter 6
average cost
conservatism constraint
consignee
consignor
See weighted average.
Principle that prescribes the less optimistic ... estimate when…
Receiver of goods owned by another who holds them for ... purpos…
Owner of goods who ships them to another party who will ... sell…
average cost
See weighted average.
conservatism constraint
Principle that prescribes the less optimistic ... estimate when…
54 terms
Fundamental Accounting Principles Chapter 13
Appropriated Retained Earnings
Authorized Stock
Basic Earnings per Share
Book Value per Common Share
Retained earnings separately reported to inform stockholders…
Total amount of stock that a corporation's charter authorizes…
Net income less any preferred dividends and then divided by w…
Recorded amount of equity applicable to common shares divided…
Appropriated Retained Earnings
Retained earnings separately reported to inform stockholders…
Authorized Stock
Total amount of stock that a corporation's charter authorizes…
24 terms
Fundamental Accounting Principles
Requirements to become a CPA
Characteristics of a corporation
Who currently establishes GAAP
Revenue recognition principles (2)
150 credit hours, Pass CPA Exam, 2 years experience
legal entity, meaning it is a separate entity from its owners…
Each country's own version of the FASB, such as the Canadian…
The revenue recognition principle is a cornerstone of accrual…
Requirements to become a CPA
150 credit hours, Pass CPA Exam, 2 years experience
Characteristics of a corporation
legal entity, meaning it is a separate entity from its owners…
59 terms
Chapter 01 Fundamental Accounting Principles
Accounting
Recordkeeping
Bookkeeping
External users
is an information and measurement system that identifies, rec…
is the recording of transactions and events, either manually…
is the recording of transactions and events, either manually…
Person using accounting information who are not directly invo…
Accounting
is an information and measurement system that identifies, rec…
Recordkeeping
is the recording of transactions and events, either manually…
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