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Study sets matching "intermediate accounting accounts"

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Study sets matching "intermediate accounting accounts"

102 terms
Intermediate Accounting
Internal users of accounting information
external users of accounting information
financial accounting
managerial accounting
...
Investors, creditors, employees, labor unions, customers, sup…
Provides relevant financial information to various external u…
deals with the concepts and methods used to provide informati…
Internal users of accounting information
...
external users of accounting information
Investors, creditors, employees, labor unions, customers, sup…
72 terms
Intermediate Accounting
Objectives of Financial Reporting
Entity Perspective
Decision-Usefulness
Three Organizations involved in Standa…
Provide financial information about the reporting entity that…
Companies viewed as separate and distinct from their owners.
Investors are interested in assessing the company's ... 1) abili…
Securities and Exchange Commission (SEC).... American Institute…
Objectives of Financial Reporting
Provide financial information about the reporting entity that…
Entity Perspective
Companies viewed as separate and distinct from their owners.
50 terms
Intermediate Accounting
Dunn, Inc. uses the accrual method of…
The consolidated worksheet shows Exces…
Manning Company issued 10,000 shares o…
On January 1, 2015, Dean Corporation s…
$450,000************************... $513,000... $567,000... $630,000
$210,000.... $120,000.*************************... $90,000.... $0.
$289,091... $250,000***********************... $240,909... $289,091... $…
interest expense of $80,521 and depreciation expense of $67,101
Dunn, Inc. uses the accrual method of…
$450,000************************... $513,000... $567,000... $630,000
The consolidated worksheet shows Exces…
$210,000.... $120,000.*************************... $90,000.... $0.
125 terms
intermediate accounting
Financial Accounting
Who cares about financial accounting
Providers of financial information
External User Groups
-concerned with providing financial information to external u…
-capital markets ... -traders ... -analysts ... -hedge funds ... -the sec…
-corporations
-investors... -creditors
Financial Accounting
-concerned with providing financial information to external u…
Who cares about financial accounting
-capital markets ... -traders ... -analysts ... -hedge funds ... -the sec…
50 terms
Intermediate Accounting
Face Value
Premium
Discount
Operating Activities
Stated Rate = Market Rate
Stated Rate > Market Rate
Stated Rate < Market Rate
The cash effects of transactions that enter into the determin…
Face Value
Stated Rate = Market Rate
Premium
Stated Rate > Market Rate
102 terms
Intermediate Accounting
Internal users of accounting information
external users of accounting information
financial accounting
managerial accounting
...
Investors, creditors, employees, labor unions, customers, sup…
Provides relevant financial information to various external u…
deals with the concepts and methods used to provide informati…
Internal users of accounting information
...
external users of accounting information
Investors, creditors, employees, labor unions, customers, sup…
46 terms
Intermediate Accounting
Assets
Expenses
Revenues
Liabilities
Probable future economic benefits obtained or controlled by a…
Outflows or other using up of assets or incurrences of liabil…
Inflows or other enhancements of assets of an entity or settl…
Probable future sacrifices of economic benefits arising from…
Assets
Probable future economic benefits obtained or controlled by a…
Expenses
Outflows or other using up of assets or incurrences of liabil…
67 terms
Intermediate Accounting
financial accounting
capital markets
initial market transaction
secondary market transactions
chiefly concerned with providing financial information to var…
provide a mechanism to help our economy allocate resources ef…
involve issuance of stocks and bonds by the corporation
involve the transfer of stocks and bonds between individuals…
financial accounting
chiefly concerned with providing financial information to var…
capital markets
provide a mechanism to help our economy allocate resources ef…
30 terms
Intermediate Accounting
financial accounting
capital markets
corporations
initial market
the primary focus is on the information needs of investors an…
provide a mechanism to help our economy allocate resources ef…
acquire capital from investors in exchange for ownership inte…
these transactions involve issuance of stocks and bonds by th…
financial accounting
the primary focus is on the information needs of investors an…
capital markets
provide a mechanism to help our economy allocate resources ef…
Intermediate Accounting
Comparability
Verifiability
Predictive Value
Confirmatory Value
Identify similarities & differences between 2 or more sets of…
when different independent observers can reach a consensus
Predict future outcomes
Provides feedback to confirm prior predictions
Comparability
Identify similarities & differences between 2 or more sets of…
Verifiability
when different independent observers can reach a consensus
60 terms
intermediate accounting
debt securities
equity securities
held to maturity investment
interest revenue
builds bonds and notes
...
investment recorded at amortized cost, positive intent to hol…
current carrying value x historical market rate at date of ac…
debt securities
builds bonds and notes
equity securities
...
122 terms
Intermediate Accounting
Record expenses in the period that rel…
The life of an enterprise can be divid…
The original transaction value upon aq…
Concerns the relative size of an item…
Expense Recognition
Periodicity
Historical cost principle
Materiality
Record expenses in the period that rel…
Expense Recognition
The life of an enterprise can be divid…
Periodicity
Intermediate Accounting
Economic Entity Assumption
Monetary Unit Assumption
Periodicity Assumption
Comparability
All economic events can be identified with a particular ident…
Inflation is a violation of this assumption. Common denominat…
Relates to the qualitative characteristics of timeliness. The…
Important for making interfirm comparisons.
Economic Entity Assumption
All economic events can be identified with a particular ident…
Monetary Unit Assumption
Inflation is a violation of this assumption. Common denominat…
78 terms
Intermediate Accounting
Which of the following in NOT a charac…
Expensing all R&D costs associated wit…
Which of the following is a factor to…
A purchased limited-life intangible as…
They are all shbject to amortization
Understating assets and overstating expenses
All of these answer choices are correct
Is; the recoverability test and then the fair value test
Which of the following in NOT a charac…
They are all shbject to amortization
Expensing all R&D costs associated wit…
Understating assets and overstating expenses
58 terms
Intermediate Accounting: Chapter 3
The balance sheet reports a company's…
A company's market value is generally…
All current assets are either cash or…
The balance of net receivables represe…
True
False
True
True
The balance sheet reports a company's…
True
A company's market value is generally…
False
Intermediate Accounting
External decision makers would not loo…
Porite Company recognizes revenue in t…
In a recent annual report, Apple Compu…
GAAP is an abbreviation for:
Capital budgeting
accrual accounting
the matching principle
Generally accepted accounting principles
External decision makers would not loo…
Capital budgeting
Porite Company recognizes revenue in t…
accrual accounting
77 terms
Intermediate Accounting Exam 1
Indicate which accounts should be debi…
Indicate which accounts should be debi…
Indicate which accounts should be debi…
Indicate which accounts should be debi…
Debit inventory, credit cash
Debit Retained earnings, credit cash
Debit Prepaid rent, credit cash
Debit A/R, credit Sales revenue
Indicate which accounts should be debi…
Debit inventory, credit cash
Indicate which accounts should be debi…
Debit Retained earnings, credit cash
39 terms
Intermediate Accounting Account Classification
A (Asset)
A (Asset)
A (Asset)
A (Asset)
Accounts Receivable
Cash
Equipment
Goodwill
A (Asset)
Accounts Receivable
A (Asset)
Cash
68 terms
Intermediate accounting
Predictive value
Relevance
Distribution to owners
Confirmatory value
information is useful in projecting cash flows
pertinent to the decision at hand
equity deceases: cash dividends
information that confirms expectations
Predictive value
information is useful in projecting cash flows
Relevance
pertinent to the decision at hand
18 terms
Intermediate Accounting
Concept Statement #1
#2
#3
#4
Objectives of Financial Reporting
Qualitative Characteristics of Accounting Information
Elements of Financial Statements of Business Enterprises
Objectives of Financial Reporting on NonProfits
Concept Statement #1
Objectives of Financial Reporting
#2
Qualitative Characteristics of Accounting Information
61 terms
Intermediate Accounting
Depreciation-allocation of cost
Expenditures after acquisition
Impairment
Interest
Land has no depreciation... Buildings and equipment do
Capitalized (K), asset account, or expensed
Decrease in value due to an event
Capitalized during constructiom
Depreciation-allocation of cost
Land has no depreciation... Buildings and equipment do
Expenditures after acquisition
Capitalized (K), asset account, or expensed
40 terms
Intermediate Accounting
assumption
comparability
completeness
conceptual framework
One of the parts in the third level of the conceptual framewo…
An enhancing qualitative characteristic of accounting informa…
One of the ingredients of the fundamental quality of faithful…
For the accounting profession, a coherent system of objective…
assumption
One of the parts in the third level of the conceptual framewo…
comparability
An enhancing qualitative characteristic of accounting informa…
46 terms
Intermediate Accounting Exam 1
Accounting Equation
Stockholders' Equity Equation
Retained Earnings Equation
Transaction
Assets = Liabilities + Stockholders' Equity
Stockholders' Equity = Contributed Capital + Retained Earning…
Retained Earnings = Beg. Retained Earnings + Net Income - Div…
A transfer of something valuable between parties
Accounting Equation
Assets = Liabilities + Stockholders' Equity
Stockholders' Equity Equation
Stockholders' Equity = Contributed Capital + Retained Earning…
36 terms
Intermediate Accounting
obligation to transfer cash/resources…
dividends paid by a corp. to sharehold…
inflow of an asset from goods/services
the financial position of a company
liabilities
distributions
revenue
assets/liabilities/equity
obligation to transfer cash/resources…
liabilities
dividends paid by a corp. to sharehold…
distributions
31 terms
INTERMEDIATE ACCOUNTING
GASB:
FASB:
SEC:
PCAOB:
(Governmental Accounting Standards Board) is private not-for-…
(Financial Accounting Standards Board) establishes financial…
(The Securities and Exchange Commission) administers the US s…
(Public Company Accounting Oversight Board) is a Congressiona…
GASB:
(Governmental Accounting Standards Board) is private not-for-…
FASB:
(Financial Accounting Standards Board) establishes financial…
46 terms
Intermediate accounting
Financial Statement
General purpose financial statement
Entity perspective
Decision usefulness approach
income statement... Balance Sheet... Statement of cash flows... Statem…
provide financial info to a wide variety of users. Mostly for…
companies are separate from their owners
1) creditors and investers the ability of the firm to create…
Financial Statement
income statement... Balance Sheet... Statement of cash flows... Statem…
General purpose financial statement
provide financial info to a wide variety of users. Mostly for…
14 terms
Intermediate Accounting
capital markets
Initial market transactions
Secondary market transactions
Generally Accepted Accounting Principl…
mechanisms that foster the allocation of resources efficiently.
provide for new cash by the issuance of stocks and bonds by t…
provide for the transfer of stocks and bonds among individual…
set of both broad and specific guidelines that companies shou…
capital markets
mechanisms that foster the allocation of resources efficiently.
Initial market transactions
provide for new cash by the issuance of stocks and bonds by t…
46 terms
intermediate accounting
conceptual framework
fundamental characteristics
relevant information
predictive value
sets theories concepts and principles to ensure accounting st…
basic characteristics that distinguish useful financial infor…
financial information is relevant if it is capable of making…
if decision makers can use it as an input into processes that…
conceptual framework
sets theories concepts and principles to ensure accounting st…
fundamental characteristics
basic characteristics that distinguish useful financial infor…
12 terms
Intermediate Accounting
Economic Entity
Going Concern
Periodicty
Monetary unit
economic events can be identified specifically with an econom…
a business entity will continue to operate indefinitely
allows the life of a company to be divided into artificial ti…
used in U.S. financial statements is the US dollar
Economic Entity
economic events can be identified specifically with an econom…
Going Concern
a business entity will continue to operate indefinitely
17 terms
Intermediate Accounting
Internal control
Internal Control Report
Internal Control report
Control environment
the system of policies and procedures that a company puts in…
annual report in which management states its responsibility f…
must include:... 1) statement of managements responsibility to e…
the atmosphere in which a business is conducted
Internal control
the system of policies and procedures that a company puts in…
Internal Control Report
annual report in which management states its responsibility f…
16 terms
Intermediate Accounting
Sales Journal
Purchases Journals
Cash Receipt Journals
Cash Disbursement Journal
to record all credit Sales
to record all credit purchases
To record cash from all sourses
To record all cash payments
Sales Journal
to record all credit Sales
Purchases Journals
to record all credit purchases
48 terms
intermediate Accounting
SEC
what is one main thing that the SEC ca…
AICPA (american institute of CPA's)
CAP (committee on accounting procedure)
they have legal authority to prescribe accounting principles…
they can prohibit the trading of company stock if necessary
CPA's, develop accounting standards, contribute to developing…
appointed by AICPA, issued 51 research bulletins, reduced acc…
SEC
they have legal authority to prescribe accounting principles…
what is one main thing that the SEC ca…
they can prohibit the trading of company stock if necessary
39 terms
Intermediate Accounting Account Classification
A (Asset)
A (Asset)
A (Asset)
A (Asset)
Accounts Receivable
Cash
Equipment
Goodwill
A (Asset)
Accounts Receivable
A (Asset)
Cash
65 terms
Intermediate Accounting
Exam #2
Unrealized gains and losses on held-to…
Trading
Fair Value
...
False
Unrealized holding gains or losses which are recognized in in…
Debt securities that are bought and held primarily for sale i…
Exam #2
...
Unrealized gains and losses on held-to…
False
20 terms
intermediate accounting
Who uses financial reports?
Securities and Exchange Commission (SEC)
American Institute of CPA's (AICPA)
Financial Accounting Standards Board (…
investors and creditors use financial reports to make their c…
-accounting and reporting for public companies... -Securities ac…
-national professional organization... -established committee on…
Mission: to establish and improve standards of financial acco…
Who uses financial reports?
investors and creditors use financial reports to make their c…
Securities and Exchange Commission (SEC)
-accounting and reporting for public companies... -Securities ac…
38 terms
Intermediate Accounting
Codification of GAAP
Economic Entity Assumption
3 Types of Entites
Parent Subsidiary Relationship
The SA of GAAP
Distinguishing between assets & liabilities that relate to th…
Sole Proprietorship... Partnership... Corporation
When company X owns 51% of stock in company B. Legally they a…
Codification of GAAP
The SA of GAAP
Economic Entity Assumption
Distinguishing between assets & liabilities that relate to th…
47 terms
Intermediate Accounting - Chapter 9
Which of the following is true about l…
The primary basis of accounting for in…
When valuing raw materials inventory a…
In no case can "market" in the lower-o…
d. All of these.
d. future utility will be less than their cost.
c. Current replacement cost
b. estimated selling price in the ordinary course of business…
Which of the following is true about l…
d. All of these.
The primary basis of accounting for in…
d. future utility will be less than their cost.
57 terms
Intermediate Accounting
The elements of financial statements i…
In classifying the elements of financi…
One of the elements of financial state…
Which of the following elements of fin…
d
c
d
b
The elements of financial statements i…
d
In classifying the elements of financi…
c
38 terms
Intermediate Accounting
J.E for Unearned Rent
J.E for Prepaid Asset
J.E for Adjusting Prepaid Assets
Why do companies us Accrued Accounting
Debit: Unearned rent... Credit: Rent Revenue
Debit Prepaid Asset... Credit: Cash
Debit: Expenses... Credit: Prepaid Asset
It provides a better indication of a companies ability to gen…
J.E for Unearned Rent
Debit: Unearned rent... Credit: Rent Revenue
J.E for Prepaid Asset
Debit Prepaid Asset... Credit: Cash
6 terms
Intermediate accounting
Revenues
expenses
gains
losses
inflows of resources resulting from providing goods or servic…
outflows of resources incurred while generating revenue
increases in equity from peripheral or incidental transaction…
decreases in equity from peripheral or incidental transaction…
Revenues
inflows of resources resulting from providing goods or servic…
expenses
outflows of resources incurred while generating revenue
24 terms
Intermediate Accounting
Accounting Principles Board
Financial Accounting
Managerial Accounting
Financial Statements
1) Advance the written expression of Accounting principles... 2…
The process that culminates in the preparation of financial r…
Prices of identifying, measuring, analyzing, and communicatin…
Balance sheet, income statement, statement of cash flows, and…
Accounting Principles Board
1) Advance the written expression of Accounting principles... 2…
Financial Accounting
The process that culminates in the preparation of financial r…
13 terms
Intermediate Accounting
current assets... long-term investments... p…
capital stock... additional paid in capit…
operating... investing... financing
Net Income (FIRST)... depr. exp.... accounts…
What goes on a balance sheet?
What goes in the stockholder's equity section?
Sections for statement of cash flows
Parts of the operating section
current assets... long-term investments... p…
What goes on a balance sheet?
capital stock... additional paid in capit…
What goes in the stockholder's equity section?
8 terms
Intermediate accounting
dilutive
warrant
to appreciate
to entice
verwässert
Garantieerklärung, Ermächtigung
Wert steigern
locken
dilutive
verwässert
warrant
Garantieerklärung, Ermächtigung
22 terms
Intermediate Accounting
Financial Statements
Objective of financial statements
Limitations of financial statements
Primary users of financial statements
principle means through which a company communicates its fina…
The objective of general-purpose financial reporting is to pr…
Dependence on historical costs, based on specific time period…
Investors or shareholders and lenders or creditors.
Financial Statements
principle means through which a company communicates its fina…
Objective of financial statements
The objective of general-purpose financial reporting is to pr…
Intermediate Accounting
APB
AICPA
CAP
Accounting principles board. A committee that Issued 31 optio…
American insititute of certified public accountants. The nati…
Committee on Accounting Procedure. A committee of practicing…
APB
Accounting principles board. A committee that Issued 31 optio…
AICPA
American insititute of certified public accountants. The nati…
59 terms
intermediate accounting
business entity assumption
going concern assumption
monetary unit assumption
periodicity assumption
economic activity can be identified with a particular unit of…
we assume that the business entity will continue in existence…
we assume that money is a stable measure of economic activity…
we assume that we can break the life of a business unit into…
business entity assumption
economic activity can be identified with a particular unit of…
going concern assumption
we assume that the business entity will continue in existence…
65 terms
Intermediate Accounting
Travel advances to
Cash restricted for long term debt
IOU
bank overdraft (if no other account)
receivable
concurrent asset
receivable
current liability
Travel advances to
receivable
Cash restricted for long term debt
concurrent asset
40 terms
Intermediate Accounting
Paid in Capital accounts include what?…
Retained Earnings- debit or credit bal…
Revenues under Retained Earnings- debi…
Expenses under Retained Earnings- debi…
Common Stock, Credit
Credit
Credit
Debit
Paid in Capital accounts include what?…
Common Stock, Credit
Retained Earnings- debit or credit bal…
Credit
31 terms
intermediate accounting
Economic entity
monetary unit assu.
periodicity
going concern
the enterprise is seperate from its owners and other entities.
a common denominator is the dollar.
the life of an enterprise can be divided into artificial time…
the entity will continue indefinitely
Economic entity
the enterprise is seperate from its owners and other entities.
monetary unit assu.
a common denominator is the dollar.
72 terms
Intermediate Accounting
Objectives of Financial Reporting
Entity Perspective
Decision-Usefulness
Three Organizations involved in Standa…
Provide financial information about the reporting entity that…
Companies viewed as separate and distinct from their owners.
Investors are interested in assessing the company's ... 1) abili…
Securities and Exchange Commission (SEC).... American Institute…
Objectives of Financial Reporting
Provide financial information about the reporting entity that…
Entity Perspective
Companies viewed as separate and distinct from their owners.
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