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Study sets matching "intermediate accounting chapter 1"

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Study sets matching "intermediate accounting chapter 1"

40 terms
Intermediate Accounting Chapter 1
1. Summary of Learning Objectives... Ide…
financial accounting
financial statements
financial reporting
Companies most frequently provide (l) the balance sheet, (2)…
The accounting process that culminates in the preparation of…
The principal means through which a company communicates its…
Reporting of financial information other than in formal finan…
1. Summary of Learning Objectives... Ide…
Companies most frequently provide (l) the balance sheet, (2)…
financial accounting
The accounting process that culminates in the preparation of…
78 terms
Intermediate Accounting (Chapter 1)
The essential characteristics of accou…
Financial Accounting
Managerial Accounting
Financial Statements
*the identification, measurement and communication of finanic…
the process that culminates in the preparation of of financia…
process of identifying, measuring, analyzing and communicatin…
principle means through wich a company communicates its finan…
The essential characteristics of accou…
*the identification, measurement and communication of finanic…
Financial Accounting
the process that culminates in the preparation of of financia…
44 terms
Intermediate Accounting: Chapter 1
Accounting for stock-based compensatio…
The purpose of the conceptual framewor…
In the United States the conceptual fr…
Equity is a residual amount representi…
False
True
False
True
Accounting for stock-based compensatio…
False
The purpose of the conceptual framewor…
True
30 terms
Intermediate Accounting Chapter 1
Accounting Principle Board (APB)
Accounting Research Bulletins
Accounting Standards Updates
Accrual-basis Accounting
The major purposes of the Accounting Principle Board (APB) we…
51 issued by the Committee on Accounting Procedure during the…
How the FASB issues pronouncements. They amend the Accounting…
when the events occur
Accounting Principle Board (APB)
The major purposes of the Accounting Principle Board (APB) we…
Accounting Research Bulletins
51 issued by the Committee on Accounting Procedure during the…
77 terms
Chapter 1 Intermediate Accounting
financial accounting
primary focus of financial accounting
financial intermediaries
Financial statements provided to exter…
providing financial information to various external users
financial information provided by profit-oriented companies t…
includes financial analysts, stockbrokers, mutual fund manage…
balance sheet, income statement, statement of cash flows, sta…
financial accounting
providing financial information to various external users
primary focus of financial accounting
financial information provided by profit-oriented companies t…
45 terms
Intermediate Accounting Chapter 1
Assets
Liabilities
Revenue
Expense
*economic resources controlled by the company and are expecte…
*measurable amounts that the company owes to creditors
*inflows of assets or settlements of liabilities resulting fr…
*cost of doing business necessary to earn revenue
Assets
*economic resources controlled by the company and are expecte…
Liabilities
*measurable amounts that the company owes to creditors
30 terms
Intermediate Accounting - Chapter 1
Accounting Principles Board (APB)
Accounting Research Bulletins
Accounting Standards Updates
Accrual-basis accounting
Private standard-setting organization from 1959 to 1973, whos…
Fifty-one bulletins from the Committee on Accounting Procedur…
The products of standard-setting (e.g., FASB standards, staff…
Accounting approach, in which a company records events that c…
Accounting Principles Board (APB)
Private standard-setting organization from 1959 to 1973, whos…
Accounting Research Bulletins
Fifty-one bulletins from the Committee on Accounting Procedur…
26 terms
Intermediate Accounting Chapter 1
Accounting Principles Board (APB)
Accrual-basis Accounting
American Institute of Certified Public…
Auditing Standards Board
Private standard-setting organization from 1959-1973, whose m…
Accounting approach, in which a company records events that c…
The national professional organization of practicing Certifie…
The arm of the AICPA that had been responsbile for developing…
Accounting Principles Board (APB)
Private standard-setting organization from 1959-1973, whose m…
Accrual-basis Accounting
Accounting approach, in which a company records events that c…
40 terms
Intermediate Accounting Chapter 1
1. Summary of Learning Objectives... Ide…
financial accounting
financial statements
financial reporting
Companies most frequently provide (l) the balance sheet, (2)…
The accounting process that culminates in the preparation of…
The principal means through which a company communicates its…
Reporting of financial information other than in formal finan…
1. Summary of Learning Objectives... Ide…
Companies most frequently provide (l) the balance sheet, (2)…
financial accounting
The accounting process that culminates in the preparation of…
52 terms
Intermediate Accounting Chapter 1
financing activities
investing activities
operating activities
stakeholders
a company engages in this to raise the capital it will need t…
invests their capital in productive resources that are necess…
producing goods and services and selling them to customers... -h…
parties with some types of interest in the company... -common eq…
financing activities
a company engages in this to raise the capital it will need t…
investing activities
invests their capital in productive resources that are necess…
32 terms
Intermediate Accounting chapter 1
Rate of Return
Cash Basis Accounting
Accrual Accounting (Most Accurate)
Liabilities
(Dividends + Share Price Appreciation)/ Initial Investment
Produces net operation cash flow which is the difference betw…
Produces Net Income which is The difference between Revenue a…
Probable future sacrifices of economic benefit arising from p…
Rate of Return
(Dividends + Share Price Appreciation)/ Initial Investment
Cash Basis Accounting
Produces net operation cash flow which is the difference betw…
40 terms
Intermediate Accounting Chapter 1
1. Summary of Learning Objectives... Ide…
financial accounting
financial statements
financial reporting
Companies most frequently provide (l) the balance sheet, (2)…
The accounting process that culminates in the preparation of…
The principal means through which a company communicates its…
Reporting of financial information other than in formal finan…
1. Summary of Learning Objectives... Ide…
Companies most frequently provide (l) the balance sheet, (2)…
financial accounting
The accounting process that culminates in the preparation of…
39 terms
Intermediate Accounting Chapter 1
Financial Accounting
Users of Financial Reports
Financial Statements
Objective of Financial Accounting
process that culminates in the preparation of financial repor…
investors, creditors, managers, unions, and government agencies
1. Balance Sheet... 2. Income Statement... 3. Statement of Cash Flo…
To provide financial information about the reporting entity t…
Financial Accounting
process that culminates in the preparation of financial repor…
Users of Financial Reports
investors, creditors, managers, unions, and government agencies
68 terms
Chapter 1 Intermediate Accounting
External decision makers would not loo…
Corporations issue their shares to the…
The primary focus for financial accoun…
Which of the following is not true abo…
B. Capital budgeting
C. Option C
A. Option A
B. t is a measure used in accrual accounting and is recognize…
External decision makers would not loo…
B. Capital budgeting
Corporations issue their shares to the…
C. Option C
55 terms
Intermediate Accounting 1: Chapter 1
Financial accounting
Four Basic Financial Statments
Financial Accounting Standards Board (…
General-purpose financial statements
is the process of identifying, measuring, and communicating f…
balance sheet (statement of financial position), statement of…
body responsible for promulgating U.S. GAAP.
provide information to a wide spectrum of user groups: invest…
Financial accounting
is the process of identifying, measuring, and communicating f…
Four Basic Financial Statments
balance sheet (statement of financial position), statement of…
19 terms
Intermediate Accounting Chapter 1
Users of financial reports of a compan…
An effective process of capital alloca…
The standard-setting structure used by…
The major financial statements used un…
True
True
True
...
Users of financial reports of a compan…
True
An effective process of capital alloca…
True
33 terms
Intermediate Accounting chapter 1
Financial Accounting
Financial Statements
Financial Reporting
Objective of financical reporting
the process that culminates in the preparation of financial r…
principal means through which a company communicates its fina…
Basic financial statements and related disclosures
provide financial information about the reporting entity that…
Financial Accounting
the process that culminates in the preparation of financial r…
Financial Statements
principal means through which a company communicates its fina…
29 terms
Intermediate Accounting - Chapter 1
Financial Accounting
4 major elements of financial accounting
4 Basic financial statements
Financial Accounting Standards board
identifying, measuring and COMMUNICATING FINANCIAL INFORMATIO…
1. financial information... 2. economic entity... 3. user groups... 4.…
1. the statement of comprehensive income (income statement)... 2…
(FASB) the body that enforces (writes) U.S generally accepted…
Financial Accounting
identifying, measuring and COMMUNICATING FINANCIAL INFORMATIO…
4 major elements of financial accounting
1. financial information... 2. economic entity... 3. user groups... 4.…
30 terms
Intermediate Accounting Chapter 1
Accounting Principles Board (APB)
Accounting Research Bulletins
Accounting Standards Updates
Accrual-basis accounting
Private standard-setting organization from 1959 to 1973, whos…
51 Bulletins from the Committee on Accounting Procedure (CAP)…
The products of standard-setting (e.g., FASB standards, staff…
Accounting approach, in which a company records events that c…
Accounting Principles Board (APB)
Private standard-setting organization from 1959 to 1973, whos…
Accounting Research Bulletins
51 Bulletins from the Committee on Accounting Procedure (CAP)…
110 terms
Chapter 1 - Intermediate Accounting
What is the primary function of financ…
What is the primary means of conveying…
Financial Accounting
Financial Intermediaries
Provide useful financial information to users who are externa…
Financial statements and related notes.
The field of accounting that focuses on providing information…
another name for banks, loan associations and pension funds o…
What is the primary function of financ…
Provide useful financial information to users who are externa…
What is the primary means of conveying…
Financial statements and related notes.
30 terms
Intermediate Accounting - Chapter 1
Accounting Principles Board
Accounting Research Bulletins
Accounting Standards Updates
Accrual-basis Accounting
1. Advance the written expression of accounting principles... 2.…
Dealt with a variety of accounting problems
Amend the accounting standards codification, which represents…
Ensures that a company records events that changes its financ…
Accounting Principles Board
1. Advance the written expression of accounting principles... 2.…
Accounting Research Bulletins
Dealt with a variety of accounting problems
19 terms
Intermediate Accounting Chapter 1
What is the difference between financi…
What is the difference between financi…
What is the objective of financial rep…
Who are the common users of financial…
Financial Accounting - prepare the financial statements for u…
Financial Statements - refer to the five financial statements…
To provide financial information about the entity that is use…
1) Investors... 2) Creditors... 3) Managers... 4) Unions ... 5) Governmen…
What is the difference between financi…
Financial Accounting - prepare the financial statements for u…
What is the difference between financi…
Financial Statements - refer to the five financial statements…
15 terms
intermediate accounting chapter 1
Generally Accepted Accounting Principl…
Securities and exchange commission (SEC)
financial accounting
managerial accounting
is a set of accounting standards adopted by nearly all public…
is a government commission created by congress to regulate th…
is the preparation of finical reports on the enterprise for u…
is the process of identifying, measuring, analyzing and commu…
Generally Accepted Accounting Principl…
is a set of accounting standards adopted by nearly all public…
Securities and exchange commission (SEC)
is a government commission created by congress to regulate th…
28 terms
Intermediate Accounting: Chapter 1
Users of Financial Reports
Types of Reports
Good Allocation
Allocation
Creditors, Investors, Managers, Unions, Gov. Agencies
Balance Sheet, Income Statement, Statement of Cash Flows, Sta…
leads to productivity, innovation, effective liquidation of m…
the process of choosing which needs will be satisfied and how…
Users of Financial Reports
Creditors, Investors, Managers, Unions, Gov. Agencies
Types of Reports
Balance Sheet, Income Statement, Statement of Cash Flows, Sta…
34 terms
Intermediate Accounting Chapter 1
What is the function and primary focus…
What is meant by the phrase "efficient…
Identify two important variables to be…
What must a company do in the long run…
- Providing relevant financial information about various ki…
Resources are efficiently allocated if they are given to ente…
- expected rate of return ... - uncertainty or risk of that expe…
In the long run, a company will be able to provide investors…
What is the function and primary focus…
- Providing relevant financial information about various ki…
What is meant by the phrase "efficient…
Resources are efficiently allocated if they are given to ente…
40 terms
Chapter 1 Intermediate Accounting
External Users
Statement of other comprehensive income
Initial market transaction
Secondary market transaction
Investors, creditors (banks, bondholders, other lenders), emp…
The new financial statement that became new in 2012
Corporation sells stock and bonds to individuals or entities…
Do not provide new cash to corporations; stocks and bonds are…
External Users
Investors, creditors (banks, bondholders, other lenders), emp…
Statement of other comprehensive income
The new financial statement that became new in 2012
23 terms
Intermediate Accounting Chapter 1
Financial accounting
What are the four frequently provide s…
Object/Purpose of Financial Reporting
General Purpose financial statements
The process that culminates in preparation of financial repor…
The Balance Sheet... The Income Statement... The Statement of Cash…
To Provide financial information about the reporting entity t…
Provide financial reporting information to a wide variety of…
Financial accounting
The process that culminates in preparation of financial repor…
What are the four frequently provide s…
The Balance Sheet... The Income Statement... The Statement of Cash…
12 terms
Intermediate Accounting Chapter 1
Define GAAP
Define Entity Perspective
Who are the primary users of general p…
When reviewing the decision useful inf…
the guidelines company's use in recognizing, measuring, and r…
Companies are viewed as seperate entities from their owners.
Investors and Creditors
1) ability to generate net cash inflows... 2) MGMT ability to pr…
Define GAAP
the guidelines company's use in recognizing, measuring, and r…
Define Entity Perspective
Companies are viewed as seperate entities from their owners.
24 terms
Intermediate Accounting Chapter 1
What is GAAP?
What is GAAP specifically (NOT ACRONYM)?
Who must use GAAP?
What organizations were responsible fo…
Generally Accepted Accounting Principles.
Set of standards that guides accounting profession within the…
Publicly traded companies
The SEC, American Institute of Certified Public Accountants,…
What is GAAP?
Generally Accepted Accounting Principles.
What is GAAP specifically (NOT ACRONYM)?
Set of standards that guides accounting profession within the…
24 terms
Intermediate Accounting Chapter 1
Liability
Distribution to owners
revenue
assets, liabilities, and equity
Obligation to transfer cash or other resources as a result of…
dividends paid by a corporation to its shareholders
inflow of an asset from providing a good or service
the financial position of a company
Liability
Obligation to transfer cash or other resources as a result of…
Distribution to owners
dividends paid by a corporation to its shareholders
13 terms
Intermediate Accounting chapter 1
What is accounting?
Why is accounting necessary?
Financial reporting
Main financial statements
: (1) identification, measurement, and communication of finan…
To assist in the efficient allocation of capital... - Efficient…
Objective: To provide financial information about the reporti…
Balance sheet, Income statement, the statement of cash flows,…
What is accounting?
: (1) identification, measurement, and communication of finan…
Why is accounting necessary?
To assist in the efficient allocation of capital... - Efficient…
30 terms
Intermediate Accounting Vocabulary - Chapter 1
Accounting Principles Board (APB)
Accounting Research Bulletins
Accounting Standards Updates
accrual-basis accounting
Private standard-setting organization from 1959 to 1973, whos…
Fifty-one bulletins from the Committee on Accounting Procedur…
The products of standard-setting (e.g., FASB standards, staff…
Accounting approach, in which a company records events that c…
Accounting Principles Board (APB)
Private standard-setting organization from 1959 to 1973, whos…
Accounting Research Bulletins
Fifty-one bulletins from the Committee on Accounting Procedur…
65 terms
Intermediate Accounting, Chapter 1 Vocabulary
financial accounting
financial reporting
capital markets
corporation
provides relevant financial information to various external u…
process of providing financial statement information to exter…
mechanisms that foster the allocation of resources efficiently
the dominant form of business organization that acquires capi…
financial accounting
provides relevant financial information to various external u…
financial reporting
process of providing financial statement information to exter…
30 terms
Intermediate Accounting Chapter 1
APB
Accounting Research Bulletins
Accounting Standards Updates
Accrual-Basis Accounting
Accounting Principles Board (APB)... Private standard-setting o…
Fifty-one bulletins from the Committee on Accounting Procedur…
The products of standard-setting (e.g., FASB standards and EI…
Accounting approach, in which a company records events that c…
APB
Accounting Principles Board (APB)... Private standard-setting o…
Accounting Research Bulletins
Fifty-one bulletins from the Committee on Accounting Procedur…
12 terms
Intermediate Accounting Chapter 1
Managerial Accounting
Financial Accounting
Financial Reporting Purpose
General-Purpose Financial Statements
Process of identifying, measuring, analyzing, and communicati…
The process that culminates in the preparation of financial r…
To provide financial information about the reporting entity t…
Provide financial reporting information to a wide variety of…
Managerial Accounting
Process of identifying, measuring, analyzing, and communicati…
Financial Accounting
The process that culminates in the preparation of financial r…
16 terms
Intermediate Accounting Chapter 1
Accounting Principles Board (APB)
American Institute of Certified Public…
Committee on Accounting Procedure (CAP)
Financial Accounting Standards Board (…
to advance the written expression of accounting principles, n…
committee of CPA's who have contributed to the development of…
established by AICPA to deal with accounting problems, then l…
whose purpose is to improve general accepted accounting stand…
Accounting Principles Board (APB)
to advance the written expression of accounting principles, n…
American Institute of Certified Public…
committee of CPA's who have contributed to the development of…
29 terms
Intermediate Accounting Chapter 1
Accounting Principles Board (APB)
Accounting Research Bulletins
Accounting Standards Updates
Accrual-Basis Accounting
(1) Advance the written expression of accounting principles,…
Dealt with a variety of accounting problems, however failed t…
Amend the Accounting Standards Codification, which represents…
It ensures that a company records events that change its fina…
Accounting Principles Board (APB)
(1) Advance the written expression of accounting principles,…
Accounting Research Bulletins
Dealt with a variety of accounting problems, however failed t…
27 terms
Intermediate Accounting Chapter 1
Accounting
Financial Accounting
Managerial Accounting
Objective of Financial Accounting
identify, measure, and communicate financial info about econo…
process that culminates in the preparation of financial repor…
identifying, measuring, analyzing and communicating financial…
provide financial information about reporting entity that is…
Accounting
identify, measure, and communicate financial info about econo…
Financial Accounting
process that culminates in the preparation of financial repor…
8 terms
Intermediate Accounting Chapter 1
SEC
FASB
IASB
IFRS
Securities and Exchange Commission, created in 1934 and regul…
Financial Accounting Standards Board, dictated by GAAP. Creat…
International Accounting Standards Board, governs IFRS
International Financial Reporting Standards, governed by IASB
SEC
Securities and Exchange Commission, created in 1934 and regul…
FASB
Financial Accounting Standards Board, dictated by GAAP. Creat…
23 terms
Intermediate Accounting Chapter 1
Financial accounting
What are the four frequently provide s…
Object/Purpose of Financial Reporting
General Purpose financial statements
The process that culminates in preparation of financial repor…
The Balance Sheet... The Income Statement... The Statement of Cash…
To Provide financial information about the reporting entity t…
Provide financial reporting information to a wide variety of…
Financial accounting
The process that culminates in preparation of financial repor…
What are the four frequently provide s…
The Balance Sheet... The Income Statement... The Statement of Cash…
62 terms
Chapter 1 Intermediate Accounting
essential characteristics of accounting
Financial accounting
Managerial accounting
financial statements
(1) the identification, measurement, and communication of fin…
Is the process that culminates in the preparation of financia…
Is the process of identifying, measuring, analyzing, and comm…
are the principal means through which a company communicates…
essential characteristics of accounting
(1) the identification, measurement, and communication of fin…
Financial accounting
Is the process that culminates in the preparation of financia…
31 terms
Intermediate Accounting Chapter 1
financial statement consists of
Additional information consists of
financial reporting objective
cash basis formula
balance sheet... income statement... statement of cash flow... stateme…
-presidents letter... -new releases... -management forecasts... NOT GAAP
to provide information about company resources and changes to…
net operating cash flow = cash receipt - cash disbursement
financial statement consists of
balance sheet... income statement... statement of cash flow... stateme…
Additional information consists of
-presidents letter... -new releases... -management forecasts... NOT GAAP
34 terms
Intermediate Accounting - Chapter 1
Liabilities
Distribution to owners
Revenue
Assets, Liabilities and Equity
Obligations to transfer cash or other resources as a result o…
Dividends paid by a corporation to its shareholders; Decrease…
Inflow of an asset from providing a good or service
The financial position of a company
Liabilities
Obligations to transfer cash or other resources as a result o…
Distribution to owners
Dividends paid by a corporation to its shareholders; Decrease…
21 terms
Chapter 1 Intermediate Accounting
Liability
Distribution to Owner
Revenue
Balance Sheet
obligation to transfer cash or other resource as a result of…
Dividends paid by a corporation to its shareholders
Inflow of an asset from providing a good or service
The financial position of a company
Liability
obligation to transfer cash or other resource as a result of…
Distribution to Owner
Dividends paid by a corporation to its shareholders
16 terms
Intermediate Accounting: Chapter 1
Financial Accounting
Financial Statements
Objective of Financial Reporting
General-purpose Financial Statements
The process that culminates in the preparation of financial r…
The principal means through which a company communicates its…
To help people make informed decisions based on useful and re…
Provide financial reporting information to a wide variety of…
Financial Accounting
The process that culminates in the preparation of financial r…
Financial Statements
The principal means through which a company communicates its…
69 terms
Intermediate Accounting Chapter 1 Vocab
GAAP (Generally Accepted Accounting Pr…
AICPA (American Institute of Certified…
FASB (Financial Accounting Standards B…
FAF (Financial Accounting Foundation)
a set of dynamic broad and specific guidelines that a company…
the national professional organization for certified professi…
Sets accounting standards in the United States, made up of 7…
responsible for selecting members of the FASB, ensures adequa…
GAAP (Generally Accepted Accounting Pr…
a set of dynamic broad and specific guidelines that a company…
AICPA (American Institute of Certified…
the national professional organization for certified professi…
42 terms
Intermediate Accounting - Chapter 1
Financial Accounting
External Groups
Financial Statements Provided to Users
Capital Markets
- Concerned with providing financial information to various e…
- "Financial Intermediaries are one external group; includes…
1. Balance Sheet... 2. Income Statement... 3. Statement of Cash Flo…
the mechanisms that foster efficient allocation of resources…
Financial Accounting
- Concerned with providing financial information to various e…
External Groups
- "Financial Intermediaries are one external group; includes…
Intermediate Accounting Chapter 1
Accounting Principles Board (APB)
Accounting Research Bulletins
Accounting Standards Updates
Accrual-basis Accounting
Major purposes of the APB were to (1) advance the written exp…
There were 51 Accounting Research Bulletins issued by the Com…
The Accounting Standards Updates is the FASBs method of issui…
Method of accounting where revenues are reported on the incom…
Accounting Principles Board (APB)
Major purposes of the APB were to (1) advance the written exp…
Accounting Research Bulletins
There were 51 Accounting Research Bulletins issued by the Com…
74 terms
Intermediate Accounting (Chapter 1)
The essential characteristics of accou…
Financial Accounting
Managerial Accounting
Financial Statements
The identification, measurement and communication of finanica…
The preparation of financial reports on the enterprise for us…
The process of identifying, measuring, analyzing and communic…
The principle means through wich a company communicates its f…
The essential characteristics of accou…
The identification, measurement and communication of finanica…
Financial Accounting
The preparation of financial reports on the enterprise for us…
30 terms
Intermediate Accounting Chapter 1
Accounting Principle Board (APB)
Accounting Research Bulletins
Accounting Standards Updates
Accrual-basis Accounting
The major purposes of the Accounting Principle Board (APB) we…
51 issued by the Committee on Accounting Procedure during the…
How the FASB issues pronouncements. They amend the Accounting…
when the events occur
Accounting Principle Board (APB)
The major purposes of the Accounting Principle Board (APB) we…
Accounting Research Bulletins
51 issued by the Committee on Accounting Procedure during the…
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