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Study sets matching "lhs clep accounting"

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Study sets matching "lhs clep accounting"

20 terms
Accounting CLEP
What will always increase when net inc…
Accounts recievable turnover helps det…
The income statement is designed to me…
A company prepares a bank reconciliati…
Capital
how quickly a firm collects cash on its credit sales
the results of business operations
determine the correct amount of cash balance
What will always increase when net inc…
Capital
Accounts recievable turnover helps det…
how quickly a firm collects cash on its credit sales
147 terms
CLEP Accounting
Assets
Balance Sheet
Capitalized
Current Assets
Economic Resources that the business plans to use in the futu…
a financial statement that reports assets, liabilities, and o…
When money is changed into another asset that helps the busin…
cash and other assets expected to be exchanged for cash or co…
Assets
Economic Resources that the business plans to use in the futu…
Balance Sheet
a financial statement that reports assets, liabilities, and o…
32 terms
Accounting CLEP
debt ratio
equity ratio
current assets
debt ratio + equity ratio =
TL/TA, ability to pay debts
E/TA, owner's portion
cash + supplies
100%
debt ratio
TL/TA, ability to pay debts
equity ratio
E/TA, owner's portion
147 terms
CLEP Accounting
Assets
Balance Sheet
Capitalized
Current Assets
Economic Resources that the business plans to use in the futu…
a financial statement that reports assets, liabilities, and o…
When money is changed into another asset that helps the busin…
cash and other assets expected to be exchanged for cash or co…
Assets
Economic Resources that the business plans to use in the futu…
Balance Sheet
a financial statement that reports assets, liabilities, and o…
LHS-Accounting chapter one
Accounting
Accounting system
Accounting Records
Financial Records
Planning, recording, analyzing, and interpreting financial in…
planned process for providing financial information for manag…
Organized summaries of a business financial activities
Financial reports that summarize the financial condition and…
Accounting
Planning, recording, analyzing, and interpreting financial in…
Accounting system
planned process for providing financial information for manag…
43 terms
CLEP Exam - Financial Accounting
The Income Statement
Rev - Exp = Net Income
The Statement of Retained Earnings
Rev inc --> Retained Earnings inc ... Exp…
Measures a companys financial performance over a specific acc…
...
Retained earnings represent the portion of the Net Income the…
...
The Income Statement
Measures a companys financial performance over a specific acc…
Rev - Exp = Net Income
...
27 terms
Accounting CLEP Review
Equity / Total assets
Sales - COGS = Gross profit - Expenses…
Beginning equity + Net income - Withdr…
Correcting an overcharge and making cl…
Equity ratio
Income statement equation
Owner's equity formula
Two times it is appropriate to debit an income account
Equity / Total assets
Equity ratio
Sales - COGS = Gross profit - Expenses…
Income statement equation
43 terms
CLEP Exam - Financial Accounting
The Income Statement
Rev - Exp = Net Income
The Statement of Retained Earnings
Rev inc --> Retained Earnings inc ... Exp…
Measures a companys financial performance over a specific acc…
...
Retained earnings represent the portion of the Net Income the…
...
The Income Statement
Measures a companys financial performance over a specific acc…
Rev - Exp = Net Income
...
343 terms
CLEP Financial Accounting
Asset
Balance sheet
Balanced books
Capital
An economic resource that is expected to be of benefit in the…
A summary of financial balances as of a particular day.
(When "Where did it go?" equals "Where did it come from?" or)…
Assets that help a business or a person make money
Asset
An economic resource that is expected to be of benefit in the…
Balance sheet
A summary of financial balances as of a particular day.
288 terms
CLEP Financial Accounting
accounting
Accepted
statements
practices
The communication of economic events that have taken place in…
Financial accounting is governed by basic ground rules that a…
The end product of financial accounting is the preparation of…
Accounting principles are based on a set of concepts that und…
accounting
The communication of economic events that have taken place in…
Accepted
Financial accounting is governed by basic ground rules that a…
57 terms
CLEP Financial Accounting
double entry accounting
capital
assets
liabilities
records every transaction twice: 1) where the money comes fro…
an asset that helps you make money, like a helium tank for a…
economic resources
amounts the business owes to loans, creditors, etc.
double entry accounting
records every transaction twice: 1) where the money comes fro…
capital
an asset that helps you make money, like a helium tank for a…
10 terms
Accounting clep 31-50
How is treasury stock reported on the…
Trading securities must be reported on…
an accrued expense is
what is true of annual depreciation ex…
as a decrease in stockholders equity
fair market value
liability
it allocates the cost of use of a long term asset to the reve…
How is treasury stock reported on the…
as a decrease in stockholders equity
Trading securities must be reported on…
fair market value
160 terms
Accounting CLEP - basic terms
Capitalized ($)
Creditors
Liquidity
Operating cycle
When money is changed into another asset that helps the busin…
Outsiders to whom the company owes money
A measure of the ease of changing an asset into cash
The natural period of time before certain business activities…
Capitalized ($)
When money is changed into another asset that helps the busin…
Creditors
Outsiders to whom the company owes money
15 terms
Accounting CLEP - principles
GAAP
Conservative
Going-concern
Historical cost
The rules of accounting created by the FASB that everyone mus…
Requires accountants to resolve financial statement uncertain…
Requires that financial statements be based on the assumption…
Requires assets to be reported on the balance sheet at their…
GAAP
The rules of accounting created by the FASB that everyone mus…
Conservative
Requires accountants to resolve financial statement uncertain…
48 terms
Accounting CLEP - formulas
Income statement
Statement of equity
Balance sheet
Statement of cash flows
Revenues - Expenses = Net Income (for the accounting period)
[Owner Capital (at start date) + Contributions + Net Income]…
Total Assets; Total Liabilities + Total Equity... (Balances of t…
Operations; investing activities; financing activities; calcu…
Income statement
Revenues - Expenses = Net Income (for the accounting period)
Statement of equity
[Owner Capital (at start date) + Contributions + Net Income]…
18 terms
Financial Accounting CLEP Equations
Profit
Ending Retained Earnings
Working Capital
Gross Margin/Gross Profit
Revenue - Expenses
Beginning Retained Earnings + Net Income - Dividends
Current Assets - Current Liabilities
Net Sale - COGS
Profit
Revenue - Expenses
Ending Retained Earnings
Beginning Retained Earnings + Net Income - Dividends
13 terms
Accounting LHS 2.01 VOCAB
equities
T account
debit
credit
financial rights to the assets of a business
an accounting device used to analyze transactions
an amount recorded on the left side of an account.
an amount recorded on the right side of an account
equities
financial rights to the assets of a business
T account
an accounting device used to analyze transactions
73 terms
Financial Accounting CLEP - Vocabulary
Assets
Balance sheet
Balanced books
Capital
Economic resources that the business plans to use in the futu…
The financial report that shows business assets, liabilities,…
When "Where did it go?" equals "Where did it come from?" or w…
Assets that help a business or a person make money.
Assets
Economic resources that the business plans to use in the futu…
Balance sheet
The financial report that shows business assets, liabilities,…
CLEP Financial Accounting - Accounting Basics
Income Statement
Accrual basis of accounting
Cash method of accounting
Revenue recognition principle
Shows how profitable a business has been during the time inte…
Revenues are recorded when they are earned (rather than when…
Revenues/expenses are recorded when the money actually is rec…
The accounting guideline requiring that revenues be shown on…
Income Statement
Shows how profitable a business has been during the time inte…
Accrual basis of accounting
Revenues are recorded when they are earned (rather than when…
252 terms
clep finanicial accountant
On account
Accrual accounting
Cash basis accounting
control account
buying now and paying later.
recognizes revenues when they are earned and expenses when th…
it recognizes income when a business receives cash and recogn…
the individual record for each customer is kept in a subsidia…
On account
buying now and paying later.
Accrual accounting
recognizes revenues when they are earned and expenses when th…
43 terms
CLEP exam Financial Accounting
The Income Statement
Rev - Exp = Net Income
The Statement of Retained Earnings
Rev inc --> Retained Earnings inc ... Exp…
Measures a companys financial performance over a specific acc…
...
Retained earnings represent the portion of the Net Income the…
...
The Income Statement
Measures a companys financial performance over a specific acc…
Rev - Exp = Net Income
...
11 terms
Clep Accounting Exam - Important Equations
Debt Ratio: (Measure ability to pay fo…
Equity Ratio
Current Ratio: (Measure to pay bills w…
Gross Profit:
Total Liabilities / Total Assets
Equity / Total Assets
Total current assets / total current liabilities
Sales - Cost of goods sold = Gross profit
Debt Ratio: (Measure ability to pay fo…
Total Liabilities / Total Assets
Equity Ratio
Equity / Total Assets
27 terms
CLEP REA Financial Accounting ~ Formulas
Basic acc equation
Business entity
Current
Current Ratio
Assets = liabilities + owner's equity
the financial statements report about a single business. Ever…
"current" liabilities are those debts that must be paid withi…
Current Assets/current liabilities = current ratio
Basic acc equation
Assets = liabilities + owner's equity
Business entity
the financial statements report about a single business. Ever…
204 terms
Financial Accounting - CLEP (All chapters)
Assets
Balance sheet
Balanced books
Capital
2. Economic resources that the business plans to use in the f…
2. The financial report that shows business assets, liabiliti…
2. When "Where did it go?" equals "Where did it come from?" o…
2. Assets that help a business or a person make money.
Assets
2. Economic resources that the business plans to use in the f…
Balance sheet
2. The financial report that shows business assets, liabiliti…
19 terms
Accounting LHS 2015-16 1.01VOCAB
accountant
accounting records
capital
for-profit business
A person who plans, summarizes, analyzes, and interprets acco…
Organized summaries of a business' financial records
The money invested in a business by an owner
A business whose primary goal is making money
accountant
A person who plans, summarizes, analyzes, and interprets acco…
accounting records
Organized summaries of a business' financial records
69 terms
Financial Accounting - CLEP 16- 20
Amortization expense
Depletion expense
Full amortized
Intangeible assets
16. The amount of an intangible asset used up during the peri…
16. The amount of a natural resource used up during the period.
16. When an intangible asset is fully amortized, all of its c…
16. Assets with no physical form, yet they offer value to a b…
Amortization expense
16. The amount of an intangible asset used up during the peri…
Depletion expense
16. The amount of a natural resource used up during the period.
26 terms
CLEP Financial Accounting Practice Exam
What will always increase when net inc…
Accounts receivable turnover helps det…
The income statement is designed to me…
A company prepares a bank reconciliati…
Equity
How quickly a firm collects cash on its credit sales
The results of business operations
Determine the correct amount of cash balance
What will always increase when net inc…
Equity
Accounts receivable turnover helps det…
How quickly a firm collects cash on its credit sales
36 terms
Financial Accounting CLEP - Chap 3 Making Money
Account
Accumulated depreciation
Chart of accounts
Contra account
A place on the financial books to keep track of financial inf…
The contra-asset account that accumulates all the depreciatio…
The official list of all business accounts.
An account that gets subtracted from its related account. Con…
Account
A place on the financial books to keep track of financial inf…
Accumulated depreciation
The contra-asset account that accumulates all the depreciatio…
25 terms
Financial Accounting CLEP - Chap 2 Getting Started
Assets
Balance sheet
Balanced books
Capital
Economic resources that the business plans to use in the futu…
The financial report that shows business assets, liabilities,…
When "Where did it go?" equals "Where did it come from?" of w…
Assets that help a business or a person make money.
Assets
Economic resources that the business plans to use in the futu…
Balance sheet
The financial report that shows business assets, liabilities,…
21 terms
Financial Accounting CLEP Exam Prep - Ch 2
Assets
Balance Sheet
Balanced books
Capital
Economic resources that the business plans to use in the futu…
The financial report that shows business assets, liabilities,…
When "Where did it go?" equals "Where did it come from?" or w…
Assets that help a business or a person make money.
Assets
Economic resources that the business plans to use in the futu…
Balance Sheet
The financial report that shows business assets, liabilities,…
25 terms
Financial Accounting CLEP - Chap 2 Getting Started
Assets
Balance sheet
Balanced books
Capital
Economic resources that the business plans to use in the futu…
The financial report that shows business assets, liabilities,…
When "Where did it go?" equals "Where did it come from?" of w…
Assets that help a business or a person make money.
Assets
Economic resources that the business plans to use in the futu…
Balance sheet
The financial report that shows business assets, liabilities,…
22 terms
Financial Accounting CLEP Exam Prep - Ch 3
Account
Accumulated depreciation
Chart of accounts
Contra account
A place on the financial books to keep track of financial inf…
The contra-asset account that accumulates all the depreciatio…
The official list of all business accounts.
An account that gets subtracted from its relative account. Co…
Account
A place on the financial books to keep track of financial inf…
Accumulated depreciation
The contra-asset account that accumulates all the depreciatio…
16 terms
CLEP Financial Accounting: Chapter 1 Vocab
Assets
Balance sheet
Balanced books
Capital
economic resources that the business plans to use in the futu…
the financial report that shows business assets, liabilities,…
when a company's assets equal its liabilities plus owner's eq…
assets that help a business or a person make money.
Assets
economic resources that the business plans to use in the futu…
Balance sheet
the financial report that shows business assets, liabilities,…
48 terms
Pass your class: Financial Accounting CLEP
GAAP
SEC
Dr.
Cr.
Generally accepted accounting principles
Securities exchange commission
Debt
Credit
GAAP
Generally accepted accounting principles
SEC
Securities exchange commission
22 terms
CLEP Financial Accounting: Chapter 2 Vocab
Account
Accumulated depreciation
Chart of accounts
Contra account
a place on the financial books to keep track of financial inf…
the contra-asset account that accumulates all the depreciatio…
the official list of all business accounts.
an account that gets subtracted from its related account.
Account
a place on the financial books to keep track of financial inf…
Accumulated depreciation
the contra-asset account that accumulates all the depreciatio…
25 terms
Financial Accounting CLEP - Chap 2 Getting Started
Assets
Balance sheet
Balanced books
Capital
Economic resources that the business plans to use in the futu…
The financial report that shows business assets, liabilities,…
When "Where did it go?" equals "Where did it come from?" of w…
Assets that help a business or a person make money.
Assets
Economic resources that the business plans to use in the futu…
Balance sheet
The financial report that shows business assets, liabilities,…
64 terms
Financial Accounting CLEP - Chap 3 Making Money
Account
Accumulated depreciation
Chart of accounts
Contra account
A place on the financial books to keep track of financial inf…
The contra-asset account that accumulates all the depreciatio…
The official list of all business accounts.
An account that gets subtracted from its related account. Con…
Account
A place on the financial books to keep track of financial inf…
Accumulated depreciation
The contra-asset account that accumulates all the depreciatio…
32 terms
Financial Accounting CLEP - Chap 3 Making Money
Account
Accumulated depreciation
Chart of accounts
Contra account
A place on the financial books to keep track of financial inf…
The contra-asset account that accumulates all the depreciatio…
The official list of all business accounts.
An account that gets subtracted from its related account. Con…
Account
A place on the financial books to keep track of financial inf…
Accumulated depreciation
The contra-asset account that accumulates all the depreciatio…
12 terms
Financial Accounting CLEP Exam Prep - Ch. 5
Audit
Auditors
Certified public accountants
Financial accounting
The check of business accounting records in order to give an…
Certified public accountants who audit accounting records.
Accountants licensed by state as professional independent ver…
The skill of producing financial statements from business tra…
Audit
The check of business accounting records in order to give an…
Auditors
Certified public accountants who audit accounting records.
REA CLEP Principles of Financial Accounting Vocabulary: Chapter 4
Cash Flow Statement
Direct Method
Financing
Indirect Method
the business financial statement that shows where the cash ca…
the method of calculating cash flow from operations that does…
The process of finding money for the business from sources ot…
The usual method of computing cash flow from operations. It s…
Cash Flow Statement
the business financial statement that shows where the cash ca…
Direct Method
the method of calculating cash flow from operations that does…
REA CLEP Principles of Financial Accounting Vocabulary: Chapter 5
Audit
Auditors
Certified Public Accountants (CPAs)
Financial Accounting
The check of business accounting records in order to give an…
Certified public accountants who audit accounting records.
Accountants licensed by the state as professional independent…
The skill of producing financial statements from business tra…
Audit
The check of business accounting records in order to give an…
Auditors
Certified public accountants who audit accounting records.
REA CLEP Principles of Financial Accounting Vocabulary: Chapter 2
Assets
Balance Sheet
Balanced Books
Capital
Economic resources that the business plans to use in the futu…
The financial report that shows business assets, liabilities,…
When a company's assets equal it's liabilities plus owner's e…
Assets that help a business or a person make money.
Assets
Economic resources that the business plans to use in the futu…
Balance Sheet
The financial report that shows business assets, liabilities,…
REA CLEP Principles of Financial Accounting Vocabulary: Chapter 17
Accrue
Adjusting Entry
Amortization Schedule
Interest Payable
Recognize revenues or expenses on the accounting books even t…
A non-cash journal entry at the end of a period that adjusts…
A schedule showing the principle, interest, and remaining bal…
The account that reflects interest accrued on business debts.
Accrue
Recognize revenues or expenses on the accounting books even t…
Adjusting Entry
A non-cash journal entry at the end of a period that adjusts…
REA CLEP Principles of Financial Accounting Vocabulary: Chapter 11
Discount a Note
Face Amount
Face Interest
Future Value of a Note
To sell a note to a bank that subtracts a discount, giving th…
The dollar amount written on the face of a note.
The interest rate written on the face of a note.
The amount borrowed plus the interest up to the maturity date.
Discount a Note
To sell a note to a bank that subtracts a discount, giving th…
Face Amount
The dollar amount written on the face of a note.
REA CLEP Principles of Financial Accounting Vocabulary: Chapter 10
Accrual Basis Accounting
Cash Basis Accounting
Control Account
Current Assets
The system in which income is recognized when earned and expe…
The system in which income and expenses are recognized when c…
The account that shows the total of all the individual record…
Assets that are available to spend within a year.
Accrual Basis Accounting
The system in which income is recognized when earned and expe…
Cash Basis Accounting
The system in which income and expenses are recognized when c…
REA CLEP Principles of Financial Accounting Vocabulary: Chapter 6
Closing
Contra Accounts
Credit
Debit
End-of-year posting to bring the temporary accounts to zero a…
Sister accounts that have a normal balance the opposite of th…
The right side of T-accounts. Credits increase liabilities an…
The left side of T-accounts. Debits increase assets, withdraw…
Closing
End-of-year posting to bring the temporary accounts to zero a…
Contra Accounts
Sister accounts that have a normal balance the opposite of th…
REA CLEP Principles of Financial Accounting Vocabulary: Chapter 12
Contra-Purchases Account
Cost of Goods Sold
FIFO
LIFO
An account that is subtracted from Purchases to Compute Net P…
The cost paid for the merchandise sold.
First-in, first-out. The inventory system that assumes the ol…
Last-in, first-out. The inventory system that assumes the lat…
Contra-Purchases Account
An account that is subtracted from Purchases to Compute Net P…
Cost of Goods Sold
The cost paid for the merchandise sold.
REA CLEP Principles of Financial Accounting Vocabulary: Chapter 16
Amortization Expense
Depletion Expense
Fully Amortized
Intangible Assets
The amount of intangible asset used up during the period.
The amount of a natural resource used up during the period.
When an intangible asset is fully amortized, all of its cost…
Assets with no physical form, yet they offer -value to a busi…
Amortization Expense
The amount of intangible asset used up during the period.
Depletion Expense
The amount of a natural resource used up during the period.
REA CLEP Principles of Financial Accounting Vocabulary: Chapter 9
Clear the Bank
Deposit Not Shown
Maker
Marketable Securities
A check as cleared the bank if the payee has presented the ch…
A deposit not shown is a bank deposit made too late to show u…
The person who writes a check.
Securities (pieces of paper that represent ownership in inves…
Clear the Bank
A check as cleared the bank if the payee has presented the ch…
Deposit Not Shown
A deposit not shown is a bank deposit made too late to show u…
REA CLEP Principles of Financial Accounting Vocabulary: Chapter 18
Bonds
Bond Book Value
Bondholder
Contra-Liability Account
Certificates that corporations (and governments) issue to bor…
The true value of the bond liability.
The investor who currently owns the bond certificate.
A negative liability, such as a bond discount.
Bonds
Certificates that corporations (and governments) issue to bor…
Bond Book Value
The true value of the bond liability.
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