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Study sets matching "term:accounting = process of measuring, interpreting, and communicating financial information to support internal and external business decision making"

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Study sets matching "term:accounting = process of measuring, interpreting, and communicating financial information to support internal and external business decision making"

9 terms
Chapter 5: Communicating and Interpreting Accounting Information
Players in Accounting Communication pr…
SEC Regulation - Fair Disclosure
Insider Trading
The Disclosure Process - Annual Reports
Management, Regulators (SEC, FASB, PCAOB), Auditors, Board of…
Requires that companies provide all investors equal access to…
Managers/insiders trading their company's shares based on non…
Annual reports include: 1. Four basic financial statements, 2…
Players in Accounting Communication pr…
Management, Regulators (SEC, FASB, PCAOB), Auditors, Board of…
SEC Regulation - Fair Disclosure
Requires that companies provide all investors equal access to…
25 terms
Ch 5: Communicating and Interpreting Accounting Information
Corporate Governance
Sarbanes-Oxley Act
Elements of the Fraud Triangle
Regulators in the Accounting Communica…
Refers to the procedures designed to ensure that the company…
A law which strengthens US financial reporting and corporate…
-Incentive... -Opportunity... -Rationalization
-SEC... -FASB... -PCAOB... -Stock Exchanges
Corporate Governance
Refers to the procedures designed to ensure that the company…
Sarbanes-Oxley Act
A law which strengthens US financial reporting and corporate…
18 terms
Communicating and Interpreting Accounting Information
corporate governance
Three conditions for financial stateme…
SEC mission
FASB
procedures designed to ensure that the company is managed in…
1. an incentive to commit fraud... 2. the opportunity to commit…
to protect investors and maintain the integrity of the securi…
sets GAAP rules
corporate governance
procedures designed to ensure that the company is managed in…
Three conditions for financial stateme…
1. an incentive to commit fraud... 2. the opportunity to commit…
32 terms
Ch. 1: Financial Accounting and Accounting Standards
essential characteristics of accounting
Financial accounting
Managerial accounting
financial statements
1. the identification, measurement and communication of finan…
is the process that culminates in the preparation of financia…
is the process of identifying, measuring, analyzing and commu…
balance sheet... income statement ... statement of cashflows ... state…
essential characteristics of accounting
1. the identification, measurement and communication of finan…
Financial accounting
is the process that culminates in the preparation of financia…
104 terms
Accounting Principles 12th Ed. - Ch. 1
Accounting
Accounting
The 3 basic activities of accounting
Identify
The financial information system that provides insight into t…
Consists of three basic activities—it identifies, records, an…
Identify, record and communicate the economic events of an or…
The starting point to the accounting process that observes th…
Accounting
The financial information system that provides insight into t…
Accounting
Consists of three basic activities—it identifies, records, an…
13 terms
Financial accounting mid semester
Role of financial accounting
Accounting
Accounting standards AASB
The conceptual framework
Financial accounting is a process involving the collection an…
Accounting is the process of measuring interpreting and commu…
An accounting standard is a technical pronouncement that sets…
A conceptual framework is a group of ideas or principals to p…
Role of financial accounting
Financial accounting is a process involving the collection an…
Accounting
Accounting is the process of measuring interpreting and commu…
17 terms
ACCT220
Accounting
Accounting information
Auditing
CPA
the process of identifying, measuring and communicating econo…
pirmarily financial, stated in money terms
a business attempting to have its securities traded on a stoc…
Certified Public Accountant
Accounting
the process of identifying, measuring and communicating econo…
Accounting information
pirmarily financial, stated in money terms
24 terms
Financial Accounting Fundamentals Chapter 1
Certified management accountants
Accounting
Managerial accounting
Certified public accountants
Certified professionals who work for a single company
The information system that measures business activities, pro…
The field of accounting that focuses on providing information…
Licensed professional accountants who serve the general public.
Certified management accountants
Certified professionals who work for a single company
Accounting
The information system that measures business activities, pro…
49 terms
Chapter 17 Financial Information and Accounting Concepts
accounting
accounting equation
accounts receivable turnover ratio
accrual basis
Measuring, interpreting, and communicating financial informat…
The equation stating that assets equal liabilities plus owner…
A measure of the time a company takes to turn its accounts re…
And accounting method in which a revenue is recorded when the…
accounting
Measuring, interpreting, and communicating financial informat…
accounting equation
The equation stating that assets equal liabilities plus owner…
29 terms
Chapter 1 Financial Accounting and Accounting Standards
Financial Accounting
Financial Statements
Financial Reporting
Objective
the process that culminates in the preparation of financial r…
company communicates its financial information
reporting of financial information other than in formal finan…
goal for financial accounting
Financial Accounting
the process that culminates in the preparation of financial r…
Financial Statements
company communicates its financial information
8 terms
financial accounting
financial statements
accounting
accounting cycle
who uses accounting information?
business documents that companies use to report the results o…
measures business activities, processes data into reports, an…
the process by which a company's financial statements are pre…
-individuals... -investors and creditors... -regulatory bodies... -non…
financial statements
business documents that companies use to report the results o…
accounting
measures business activities, processes data into reports, an…
43 terms
Financial and managerial accounting Chapter 1 Terms
Accounting
Accounting Equation
Accounts Payable
Accounts Receivable
The Information system that measures business activities, pro…
Assets=Liabilities+Equity
A short term liability that will be paid in the future
The right to receive cash in the future from customers for go…
Accounting
The Information system that measures business activities, pro…
Accounting Equation
Assets=Liabilities+Equity
12 terms
Chapter 1
Purpose of Accounting
Owners need to know...
Managers need to know...
Creditors need to know...
Provide financial info about operations and conditions of a b…
Current financial condition and profitability
Measures of the business performance
If the business is able to pay its debts
Purpose of Accounting
Provide financial info about operations and conditions of a b…
Owners need to know...
Current financial condition and profitability
7 terms
The Accounting Landscape for a Sole Trader
Accounting
Accounting standards
Financial reports
Sole trader
The process of identifying, measuring, interpreting and commu…
Rules, practices and procedures with which members of the acc…
Classified summaries of an enterprise's financial standing, e…
A person who is the only owner of a business
Accounting
The process of identifying, measuring, interpreting and commu…
Accounting standards
Rules, practices and procedures with which members of the acc…
14 terms
Nature of Accounting
Accounting
Cash budget
Statement of Financial Position
Cash Flows
a way of communicating financial information so that interest…
this shows the predicted cash receipts and cash payments for…
this measures s business financial stability at a given point…
shows all cash movements ( where money came from and what it…
Accounting
a way of communicating financial information so that interest…
Cash budget
this shows the predicted cash receipts and cash payments for…
41 terms
Horngren's Accounting Chapter 1 Vocabulary
Accounting
Accounting Equation
Assets
Balance Sheet
The information system that measures business activities, pro…
Equality involving a company's assets, liabilities, and equit…
An economic resource that is expected to be of benefit in the…
Reports on an entity's assets, liabilities, and owner's equit…
Accounting
The information system that measures business activities, pro…
Accounting Equation
Equality involving a company's assets, liabilities, and equit…
22 terms
15: Understanding Accounting and Financial Statements
Accounting
Public accountant
Management accountant
Government and not-for-profit accounta…
process of measuring , interpreting, and communicating financ…
one who provides accounting services to individuals or busine…
collect and record financial transactions, prepare financial…
analyze how effectively the organization or agency is operating
Accounting
process of measuring , interpreting, and communicating financ…
Public accountant
one who provides accounting services to individuals or busine…
29 terms
Chapter 1: Financial Accounting and Accounting Standards
Financial accounting
Managerial accounting
Financial statements
The financial statements most frequent…
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…
(1) the balance sheet... (2) the income statement ... (3) the state…
Financial accounting
is the process that culminates in the preparation of financia…
Managerial accounting
is the process of identifying, measuring, analyzing, and comm…
14 terms
Accounting for Decision making
Accounting
Processes of Accounting
What is book keeping
Internal users of accounting informati…
Is the process of identifying, measuring and communicating ec…
1. Identifying - Transactions that will affect the financial…
Book keeping is the recording and summarising of financial in…
1. Management planning - sales mix, price of goods, forecasti…
Accounting
Is the process of identifying, measuring and communicating ec…
Processes of Accounting
1. Identifying - Transactions that will affect the financial…
16 terms
test #1
accounting
accounting system
financial statements
what does an accountant do?
the information system that measures business activity, proce…
designed yo accumulate data about a firm's financial affairs,…
report (or set of documents) on a business in monetary terms
- establishes the records and procedure that makes up an acco…
accounting
the information system that measures business activity, proce…
accounting system
designed yo accumulate data about a firm's financial affairs,…
14 terms
Basic Accounting Terms
Asset
Liability
Owner's Equity
expenses
Anything of value that is owned
An amount owed by a business
The amount remaining after the value of all liabilities is su…
A decrease in owner equity resulting from the operation of a…
Asset
Anything of value that is owned
Liability
An amount owed by a business
22 terms
Chapter 16: Accounting & Financial Information
Accounting
Managerial Accounting
Managerial accounting provides relevan…
Financial Accounting
• Measuring & summarizing business... activities... • Interpreting…
Provides information and analysis to managers inside the orga…
-Costs of production ... -Costs of marketing ... -Preparation and c…
Prepares financial statements and analyses for people both in…
Accounting
• Measuring & summarizing business... activities... • Interpreting…
Managerial Accounting
Provides information and analysis to managers inside the orga…
67 terms
phad13pages
ACCOUNTING INFORMATION
NON MONETARY INFORMATION
QUANTITATIVE INFORMATION
NON QUANTIFIABLE INFORMATION
NORMALLY EXPRESSED IN MONETARY AMOUNTS THAT ARE QUANTIFIABLE…
INCLUDED IN ACCOUNTING REPORTS SIMPLY TO GUIDE THE READER IN…
USUALLY EXPRESSED IN NUMBERS
FORM OF CONVERSATION, RADIO,TELEVISION PROGRAMS,NEWSPAPER AND…
ACCOUNTING INFORMATION
NORMALLY EXPRESSED IN MONETARY AMOUNTS THAT ARE QUANTIFIABLE…
NON MONETARY INFORMATION
INCLUDED IN ACCOUNTING REPORTS SIMPLY TO GUIDE THE READER IN…
122 terms
Principles of Accounting Chapters 1-4 Vocabulary
Accounting
Accounting Equation
Assets
Audit
Information and measurement system that identifies, records,…
Equality involving a company's assets, liabilities, and equit…
Resources that a company owns or controls that are expected t…
Analysis and report of an organization's accounting system, i…
Accounting
Information and measurement system that identifies, records,…
Accounting Equation
Equality involving a company's assets, liabilities, and equit…
11 terms
BUS 001 Accounting
Accounting
Users of Accounting Information
Revenue Cycle
Expenditure Cycle
process of identifying, measuring, and communicating economic…
managers (to forecast trends, evaluate employee performance),…
process of getting the order, delivering the goods or service…
process of determining the resources needed (materials, labor…
Accounting
process of identifying, measuring, and communicating economic…
Users of Accounting Information
managers (to forecast trends, evaluate employee performance),…
16 terms
Processing Accounting Information (Ch. 3)
Event
External event
Internal event
Transaction
A happening of consequence to an entity.
An event involving interaction between an entity and its envi…
An event occurring entirely within an entity.
Any event that is recognized in a set of financial statements
Event
A happening of consequence to an entity.
External event
An event involving interaction between an entity and its envi…
12 terms
ICDC College_CA-152_Unit 1
Bookkeeping
Financial transaction
Accounting
Identify
This is the process of financial transactions.
The exchange of a good or service between a seller and a buye…
Not only identifies the financial events recorded through boo…
Accounts identify specific transactions and events according…
Bookkeeping
This is the process of financial transactions.
Financial transaction
The exchange of a good or service between a seller and a buye…
45 terms
Chapter 1-Accounting
Business Economic Entity Rule
Historical Cost Rule
Realization Rule
Matching Rule
Requires every business to be accounted for separately
Requires that assets are recorded at their original cost
Requires that revenues are recorded when actually earned
Requires offsetting the revenues earned with the expenses inc…
Business Economic Entity Rule
Requires every business to be accounted for separately
Historical Cost Rule
Requires that assets are recorded at their original cost
44 terms
Financial Accounting Exam 1
Revenue
Expense
Assets
Liabilities
Amounts earned from the sale of products... CREDIT
The cost of assets consumed or services used in the process o…
Resources owned by a business... DEBIT
Debts and Obligations of a business... CREDIT
Revenue
Amounts earned from the sale of products... CREDIT
Expense
The cost of assets consumed or services used in the process o…
48 terms
Chapter 1: Accounting and the Business Environment
Accounting
Financial Accounting
Managerial Accounting
Certified Management Accountants (CMAs)
The information system that measures business activities, pro…
The field of accounting that focuses on providing information…
The field of accounting that focuses on providing information…
Certified professionals who specialize in accounting and fina…
Accounting
The information system that measures business activities, pro…
Financial Accounting
The field of accounting that focuses on providing information…
43 terms
Financial and managerial accounting Chapter 1 Terms
Accounting
Accounting Equation
Accounts Payable
Accounts Receivable
The Information system that measures business activities, pro…
Assets=Liabilities+Equity
A short term liability that will be paid in the future
The right to receive cash in the future from customers for go…
Accounting
The Information system that measures business activities, pro…
Accounting Equation
Assets=Liabilities+Equity
96 terms
Financial Accounting 2301-02 chapter 1-12
Financial Statements
Public Accounting
Financial Accounting
Book Keeping
Statement of financial position ( balance sheet), income stat…
The segment of the accounting profession that relates to prov…
The area of accounting that refers to providing information t…
The procedural aspect of accounting that involves keeping det…
Financial Statements
Statement of financial position ( balance sheet), income stat…
Public Accounting
The segment of the accounting profession that relates to prov…
34 terms
financial accounting ch 1
accounting
Accrual basis accounting
assets
Balance sheet
the process of identifying, measuring, and communicating econ…
system of reporting revenues and expenses in the period in wh…
resources available for use by the business - that is, anythi…
statement of the financial position of the hospitality establ…
accounting
the process of identifying, measuring, and communicating econ…
Accrual basis accounting
system of reporting revenues and expenses in the period in wh…
Cost Accounting - Chapter 1
Financial Accounting
Enterprise Resource Planning (ERP)
Management Accounting
database (or data warehouse or info-ba…
Focuses on reporting to external parties such as investors, g…
Single databases that collect data and feed it into applicati…
Measures, analyzes, and reports financial and non-financial i…
Consists of small, detailed bits of information that can be u…
Financial Accounting
Focuses on reporting to external parties such as investors, g…
Enterprise Resource Planning (ERP)
Single databases that collect data and feed it into applicati…
Accounting Chapter 1
Accounting
Accounting Standards Council (ASC)
Committee on Accounting Terminology of…
American Accounting Association
Its basic purpose is to provide quantitative financial inform…
Accounting is a service activity and its function is to provi…
Accounting is the art of recording, classifying and summarizi…
Accounting is the process of identifying, measuring and commu…
Accounting
Its basic purpose is to provide quantitative financial inform…
Accounting Standards Council (ASC)
Accounting is a service activity and its function is to provi…
43 terms
accounting and financial lesson 2 excel
accounting
public accountant
certified public accountant
accountants
recording measurement and interpretation of financial informa…
individual professional to provide accounting services
a member of an officially accredited professional body of acc…
a person whose job is to keep or inspect financial accounts
accounting
recording measurement and interpretation of financial informa…
public accountant
individual professional to provide accounting services
35 terms
Acct 165 Chapter 1
Accounting
Objectives of Accounting
General-Purpose Financial Statements
Entity perspective
The identification, measurement, and communication of financi…
Provides financial information about the reporting entity tha…
-Provide financial reporting information to a wide variety of…
companies viewed as separate from owners
Accounting
The identification, measurement, and communication of financi…
Objectives of Accounting
Provides financial information about the reporting entity tha…
5 terms
Accounting
Accouting
Financial Accounting
Managerial Accounting
Creditor
The information system that measures business activities, pro…
The field of accounting that focuses on providing information…
The field of accounting that focuses on providing information…
Any person or business to whom a business owes money.
Accouting
The information system that measures business activities, pro…
Financial Accounting
The field of accounting that focuses on providing information…
30 terms
Chapter 1 Accounting Terms
Accounting *... 1-1
accounting system *... 1-1
financial statements *... 1-1
Asset *... 1-1
is the process of planning, recording, analyzing and interpre…
is a planned process designed to compile financial data and s…
financial reports that summarize the financial condition and…
Anything of value that is owned.
Accounting *... 1-1
is the process of planning, recording, analyzing and interpre…
accounting system *... 1-1
is a planned process designed to compile financial data and s…
19 terms
Accounting mid term
accountant
accounting
analyzing
account balance
designs the accounting information system and focuses on anal…
A system of gathering financial information about a business…
looking at events that have taken place and thinking about ho…
the difference between the total debits and the total credits…
accountant
designs the accounting information system and focuses on anal…
accounting
A system of gathering financial information about a business…
59 terms
COMM 294 Managerial Accounting Ch1,2
Managerial accounting
Organized set of activities
How managerial accounting adds value
Accounting System
the process of ... - identifying ... - measuring... - analyzing... - inte…
Directing... Decision making ... Controlling... Planning
- Providing information ... - Assisting managers... - Motivating ma…
accumulates financial and managerial accounting data in the c…
Managerial accounting
the process of ... - identifying ... - measuring... - analyzing... - inte…
Organized set of activities
Directing... Decision making ... Controlling... Planning
23 terms
Chapter 1
financial accounting
managerial accounting
financial statements
financial reporting
process that culminates in the preparation of financial repor…
process of identifying measuring analyzing and communicating…
principle means through which a company communicates its fina…
some accounting info is better provided by this or only by this
financial accounting
process that culminates in the preparation of financial repor…
managerial accounting
process of identifying measuring analyzing and communicating…
19 terms
Chapter 1 Vocabulary
Accounting
Accounting system
Accounting records
Service Business
Planning, recording, analyzing, and interpreting financial in…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activities.
A business that performs an activity for a fee.
Accounting
Planning, recording, analyzing, and interpreting financial in…
Accounting system
A planned process for providing financial information that wi…
37 terms
Financial Accounting Chapter 1
Financial Accouting
financial position
result of operations
management accounting
refers to the information describing the financial resources,…
describes an entity's financial resources and obligations at…
describes the financial activities during the year
involves the development and interpretation of accounting inf…
Financial Accouting
refers to the information describing the financial resources,…
financial position
describes an entity's financial resources and obligations at…
11 terms
Chapter 1: Accounting Careers: Communication and Ethics in the Workplace
accounting
accounting system
accounting records
accountant
planning, recording, analyzing, and interpreting financial in…
a planned process for providing financial information that wi…
organized summaries of a business' financial activities
a person who plans, summarizes, analyzes, and interprets acco…
accounting
planning, recording, analyzing, and interpreting financial in…
accounting system
a planned process for providing financial information that wi…
44 terms
Financial Accounting Chapter 1
Accounting
Financial Accounting
Managerial Accounting
Investors
the information system that measures business activities, pro…
The field of accounting that focuses on providing information…
The field of accounting that focuses on providing information…
provides money to the business for start up
Accounting
the information system that measures business activities, pro…
Financial Accounting
The field of accounting that focuses on providing information…
16 terms
Intermediate Accounting I: Chapter 1
Financial Accounting
Managerial Accounting
Financial Statements
Financial Reporting
The process that culminates in the preparation of financial r…
The process of identifying, measuring, analyzing, and communi…
The principal means through which a company communicates its…
The financial information a company provides to help users wi…
Financial Accounting
The process that culminates in the preparation of financial r…
Managerial Accounting
The process of identifying, measuring, analyzing, and communi…
53 terms
Accounting Chapter 1
accounting 3 basic activities
Accounting identifies the
Accounting records the
Recording consists of keeping a
it IDENTIFIES, RECORDS and COMMUNICATES the economic events o…
economic events relevant to its business
economic events in order to provide a history of financial ac…
systematic, chronological diary of events
accounting 3 basic activities
it IDENTIFIES, RECORDS and COMMUNICATES the economic events o…
Accounting identifies the
economic events relevant to its business
41 terms
Financial Accounting Ch. 1
Financial accounting handles ________…
Managerial accounting handles ________…
Who defined Accounting?
Accounting is the process of
Past events
Future events
American Accounting Association
identifying, measuring, and communicating economic info to pe…
Financial accounting handles ________…
Past events
Managerial accounting handles ________…
Future events
17 terms
Intermediate Accounting: Chapter 1-Financial Accounting and Accounting Standards
Major Financial Statements
Objective of Financial Reporting
Accounting assist use of scarce resour…
Need for Accounting Standards
Balance Sheet... Income Statement... Statement of Cash Flows... Statem…
IN Short...... Useful in investment and credit decisions... Useful…
x
The make companies financial reports more comparable
Major Financial Statements
Balance Sheet... Income Statement... Statement of Cash Flows... Statem…
Objective of Financial Reporting
IN Short...... Useful in investment and credit decisions... Useful…
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