Study sets matching "term:accounting = the language of business."

Study sets
Classes
Users

Study sets matching "term:accounting = the language of business."

7 terms
Accounting the Language of Business
Asset
Liability
Shareholders Equity
Working Capital
something the company owns
amount the company owes
residual amount belong to the shareholders
current assets less liabilities
Asset
something the company owns
Liability
amount the company owes
36 terms
1 - Accounting: The Language of Business
Accounting
Accounting System
3 areas accountants usually choose to…
Public accountants
- The process by which financial information about a business…
- a process designed to accumulate data about a firm's financ…
- public accounting... - managerial accounting... - government acco…
- Work for public accounting firms (those that provide accoun…
Accounting
- The process by which financial information about a business…
Accounting System
- a process designed to accumulate data about a firm's financ…
Accounting The Language Of Business
Financial Statement
Balance Sheet
Liabilties
Capital
Financial reports that summarize the financial condition and…
A financial statement that reports assets, liabilities, and o…
debts that you owe
The money or wealth needed to produce goods and services.
Financial Statement
Financial reports that summarize the financial condition and…
Balance Sheet
A financial statement that reports assets, liabilities, and o…
12 terms
Accounting: The language of business
The purpose of accounting is to provid…
An accounting system is designed to ac…
In a sole proprietorship, the owner is…
Laws passed by Congress in 1933 and 19…
True
False
True
True
The purpose of accounting is to provid…
True
An accounting system is designed to ac…
False
74 terms
Accounting: The Business of Language
Identifying, Analyzing, Recording, Sum…
Summarizing
Analyzing
Identifying
Name (5) of the processes of Accounting
Assembling data to facilitate understanding and usefulness
Determining what occurred, i.e, which accounts are affected
Determining whether a recordable even has occurred
Identifying, Analyzing, Recording, Sum…
Name (5) of the processes of Accounting
Summarizing
Assembling data to facilitate understanding and usefulness
20 terms
accounting (language of business) (:
financial statements
balance sheet (financial statement)
liabilities
capital (assets-liabilities=capital)
reports that summarize financial data over a period of time
reports a business's assets, liabilities, & capital on a spec…
how much money a company owes
how much the company/individual is worth (also called net wor…
financial statements
reports that summarize financial data over a period of time
balance sheet (financial statement)
reports a business's assets, liabilities, & capital on a spec…
Accounting: The Universal Language of Business
accounting system
manual accounting system
computerized accounting system
GAAP
A system designed to collect, document, and... report on busines…
A type of accounting system in which... information is processed…
A type of accounting system in which... information is recorded…
The set of rules that all accountants use to... prepare financia…
accounting system
A system designed to collect, document, and... report on busines…
manual accounting system
A type of accounting system in which... information is processed…
45 terms
Chapter 1. Accounting: The Language of Business
Which financial statement is used to s…
Financially, shareholders are rewarded…
The type of accounting which reports o…
When does an accountant record a trans…
Balance sheet/Statement of financial position
Dividends
Financial accounting
If it is materialized by a concrete document
Which financial statement is used to s…
Balance sheet/Statement of financial position
Financially, shareholders are rewarded…
Dividends
Chapter 1 - Accounting: The Language of Business
accounting
accounting system
financial accounting
management accounting
the process of identifying, recording, and summarizing econom…
the series of steps an organization uses to record financial…
the field of accounting that serves external decision makers,…
the field of accounting that serves internal decision makers,…
accounting
the process of identifying, recording, and summarizing econom…
accounting system
the series of steps an organization uses to record financial…
Accounting: "The Language of Business"
Financial Statements
Balance Sheet
Liabilities
Capital
Financial reports that summarize the financial condition and…
A financial statement that reports assets, liabilities, and o…
What the business owes to others (debts)
The amount an organization or individual is worth
Financial Statements
Financial reports that summarize the financial condition and…
Balance Sheet
A financial statement that reports assets, liabilities, and o…
Business Accounting language
Contingencies
Accrue
noncurrent liability
issuing bonds
a future event or circumstance that is possible but cannot be…
(of sums of money or benefits) be received by someone in regu…
are a business's long-term financial obligations that are not…
A bond arises from a contract known as a bond indenture. a bo…
Contingencies
a future event or circumstance that is possible but cannot be…
Accrue
(of sums of money or benefits) be received by someone in regu…
Chapter 1 - Accounting: The Language of Business
Accounting
Accounting System
Auditing
Auditor's Report
The process by which financial information about a business i…
A process designed to accumulate, classify, and summarize fin…
The review of financial statements to assess their fairness a…
An independent accountant's review of a firm's financial stat…
Accounting
The process by which financial information about a business i…
Accounting System
A process designed to accumulate, classify, and summarize fin…
Accounting: The Universal Language of Business
free enterprise system
profit
loss
entrepeneur
System where people are free to produce the goods and service…
Amount of money earned subtracted by the money spent.
Spending more money than you earn
person who makes ideas into businesses
free enterprise system
System where people are free to produce the goods and service…
profit
Amount of money earned subtracted by the money spent.
27 terms
Ch. 1 - Accounting: The Language of Business
Accounting
Accounting system
Auditing
Auditor's report
the process by which financial info about a business is recor…
a process designed to accumulate, classify, and summarize fin…
the review of financial statements to assess their fairness a…
an independent accountant's review of a firm's financial stat…
Accounting
the process by which financial info about a business is recor…
Accounting system
a process designed to accumulate, classify, and summarize fin…
28 terms
Chapter 1 Accounting: The Language of Business
accounting
accounting standards codification
accounting standards update
accounting system
the process by which financial information about a business i…
the source of authoritative us gaap
changes to accounting standards codification are communicated…
a process designed to accumulate, classify, and summarize fin…
accounting
the process by which financial information about a business i…
accounting standards codification
the source of authoritative us gaap
47 terms
Chapter 1 - Accounting: The Language of Business
Accounting
Accounting System
Financial Accounting
Management Accounting
The process of identifying, recording, and summarizing econom…
The series of steps an organization uses to record financial…
Serves external decision makers (stockholders, suppliers, ban…
Serves internal decision makers (top executives, department h…
Accounting
The process of identifying, recording, and summarizing econom…
Accounting System
The series of steps an organization uses to record financial…
Chapter 1 - Accounting : The Language of Business
1) Define accounting
2) Identify career opportunities in ac…
Types of Accounting
Public Accounting
Accounting is the process by which financial information abou…
- Accounting clerk positions usually require one to two accou…
- Public Accounting... - Managerial Accounting... -Governmental Acc…
Accountants work for public accounting firms. Public accounti…
1) Define accounting
Accounting is the process by which financial information abou…
2) Identify career opportunities in ac…
- Accounting clerk positions usually require one to two accou…
27 terms
Ch. 1- Accounting: The Language of Business
Accounting
Accounting System
Financial Statement
Accounting Careers
The process by which financial information about a business i…
Designed to accumulate data about a firm's financial affairs,…
Periodic report lending owners and managers a lot of informat…
Accounting clerk, book keeper, and accountant positions.
Accounting
The process by which financial information about a business i…
Accounting System
Designed to accumulate data about a firm's financial affairs,…
30 terms
Accounting: The Language of Business Self Review
Why is accounting called the language…
What are financial statements?
What are the names of three accounting…
One requirement for becoming a CPA is…
The results of the accounting process-financial statements-co…
Periodic reports that summarize the financial affairs of a bu…
Clerk, bookkeeper, and accountant.
Uniform CPA Examination
Why is accounting called the language…
The results of the accounting process-financial statements-co…
What are financial statements?
Periodic reports that summarize the financial affairs of a bu…
56 terms
Chapter 1 - Accounting: The Language of Business
Accounting
Accounting System
Financial Accounting
Management Accounting
The process of identifying, recording, and summarizing econom…
The series of steps an organization uses to record financial…
The field of accounting that serves external decision makers,…
The field of accounting that serves internal decision makers,…
Accounting
The process of identifying, recording, and summarizing econom…
Accounting System
The series of steps an organization uses to record financial…
17 terms
Business Language Ch 12 Accounting
Income statement
Budget
Direct deposit
Start-up budget
Reports the revenue, expenses, and net income or loss from bu…
Provide detailed plans for the financial needs of individuals…
The employer electronically transfers net pay into the employ…
Plans income and expenses from the beginning of a new busines…
Income statement
Reports the revenue, expenses, and net income or loss from bu…
Budget
Provide detailed plans for the financial needs of individuals…
1.1 Accounting: The Language of business
privately held (closely held, unlisted)
advantages to the corporate form
paid-in capital
sole proprietorship
A corporation owned by a family, a small group of shareholder…
- limited liability... - easy transfer of ownership --> can easi…
The total capital investment in a corporation by its owners,…
business with a single owner
privately held (closely held, unlisted)
A corporation owned by a family, a small group of shareholder…
advantages to the corporate form
- limited liability... - easy transfer of ownership --> can easi…
15 terms
Language of Business Unit 4 (Accounting and Finance)
an arm and a leg
asleep at the wheel
charges
count me in
extremely expensive
not paying attention; being neglectful; having no idea
prices or fees
agree to participate
an arm and a leg
extremely expensive
asleep at the wheel
not paying attention; being neglectful; having no idea
11 terms
Chapter 2.2 Accounting: The Universal Language of Business
Accounting System
Manual Accounting System
Computerized Accounting System
GAAP
Designed to collect, document, and report on financial transa…
Accounting information is processed by hand.
Known as automated accounting system. When the financial info…
Generally accepted accounting principles. The Financial Accou…
Accounting System
Designed to collect, document, and report on financial transa…
Manual Accounting System
Accounting information is processed by hand.
Accounting Ch 2- The World of Business and Accounting/ The Universal Language of Business
The United States has a _____ ______ s…
What is a free enterprise system?
What is profit?
What is a loss?
Free enterprise
In the US, a person can own a business as long as he or she i…
To earn a profit means that the company has earned beyond the…
Businesses that spend more than they earn operate at a loss.
The United States has a _____ ______ s…
Free enterprise
What is a free enterprise system?
In the US, a person can own a business as long as he or she i…
College Accounting: A Contemporary Approach - Ch 01 - The Language of Business - Terms
Accounting
Accounting Standards Codification
Accounting Standards Update
Accounting System
The process by which financial information about a business i…
The source of authoritative U.S. GAAP
Changes to Accounting Standards Codification are communicated…
A process designed to accumulate, classify, and summarize fin…
Accounting
The process by which financial information about a business i…
Accounting Standards Codification
The source of authoritative U.S. GAAP
College Accounting: A Contemporary Approach - Ch 01 - The Language of Business - Practice
An accounting system is designed to do…
Because accounting is used to communic…
The process by which financial informa…
Accountants have important roles in th…
Classify the data in a meaningful way, Accumulate data about…
Business
Accounting
Supervises the operation of the system, Establishes the recor…
An accounting system is designed to do…
Classify the data in a meaningful way, Accumulate data about…
Because accounting is used to communic…
Business
52 terms
Accounting and Business (Accounting Terms)
account form
account payable
account receivable
accounting
The form of balance sheet that resembles the basic format of…
The liability created by a purchase on account.
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
account form
The form of balance sheet that resembles the basic format of…
account payable
The liability created by a purchase on account.
13 terms
Accounting Principles Chapter 2 (Section 2.2: Accounting: The Universal Language of Business)
Accounting System
Manual Accounting System
Computerized Accounting System
GAAP
Designed to collect, document, and report on financial transa…
An accounting system where the accounting information is proc…
An accounting system where the financial information is recor…
Referred as the Generally Accepted Accounting Principles.
Accounting System
Designed to collect, document, and report on financial transa…
Manual Accounting System
An accounting system where the accounting information is proc…
43 terms
Business of Accounting
Def- Accounting
Type of Accounting
Financial accounting
Managerial accounting
Information system It measures business activities processes…
Financial accounting... Managerial accounting
Provides information For internal user
Provides information For external user
Def- Accounting
Information system It measures business activities processes…
Type of Accounting
Financial accounting... Managerial accounting
31 terms
Accounting in Business
Recordkeeping , or bookkeeping
External users
Internal users
General principles
Part of accounting that involves recording transactions and e…
Persons using accounting information who are not directly inv…
Persons using accounting information who are directly involve…
the basic assumptions, concepts, and guidelines for preparing…
Recordkeeping , or bookkeeping
Part of accounting that involves recording transactions and e…
External users
Persons using accounting information who are not directly inv…
52 terms
Accounting and Business (Accounting Terms)
account form
account payable
account receivable
accounting
The form of balance sheet that resembles the basic format of…
The liability created by a purchase on account.
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
account form
The form of balance sheet that resembles the basic format of…
account payable
The liability created by a purchase on account.
Business accounting
Current Asset
Current Asset
Current Asset
Current Asset
Inventory (stock)
Supplies on hand
Cash at Bank
Accrued Income (Income owing)
Current Asset
Inventory (stock)
Current Asset
Supplies on hand
College Accounting: A Contemporary Approach - Ch 01 and 02 - The Language of Buisness and Analyzing Business Accounts - Quiz
A form of the partnerships business en…
Total assets of Douglas Fuhr Furniture…
Identify the advantages of forming a b…
Amounts that a business must pay in th…
LLP
$24,000
owners avoid double taxation and owners have limited liability
accounts payable.
A form of the partnerships business en…
LLP
Total assets of Douglas Fuhr Furniture…
$24,000
Business - Accounting
Accounting
(Acct)Financing
(Acct)Investing
(Acct)Operating
Process of measuring, interpreting, and communicating financi…
activities to provide necessary funds to start and expand a b…
providing valuable assets required to run a business
activities focus on selling goods and services, but they also…
Accounting
Process of measuring, interpreting, and communicating financi…
(Acct)Financing
activities to provide necessary funds to start and expand a b…
15 terms
Language of Business
broadcast
burn the midnight oil
campaign
circulation
transmission of information via television, radio, internet
stay up late working
a series of coordinated activities to achieve a goal
the number of an advertisement that is available for readersh…
broadcast
transmission of information via television, radio, internet
burn the midnight oil
stay up late working
25 terms
Business accounting
revenue
expenses
Accruals
Prepayment
money earned from selling goods or services
costs of Generating sales and running the organisation
Money to add-on to the costs. Bills that have not yet been re…
Money to take off the costs. payments which have been made in…
revenue
money earned from selling goods or services
expenses
costs of Generating sales and running the organisation
15 terms
The Language of Business
Financial statements
Balance sheet
Liabilities
Capital
Financial reports that summarize the financial condition and…
A financial statement that reports assets, liabilities, and o…
Amounts owed to creditors
An economic system based on private ownership of capital
Financial statements
Financial reports that summarize the financial condition and…
Balance sheet
A financial statement that reports assets, liabilities, and o…
business - accounting
accountants
accounting
financial activities
financial statements
make meaningful and effectives decisions based on up to date…
the process of recording, analyzing, and interpreting the fin…
transactions
reports that summarize how well a company is doing financially
accountants
make meaningful and effectives decisions based on up to date…
accounting
the process of recording, analyzing, and interpreting the fin…
23 terms
Business- Accounting
Accounting
CPA
Annual Report
Accounting Equation
Measuring, interpreting, and communicating financial informat…
Certified Public Accountant
A document, By law certain types of companies must prepare a…
Assets = Liabilities + Owners Equity ALOW
Accounting
Measuring, interpreting, and communicating financial informat…
CPA
Certified Public Accountant
business(Accounting)
Accounting
GAAP
GAAP is
Accounting Area
process of capturing, recording, analyzing and reporting
generally accepted accounting principles
set of standards
Managerial, financial, forensic, tax
Accounting
process of capturing, recording, analyzing and reporting
GAAP
generally accepted accounting principles
31 terms
Business Accounting
What is Accounting?
Why do record keeping?
Accountability:
Budgeting
The process of recording, analyzing, and interpreting the eco…
Accountability:... Budgeting... Taxation... Financial Statements... Annua…
-Businesses guarantee this through bookkeeping... -Bookkeeping i…
-Businesses must be able to forecast future income and expens…
What is Accounting?
The process of recording, analyzing, and interpreting the eco…
Why do record keeping?
Accountability:... Budgeting... Taxation... Financial Statements... Annua…
28 terms
The Language of Business
Accounting
Purpose of Keeping Records
Who Needs the Records
Purpose of Financial Statements
Accounting is the analyzation and recording of all of the tra…
There are many reasons to keep records. They are to identify…
The manager uses the results to make day-to-day decisions, an…
They are reports that summarize financial data over a period…
Accounting
Accounting is the analyzation and recording of all of the tra…
Purpose of Keeping Records
There are many reasons to keep records. They are to identify…
Business Accounting
Accounting
CPA
Managers
Accounting helps managers by:
Measuring, interpreting, and communicating financial informat…
Certified Public Accountant
The major people who use accounting information to help peopl…
-Interpreting past performances... -Measuring present progress... -…
Accounting
Measuring, interpreting, and communicating financial informat…
CPA
Certified Public Accountant
23 terms
Accounting in Business
Accounting
Revenue recognition
Matching
Cost
the process of identifying, measuring, and communicating econ…
Revenues are recorded when they are earned.
Expenses are recorded in the time period when they are incurr…
Assets are recorded and maintained at their historical costs.
Accounting
the process of identifying, measuring, and communicating econ…
Revenue recognition
Revenues are recorded when they are earned.
16 terms
Business Accounting
Accounts
Accountants
Final Accounts
The Trading Account
are the financial records of a firm's transactions.
are the professionally qualified people who have responsibili…
are produced at the end of the financial year and give detail…
shows how the gross profit of the business is calculated.
Accounts
are the financial records of a firm's transactions.
Accountants
are the professionally qualified people who have responsibili…
45 terms
business accounting
Accounts Receivable
Earnings week to date
Cash
Sales
A asset
OE Owner's Equity
A Asset
OE Owner's Equity
Accounts Receivable
A asset
Earnings week to date
OE Owner's Equity
33 terms
business accounting
expense
depreciation
compound journal entry
budget
decreases assets with arwals
loss value fixed asset due wear and tear passage time
accounting entry involves more than two accounts
formal written statement based upon adjust historical
expense
decreases assets with arwals
depreciation
loss value fixed asset due wear and tear passage time
34 terms
Accounting in Business
accounting
external user
internal user
fraud triangle
information and measurement system that identifies, records,…
not directly involved in management ex. investors, customers,…
directly involved with management and operations ex. CEO, tre…
model with opportunity, pressure, and rationalization that mu…
accounting
information and measurement system that identifies, records,…
external user
not directly involved in management ex. investors, customers,…
Business Accounting
Income statement
Balance sheet
Asset
Liability
tell owners the difference between the revenues earned and ex…
indicates assets and liabilities on the other side.
what the business owns
what the business owes
Income statement
tell owners the difference between the revenues earned and ex…
Balance sheet
indicates assets and liabilities on the other side.
1 of 10