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Study sets matching "term:accounting = the systematic process of recording and reporting the financial position of a person or an organization"

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Study sets matching "term:accounting = the systematic process of recording and reporting the financial position of a person or an organization"

17 terms
Accounting Chapter 3: The Financial Reporting Process
Accrual-basis accounting
Accrued expense
Accrued revenue
Adjusted trial balance
Record revenues when earned (the revenue recognition principl…
When a company has incurred an expense but hasn't yet paid ca…
When a company has earned revenue but hasn't yet received cas…
A list of all accounts and their balances after we have updat…
Accrual-basis accounting
Record revenues when earned (the revenue recognition principl…
Accrued expense
When a company has incurred an expense but hasn't yet paid ca…
8 terms
Financial Accounting Chapter 4
Adjusted Trial Balance
Adjusting Journal Entries
Carrying Value (Net Book Value, Book V…
Contra-Account
A list of all accounts and their adjusted balances to check o…
Entries necessary at the end of each accounting period to rep…
The amount at which an asset or liability is reported after d…
An account that is an offset to, or reduction of, another acc…
Adjusted Trial Balance
A list of all accounts and their adjusted balances to check o…
Adjusting Journal Entries
Entries necessary at the end of each accounting period to rep…
11 terms
The Accounting Equation
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…
92 terms
Financial Accounting Chapter 7
Accelerated depreciation method
Accumulated depreciation
Activity-based method
Addition
Allocates a higher depreciation in the earlier years of the a…
A contra asset account representing the total depreciation ta…
Allocates an asset's cost based on its use
Occurs when a new major component is added to an existing asset
Accelerated depreciation method
Allocates a higher depreciation in the earlier years of the a…
Accumulated depreciation
A contra asset account representing the total depreciation ta…
19 terms
12e Financial Accounting - Chapter 3 - The Adjusting Process
accounting period concept
accrual basis of accounting
accrued expenses
accrued revenues
The accounting concept that assumes that the economic life of…
Under this basis of accounting, revenues and expenses are rep…
Expenses that have been incurred but not recorded in the acco…
Revenues that have been earned but not recorded in the accoun…
accounting period concept
The accounting concept that assumes that the economic life of…
accrual basis of accounting
Under this basis of accounting, revenues and expenses are rep…
22 terms
Accounting
Accounting
Accounting system
Accounting records
Financial statements
Planning, recording, analyzing and interpreting financial inf…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activities.
Financial reports that summarize the financial condition and…
Accounting
Planning, recording, analyzing and interpreting financial inf…
Accounting system
A planned process for providing financial information that wi…
64 terms
Review of the Accounting Process
The Basic Model
Economic Events
External Events
Internal Events
- The accounting equation ... - Account relationships
any event that directly affects the financial position of the…
exchange between the company and a separate economic entity
events that directly affect the financial position of the com…
The Basic Model
- The accounting equation ... - Account relationships
Economic Events
any event that directly affects the financial position of the…
10 terms
Chpt. 51
accounting
financial accounting
management accounting
balance sheet
the recording of financial or money transactions; the systema…
reporting of the financial position and performance of a firm…
the process of identifying, measuring, interpreting, and comm…
a statement that lists the assets of a business or other orga…
accounting
the recording of financial or money transactions; the systema…
financial accounting
reporting of the financial position and performance of a firm…
21 terms
Financial Management
financial plan
Capital
financial forecast
budget
is a set of documents that outline the essential... financial fa…
is money supplied by investors, banks, or... owners of a business.
is an estimate of a business's financial outlook for each... of…
is a plan specifying how money will be used or spent during a…
financial plan
is a set of documents that outline the essential... financial fa…
Capital
is money supplied by investors, banks, or... owners of a business.
10 terms
Accounting Chapter 1 Terms
Accounting
Accounting System
Financial Statements
Net Worth Statement
The process of planning, recording, analyzing, and interpreti…
A planned process designed to compile financial data and summ…
Financial reports that summarize the financial condition and…
A document that allows the person extending the loan to see t…
Accounting
The process of planning, recording, analyzing, and interpreti…
Accounting System
A planned process designed to compile financial data and summ…
5 terms
Business Section 17
Financial Plan
Capital
Financial forecast
Budget
Set of documents that outline the essential financial facts a…
Money supplied by investors, banks, or owners of a business
An estimate of a business's financial outlook for each of the…
Plan specifying how money will be used or spent during a part…
Financial Plan
Set of documents that outline the essential financial facts a…
Capital
Money supplied by investors, banks, or owners of a business
10 terms
Accounting vocabulary words chapter 2 section 2
accounting system
manual accounting system
computerized accounting system
generally accepted accounting principles
A systematic process of recording and reporting the financial…
A system in which accounting information is recorded and proc…
A system in which financial information is recorded by enteri…
to prepare reports.
accounting system
A systematic process of recording and reporting the financial…
manual accounting system
A system in which accounting information is recorded and proc…
13 terms
Financial Accounting Chapter 5
Bank Reconciliation
Cash Basis Accounting
Cash Equivalents
Fraud
Process of using both the bank statement and the cash account…
Recording revenues when dash is received and expenses when ca…
Short-term, highly liquid investments purchased within three…
An attempt to deceive others for personal gain.
Bank Reconciliation
Process of using both the bank statement and the cash account…
Cash Basis Accounting
Recording revenues when dash is received and expenses when ca…
12 terms
Financial Accounting Chapter 1
Accounting
Balance Sheet (Statement of Financial…
Balance Sheet Equation
Financial Statements
A system of analyzing, recording, and summarizing the results…
Reports the amount of assets, liabilities, and stockholders'…
Assets = Liabilities + Stockholders' Equity
Reports that summarize the financial results of business acti…
Accounting
A system of analyzing, recording, and summarizing the results…
Balance Sheet (Statement of Financial…
Reports the amount of assets, liabilities, and stockholders'…
10 terms
Text - Chapter 20: Accounting and Financial Reporting
accounts payable
accounts receivable
accrual basis
cash basis
The amount a business owes to creditors.
The amount customers owe a business.
An accounting system in which income is recorded when it is e…
An accounting system in which income is recorded when it is r…
accounts payable
The amount a business owes to creditors.
accounts receivable
The amount customers owe a business.
26 terms
Financial Accounting Chapter 9
Amortization of Intangible Assets
Book (or Carrying) Value
Capitalize
Copyright
The systematic and rational allocation of the cost of an inta…
The amount at which an asset or liability is reported after d…
To record a cost as an asset rather than an expense.
A form of protection provided to the original authors of lite…
Amortization of Intangible Assets
The systematic and rational allocation of the cost of an inta…
Book (or Carrying) Value
The amount at which an asset or liability is reported after d…
70 terms
Chapter 1 Environment and theoretical structure of financial accounting
Financial Accounting
Financial Reporting
The economic environment and financial…
Capital markets
The field of accounting that focuses on providing information…
Process of providing statements of financial position (balanc…
*capital markets... *corporation... *initial market transactions ... *…
provide a mechanism to help our economy allocate resources ef…
Financial Accounting
The field of accounting that focuses on providing information…
Financial Reporting
Process of providing statements of financial position (balanc…
14 terms
Glencoe accounting Ch2 Vocab
Accounting period
Accounting system
Business entity
Charter
A period of time covered by an acoounting report
A systematic process of recording and reporting the financial…
Exists independently of its owners personal items
A legal written permission that gives a corporation certain r…
Accounting period
A period of time covered by an acoounting report
Accounting system
A systematic process of recording and reporting the financial…
10 terms
intro to bus
who wants to know financial condition
accounting
financial statement
GAAP
stockholders, employees, banks, investment companies
systematic process of recording and reporting the financial p…
provide info that business owners can use to make financial d…
general accounting principle
who wants to know financial condition
stockholders, employees, banks, investment companies
accounting
systematic process of recording and reporting the financial p…
17 terms
Accounting Chapter 3 & 4: The Financial Reporting Process
Accrual-basis accounting
Accrued expense
Accrued revenue
Adjusted trial balance
Record revenues when earned (the revenue recognition principl…
When a company has incurred an expense but hasn't yet paid ca…
When a company has earned revenue but hasn't yet received cas…
A list of all accounts and their balances after we have updat…
Accrual-basis accounting
Record revenues when earned (the revenue recognition principl…
Accrued expense
When a company has incurred an expense but hasn't yet paid ca…
10 terms
ITB ch17
financial plan
asset
financial forecast
accounting
an outline of your expenses, needs, and goals, and how you ex…
any property or item of value that your business owns
an estimate of what business conditions will be like in the f…
the systematic process of recording and reporting the financi…
financial plan
an outline of your expenses, needs, and goals, and how you ex…
asset
any property or item of value that your business owns
55 terms
Financial Accounting Terms
Unearned Revenue
Trial Balance
Temporary (nominal) Accounts
T Account
Items that have been initially recorded as liabilities but ar…
A summary listing of the titles and balances of accounts in t…
Accounts that report amounts for only one period.
The simplest form of an account.
Unearned Revenue
Items that have been initially recorded as liabilities but ar…
Trial Balance
A summary listing of the titles and balances of accounts in t…
10 terms
Topic 1.02 - The concept of accounting
accountant
accounting
accounting cycle
accounting system
A person who plans, summarizes, analyzes, and interprets acco…
Planning, recording, analyzing, and interpreting financial in…
The series of accounting activities included in recording fin…
Methods and procedures used in handling the business's financ…
accountant
A person who plans, summarizes, analyzes, and interprets acco…
accounting
Planning, recording, analyzing, and interpreting financial in…
10 terms
Chapter 17 terms Preston Kuntze
financial plan
asset
financial forecast
accounting
an outline of your expenses, needs, and goals, and how you ex…
any property or item of value that your business owns
an estimate of what business conditions will be like in the f…
the systematic process of recording and reporting the financi…
financial plan
an outline of your expenses, needs, and goals, and how you ex…
asset
any property or item of value that your business owns
200 terms
Financial Accounting & Reporting 101
External transactions
Internal transactions (production and…
Measuring
Other assets
What are those transactions economic events involving one ent…
These are economic events involving the entity only.
This accounting process involves the accountable economic tra…
Advances to employees is under what line item in the balance…
External transactions
What are those transactions economic events involving one ent…
Internal transactions (production and…
These are economic events involving the entity only.
11 terms
Chapter 13
Accounting
Income Statement
Balance Sheet
Inflation
The systematic process of recording and reporting the financi…
A report of a business's net income or net loss for an accoun…
A report of the balances of all assets, liabilities, and owne…
The rise I the level of prices for goods and services over ti…
Accounting
The systematic process of recording and reporting the financi…
Income Statement
A report of a business's net income or net loss for an accoun…
32 terms
The Accounting Industry Vocabulary
Accounting
Bookkeeping
Manual Accounting System
Computer Accounting System
process of retrieving, recording, storing and summarizing fin…
process of recording daily business transactions; only one pa…
maintaining accounting records by hand
maintaining accounting records with the help of computer soft…
Accounting
process of retrieving, recording, storing and summarizing fin…
Bookkeeping
process of recording daily business transactions; only one pa…
38 terms
Financial Accounting and Reporting Chapter 1
Stockholder
Creditor
Interest
Dividends
an owner of shares in a company
a person or company to whom money is owed. Creditors make mon…
A fee that is charged by a lender to a borrower for the right…
a distribution of a portion of a company's earnings to a clas…
Stockholder
an owner of shares in a company
Creditor
a person or company to whom money is owed. Creditors make mon…
13 terms
Owarzani Chapter 1.1 - Accounting
Accounting
Accounting System
Accounting Records
Financial Statements
Planning, recording, analyzing, and interpretting financial i…
A planned process for providing financial information that wi…
Organized summaries of a business's financial records
Financial reports that summarize the financial condition and…
Accounting
Planning, recording, analyzing, and interpretting financial i…
Accounting System
A planned process for providing financial information that wi…
32 terms
The Accounting Industry Vocabulary
Accounting
Bookkeeping
Manual Accounting System
Computer Accounting System
process of retrieving, recording, storing and summarizing fin…
process of recording daily business transactions; only one pa…
maintaining accounting records by hand
maintaining accounting records with the help of computer soft…
Accounting
process of retrieving, recording, storing and summarizing fin…
Bookkeeping
process of recording daily business transactions; only one pa…
30 terms
CONCEPTS USED IN ACCOUNTING 1.1
Unlimited Liability
Accounting Entity
Sole Proprietorship
Partnership
The owners are personally liable for all the debts of the bus…
The financial affairs of the owner(s) are kept separate from…
One possible owner. Advantages: easy to start, owner keeps pr…
Two or more owners. Advantages: specialisation of skills, sha…
Unlimited Liability
The owners are personally liable for all the debts of the bus…
Accounting Entity
The financial affairs of the owner(s) are kept separate from…
21 terms
Financial Management and Accounting
financial plan
capital
financial forecast
budget
a set of documents that outline the essential financial facts…
money supplied by investors, banks, or owners of a business
an estimate of a business's financial outlook for each... of the…
a plan specifying how money will be used or spent during a pa…
financial plan
a set of documents that outline the essential financial facts…
capital
money supplied by investors, banks, or owners of a business
12 terms
Accounting Study Guide
accounting
accounting equation
Assets= Liabilities + Owner's Equity
assets
The systematic process... of recording and... reporting the financi…
A rule that states that... assets must always... equal the sum of... l…
equation for accounting
Property and other... items of value owned by... a business
accounting
The systematic process... of recording and... reporting the financi…
accounting equation
A rule that states that... assets must always... equal the sum of... l…
27 terms
Chapter 20: Accounting and Financial Reporting
GAAP
Financial Reports
Accounting Period
Calendar Year
generally accepted accounting principles established to allow…
a statement that summarizes the results of a business operati…
a block of time, such as a month, a quarter, or a year, cover…
the accounting period of time from January 1 to December 31
GAAP
generally accepted accounting principles established to allow…
Financial Reports
a statement that summarizes the results of a business operati…
12 terms
Financial Accounting Chapter 4
Adjusted Trial Balance
Adjusting Journal Entries
Carrying Value, Net Book Value, Book V…
Contra-Account
A list of all accounts and their adjusted balances to check o…
Entries necessary at the end of each accounting period to rep…
The amount at which an asset or liability is reported after d…
An account that is an offset to, or reduction of, another acc…
Adjusted Trial Balance
A list of all accounts and their adjusted balances to check o…
Adjusting Journal Entries
Entries necessary at the end of each accounting period to rep…
14 terms
accounting
accounting
GAAP
property
assets
the systematic process of recording and reporting the financi…
the set of accounting rules used by accountants to prepare re…
anything of value that is owned or controlled
property and other items of value owned by a business
accounting
the systematic process of recording and reporting the financi…
GAAP
the set of accounting rules used by accountants to prepare re…
Financial Accounting Chapter 2
accounting process
financial statements and reports
accounting books
source documents
-identifies business transactions and events, analyzes and re…
-used for making investing, lending, and other business decis…
-where effects transactions and events have on company perfor…
-identify and describe transactions and events entering the a…
accounting process
-identifies business transactions and events, analyzes and re…
financial statements and reports
-used for making investing, lending, and other business decis…
21 terms
business chapter 17
Financial Plan
capital
financial forecast
budget
set of documents that outline the essential financial facts a…
money supplied by investors, banks, or owners of a business
an estimate of a business financial outlook for each of the n…
plan specifying how money will be used or spent during a part…
Financial Plan
set of documents that outline the essential financial facts a…
capital
money supplied by investors, banks, or owners of a business
27 terms
Chapter 1 - Financial Accounting and Accounting Standards
Accounting Principles Board (APB)
Accounting Research Bulletins
accrual-basis accounting
American Institute of Certified Public…
founded by the AICPA; objectives were to 1) advance the writt…
articles issued by the Committee on Accounting Procedure (CAP…
accounting basis required by GAAP; requires companies to reco…
the national organization of the certified public accountant…
Accounting Principles Board (APB)
founded by the AICPA; objectives were to 1) advance the writt…
Accounting Research Bulletins
articles issued by the Committee on Accounting Procedure (CAP…
10 terms
Chapter 17 Business Riley D
Financial Plan
Asset
Financial Forecast
Accounting
An outline of a businesses expenses, need, goals, and how it…
Anything of value that a business or individual owns.
An estimate of what business conditions will be like in the f…
The systematic process of recording and reporting the financi…
Financial Plan
An outline of a businesses expenses, need, goals, and how it…
Asset
Anything of value that a business or individual owns.
18 terms
Financial Accounting Chapter 3
Accounting Period Concept
Accrual Basis of Accounting
Revenue Recognition Concept
Matching Concept
assumes that the economic life of a business can be divided i…
revenues and expenses are reported in the income statement in…
supports reporting revenues when the service is provided to c…
expenses are matched with the revenue generated during a peri…
Accounting Period Concept
assumes that the economic life of a business can be divided i…
Accrual Basis of Accounting
revenues and expenses are reported in the income statement in…
57 terms
Chapter 12: The Role of Accounting in Business
Stakeholders
Accounting
Management Accounting
Financial Accounting
Parties who are interested in the activities of a business be…
System for measuring and summarizing business activities, int…
Branch of accounting that provides information and analysis t…
Branch of accounting that furnishes information to individual…
Stakeholders
Parties who are interested in the activities of a business be…
Accounting
System for measuring and summarizing business activities, int…
40 terms
Chapter 17
financial plan
capital
financial forecast
budget
a set of documents that outline the essential financial facts…
money supplied by investors, banks, or owners of a business
an estimate of a business's financial outlook for each of the…
a plan specifying how money will be used or spent during a pa…
financial plan
a set of documents that outline the essential financial facts…
capital
money supplied by investors, banks, or owners of a business
22 terms
Accounting
Accounting
Accounting system
Accounting records
Financial statements
Planning, recording, analyzing and interpreting financial inf…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activities.
Financial reports that summarize the financial condition and…
Accounting
Planning, recording, analyzing and interpreting financial inf…
Accounting system
A planned process for providing financial information that wi…
25 terms
Chapter 20: Accounting and Financial Reporting
GAAP
Financial reports
Accounting period
Calendar year
Generally accepted accounting principles established to allow…
A statement or document that summarizes the results of a busi…
A block of time, such as a month, a quarter, or a year, cover…
The accounting period of time from January 1 to December 31
GAAP
Generally accepted accounting principles established to allow…
Financial reports
A statement or document that summarizes the results of a busi…
52 terms
Financial Accounting & Reporting Test 1 (CH1-5)
Accounting
Accounting Entity
Accounting Period
Audit
A system that collects and processes (analyzes, measures, and…
The organization for which financial data are to be collected.
The time period covered by the financial statements.
An examination of the financial reports to ensure that they r…
Accounting
A system that collects and processes (analyzes, measures, and…
Accounting Entity
The organization for which financial data are to be collected.
16 terms
FR1 - Ch.2 - Review of the Accounting Process
what is the expanded accounting equati…
when talking about the expanded accoun…
when talking about the expanded accoun…
what are examples of permanent accounts?
Assets + Expenses + Losses + Dividends = Liabilities + Contri…
left
right
assets, liabilities, paid-in capital, and retained earnings
what is the expanded accounting equati…
Assets + Expenses + Losses + Dividends = Liabilities + Contri…
when talking about the expanded accoun…
left
13 terms
Financial Accounting - Basic Terms
Account
Chart of Accounts
Journal
Ledger
A record in an accounting system that records and stores the…
A list of all ledger accounts and includes an identification…
A complete record of each transaction in one place.
A record containing all accounts used by a... company and their…
Account
A record in an accounting system that records and stores the…
Chart of Accounts
A list of all ledger accounts and includes an identification…
32 terms
Chapter 20: Accounting and Financial Reporting
Financial reports (statements)
1. The business will operate as a sepa…
accounting period
calendar year
documents that summarize the results of your business operati…
2 accounting assumptions
a block of time covered by an accounting report
January 1st until December 31st
Financial reports (statements)
documents that summarize the results of your business operati…
1. The business will operate as a sepa…
2 accounting assumptions
29 terms
Chapter 17 voc B.E.
financial plan
capital
financioal forecast
budget
a set of documents that outline the essential financial facts…
money supplied by investors, banks, or owners of a business.…
an estimate of a business's financial facts about a new firm…
a plan specifying how money will be issued or spent during a…
financial plan
a set of documents that outline the essential financial facts…
capital
money supplied by investors, banks, or owners of a business.…
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