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Study sets matching "term:management accounting = the area of accounting concerned with providing internal financial reports to assist management in making decisions"

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Study sets matching "term:management accounting = the area of accounting concerned with providing internal financial reports to assist management in making decisions"

59 terms
Chapter 01 Fundamental Accounting Principles
Accounting
Recordkeeping
Bookkeeping
External users
is an information and measurement system that identifies, rec…
is the recording of transactions and events, either manually…
is the recording of transactions and events, either manually…
Person using accounting information who are not directly invo…
Accounting
is an information and measurement system that identifies, rec…
Recordkeeping
is the recording of transactions and events, either manually…
11 terms
Chapter One: Financial Accounting Environment 400
Primary Function of Financial Accounting
Primary Mean
Investors and Creditors
Key Information
To provide useful financial information to users who are exte…
Conveying financial information to external users is through…
Use the information to predict the future risk and potential…
The enterprise's products and its management is key to this a…
Primary Function of Financial Accounting
To provide useful financial information to users who are exte…
Primary Mean
Conveying financial information to external users is through…
25 terms
Unit 2 Financial Accounting
Account
Accounting Cycle
Additional Paid-in Capital
Assets
A standardized format that organizations use to accumulate th…
The process used by entities to analyze and record transactio…
(also Paid-in Capital, contributed Capital, capital in Excess…
Probable future economic benefits owned by the entity as a re…
Account
A standardized format that organizations use to accumulate th…
Accounting Cycle
The process used by entities to analyze and record transactio…
57 terms
Financial Accounting CH 1
The difference between the amounts rec…
A type of business that sells products…
A type of business that changes basic…
an information system that provides re…
profit
merchandising
manufacturing
accounting
The difference between the amounts rec…
profit
A type of business that sells products…
merchandising
42 terms
Chapter 6: Fundamental Financial Accounting Concepts
internal controls
accounting controls
administrative controls
separation of duties
policies and procedures used to provide reasonable assurance…
Procedures companies implement to safeguard assets and ensure…
concerned with evaluating performance and assessing the degre…
used as a deterrent to corruption; employees must work togeth…
internal controls
policies and procedures used to provide reasonable assurance…
accounting controls
Procedures companies implement to safeguard assets and ensure…
8 terms
Accounting - Organizations
Securities and Exchange Commission
Institute of internal auditors
Institute of management accountants
Public company accounting oversight Bo…
government agency responsible for financial reporting by publ…
international organization dedicated to advancement of intern…
organization dedicated to providing members personal and prof…
The body charged with setting auditing standards for audits o…
Securities and Exchange Commission
government agency responsible for financial reporting by publ…
Institute of internal auditors
international organization dedicated to advancement of intern…
138 terms
Financial Accounting Chapter 1
Accounting
Accounting equation
Assets
Auditors
A system of maintaining records of a ... company's operations a…
Equation that shows a company's resources (assets) equal cred…
Resources owned by a company.
Trained individuals hired by a company as an ... independent pa…
Accounting
A system of maintaining records of a ... company's operations a…
Accounting equation
Equation that shows a company's resources (assets) equal cred…
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…
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
Accounting Chapter 1
accounting
accounts receivable
accounting equation
accounts payable
A set of concepts and techniques that are used to measure and…
Amounts a customer promises to pay in the future after receiv…
A financial relationship at the heart of the accounting model…
Amounts an entity promises to pay its vendors or suppliers in…
accounting
A set of concepts and techniques that are used to measure and…
accounts receivable
Amounts a customer promises to pay in the future after receiv…
40 terms
Chapter 1 - Introduction to Accounting
accounting
accounting systems
accrual basis accounting
adjusting entries
The process of identifying, measuring, and communicating econ…
The branch of accounting that covers the review of a firm's e…
System of reporting revenues and expenses in the period in wh…
Entries required at the end of an accounting period to record…
accounting
The process of identifying, measuring, and communicating econ…
accounting systems
The branch of accounting that covers the review of a firm's e…
75 terms
Financial Accounting 1
accounting
bookkeeping
external users
financial accounting
an information and measurement system that identifies, record…
the recording of transactions and events, either manually or…
not directly involved in running the organization. They inclu…
the area of accounting aimed at serving external users by pro…
accounting
an information and measurement system that identifies, record…
bookkeeping
the recording of transactions and events, either manually or…
21 terms
Accounting Chapter 1
Accounting
Financial accounting
Managerial accounting
Creditors
information system that measures business activities, process…
provides information for external decision makers, such as ou…
focuses on information for internal decision makers, such as…
Any person or business to who a business owes money
Accounting
information system that measures business activities, process…
Financial accounting
provides information for external decision makers, such as ou…
138 terms
Financial Accounting Chapter 1
Accounting
Accounting equation
Assets
Auditors
A system of maintaining records of a ... company's operations a…
Equation that shows a company's resources (assets) equal cred…
Resources owned by a company.
Trained individuals hired by a company as an ... independent pa…
Accounting
A system of maintaining records of a ... company's operations a…
Accounting equation
Equation that shows a company's resources (assets) equal cred…
69 terms
Financial Accounting - Chapter 1
Accounting
Market
Profit, Income, & Earnings
Investors
An information system that reports on the economic activities…
A group of people or entities organized to exchange items of…
Terms for added value created in the transformation process.
Provide financial resources in exchange for ownership interes…
Accounting
An information system that reports on the economic activities…
Market
A group of people or entities organized to exchange items of…
44 terms
Accounting Unit 2
Account
Account balance
Account number
Account title
a record summarizing all the information pertaining to a sing…
the amount in an account
the number assigned to an account
the name given to an account
Account
a record summarizing all the information pertaining to a sing…
Account balance
the amount in an account
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…
30 terms
Financial Accounting - Chapter 1
Business
Profit
Service Business
Merchendising Business
Is an organization which basic resources (inputs) such a mate…
(The objective of Business)... Is the difference between the amo…
Provides services rather than products to costumers.
Sell products they purchase from other businesses to costumers.
Business
Is an organization which basic resources (inputs) such a mate…
Profit
(The objective of Business)... Is the difference between the amo…
7 terms
MIE Chapter 17.1
Accounting
Financial Accounting
Management Accounting
Private Accountants
Measuring, interpreting, and communicating financial informat…
The area of accounting concerned with preparing financial inf…
The area of accounting concerned with preparing data for use…
Accountants employed by organizations and businesses other th…
Accounting
Measuring, interpreting, and communicating financial informat…
Financial Accounting
The area of accounting concerned with preparing financial inf…
10 terms
Accounting 1.1
Bookkeeping
Accounting system
Accounting
Business
The preservation of a systematic, quantitative record of an a…
The procedures and processes used by a business to analyze tr…
A system for providing quantitative, financial information ab…
An organization operated with the objective of making a profi…
Bookkeeping
The preservation of a systematic, quantitative record of an a…
Accounting system
The procedures and processes used by a business to analyze tr…
Chapter 15 - Accounting
Accounting
Book keeping
Accounting information system
Controller
Recording, classifying, summarizing, and interpreting of fina…
recording of accounting transactions
organized procedure for identifying, measuring, recording, an…
person who manages all of a firm's accounting activities
Accounting
Recording, classifying, summarizing, and interpreting of fina…
Book keeping
recording of accounting transactions
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…
17 terms
Business Accounting - Ch2
sole proprietorship
accounting period
partnership
capital
a business with only one owner
the time period covered by an account report
a business with at least two owners
money invested in a business by an owner
sole proprietorship
a business with only one owner
accounting period
the time period covered by an account report
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…
74 terms
Financial Accounting Midterm 1
Financial Statements bridge _______ an…
What is the difference between a compa…
CEO
CFO
companies, stakeholders
limited liability, must provide information to stockholders
Chief Executive Officer
chief financial officer
Financial Statements bridge _______ an…
companies, stakeholders
What is the difference between a compa…
limited liability, must provide information to stockholders
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
74 terms
Management Accounting
Managerial Accounting
Similarities
Internal Users
External Users
A field of accounting that provides... economic and financial in…
Both deal with economic events of a business... Both require tha…
Officers and managers used for managerial accounting
Shareholders, creditors and regulators used for financial acc…
Managerial Accounting
A field of accounting that provides... economic and financial in…
Similarities
Both deal with economic events of a business... Both require tha…
39 terms
Accounting I: Chapter 1--Accounting for a Service Business
Accountant
Accounting
Accounting Clerk
Accounting Information Systems
Designs the accounting information system and focuses on anal…
A system of gathering financial information about a business…
records, sorts, and files accounting information
Accountants in this area design and implement manual and comp…
Accountant
Designs the accounting information system and focuses on anal…
Accounting
A system of gathering financial information about a business…
46 terms
Financial Accounting - Chapter 1
Owner-managers
Creditor
Investors
Managers
when founders also function as managers of a business (common…
lends (done by banks) money for a specific amount of time to…
selling part of the ownership fo the company for funds (buyers)
works on behalf of the owners, but is not an owner of the com…
Owner-managers
when founders also function as managers of a business (common…
Creditor
lends (done by banks) money for a specific amount of time to…
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…
67 terms
Accounting
Accounting
Bookkeeping
What are the "Big 4" accounting firms?
AIS - Accounting Information System
A comprehensive system for collecting, analyzing, and comunic…
Recording of transactions
Deloitte (Cathy Engelberg), Ernst & Young, PwC, & KPMG
Organized procedure for identifying, measuring, recording, an…
Accounting
A comprehensive system for collecting, analyzing, and comunic…
Bookkeeping
Recording of transactions
60 terms
Chapter 15: The Role of Accountants and Accounting Information
Accounting
Bookkeeping
Accounting Information System (AIS)
Business Managers (Using Accounting In…
Comprehensive system for collecting, analyzing, and communica…
Recording of accounting transactions.
Organized procedure for identifying, measuring, recording, an…
Use it to develop goals and plans, set budgets, and evaluate…
Accounting
Comprehensive system for collecting, analyzing, and communica…
Bookkeeping
Recording of accounting transactions.
71 terms
Combo with "Accounting Ch. 1" and 4 others
Accountant
Accounting Clerk
Audit
Certified Public Accountant (CPA)
A person who plans, summarizes, analyzes, and interprets acco…
An accounting worker who processes routine details about acco…
examination of accounts of a business; official examination;…
professionally license accountants who meet certain requireme…
Accountant
A person who plans, summarizes, analyzes, and interprets acco…
Accounting Clerk
An accounting worker who processes routine details about acco…
56 terms
The Role of Accountants and Accounting Information
Accounting
Bookkeeping
Accounting Information System (AIS)
Controller
Comprehensive system for collecting, analyzing, and communica…
Recording of accounting transactions
Organized procedure for identifying, measuring, recording, an…
Person who manages all of a firm's accounting activities (chi…
Accounting
Comprehensive system for collecting, analyzing, and communica…
Bookkeeping
Recording of accounting transactions
8 terms
Working in accounting and finance
Finance
Accounting
Financial Accounting
Management Accounting
Providing and managing funds for an organisation such as a bu…
System for recording, analysing and reporting financial trans…
Deals with the reporting of past financial transactions and t…
Provides past and projected financial data to managers so tha…
Finance
Providing and managing funds for an organisation such as a bu…
Accounting
System for recording, analysing and reporting financial trans…
9 terms
Management Accounting
Management accounting was created to
Management accounting is concerned with
Focus of management accounting
Nature of reports for management accou…
Maximize cash and profit
Using economic and financial info to plan and control activit…
Internal only
Specific purpose
Management accounting was created to
Maximize cash and profit
Management accounting is concerned with
Using economic and financial info to plan and control activit…
7 terms
Specialised areas of Accounting
Financial Accounting
Management Accounting
Cost Accounting
Chartered Accountants
Preparation, analysis and interpretation of financial stateme…
Provides information about particular activities WITHIN a bus…
calculating costs of production, preparing cost budgets, prod…
Registered accountants who provide specialist services for bu…
Financial Accounting
Preparation, analysis and interpretation of financial stateme…
Management Accounting
Provides information about particular activities WITHIN a bus…
23 terms
Intermediate Accounting :Chapter 1: Financial Accounting and Accounting Standards
Accounting
Accounting Principles... Board (APB).
Accounting Research... Bulletins (ARBs)
Accounting Standards... Executive Committ…
The identification, measurement, and communication of financi…
An accounting rule-making board which provided official prono…
Pronouncements issued by CAP dealing with a variety of timely…
The senior technical committee authorized to speak for the AI…
Accounting
The identification, measurement, and communication of financi…
Accounting Principles... Board (APB).
An accounting rule-making board which provided official prono…
12 terms
Business chapter 15
Accounting information system (ais)
Accounting
Bookkeeping
Controller
Organized procedure for identifying, measuring, recording and…
Comprehensive system for collecting, analyzing and communicat…
Recording of accounting transactions.
Person who manages all of a firms accounting activities (chie…
Accounting information system (ais)
Organized procedure for identifying, measuring, recording and…
Accounting
Comprehensive system for collecting, analyzing and communicat…
49 terms
Business in Action Ch 17 Financial Information and Accounting Concepts
Measuring, interpreting, and communica…
Area of accounting concerned with prep…
Area of accounting concerned with prep…
Recordkeeping; the clerical aspect of…
accounting
financial accounting
management accounting
bookkeeping
Measuring, interpreting, and communica…
accounting
Area of accounting concerned with prep…
financial accounting
63 terms
Accounting
accounting
bookkeeping
Accounting Information System (AIS)
business managers
a comprehensive system for collecting, analyzing, and communi…
recording of accounting transactions
organized procedure for identifying, measuring, recording, an…
use accounting information to develop goals and plans, set bu…
accounting
a comprehensive system for collecting, analyzing, and communi…
bookkeeping
recording of accounting transactions
22 terms
SOM 122 Chapter 15: Accountants and Accounting Information FINISH
accounting
bookkeeping
accounting information system (AIS)
controller
comprehensive system for collecting, analyzing, and communica…
recording of all accounting transactions
organized procedure for identifying, measuring, recording, an…
person who manages all of a firm's accounting activities (chi…
accounting
comprehensive system for collecting, analyzing, and communica…
bookkeeping
recording of all accounting transactions
91 terms
Financial Accounting Test 1
Accounting
Accounting System
Audit
Balance Sheet
Art of analyzing, recording and reporting economic information
Personnel, procedures, devices, technology, & records used to…
Investigation of financial statements designed to determine t…
B/S - aka, Statement of Financial Position - A financial stat…
Accounting
Art of analyzing, recording and reporting economic information
Accounting System
Personnel, procedures, devices, technology, & records used to…
29 terms
MGMT 1010 Accounting
Accounting
Bookkeeping
Controller
AIS
a comprehensive system for collecting, analyzing, and communi…
recording of accounting transactions.
person who manages all of a firms accounting activities (chie…
Accounting Information System, organized procedure for identi…
Accounting
a comprehensive system for collecting, analyzing, and communi…
Bookkeeping
recording of accounting transactions.
34 terms
Chapter 1
Financial Accounting
Managerial Accounting
Financial Statements
Financial reporting
the area of accounting concerned with preparing financial inf…
Provides information and analysis to managers inside the orga…
Reports that summarize a business's financial position and op…
Reporting of financial information other than in formal finan…
Financial Accounting
the area of accounting concerned with preparing financial inf…
Managerial Accounting
Provides information and analysis to managers inside the orga…
44 terms
Comp Accounting Unit 2
Account
Account balance
Account number
Account title
a record summarizing all the information pertaining to a sing…
the amount in an account
the number assigned to an account
the name given to an account
Account
a record summarizing all the information pertaining to a sing…
Account balance
the amount in an account
18 terms
Chapter 1
Accounting Cycle
Management Accounting
Annual Report
Financial Statements
The procedure for analyzing, recording, classifying, summariz…
The area of accounting concerned with providing internal fina…
A document that summarizes the results of operations and fina…
Reports such as the balance sheet, income statement, and stat…
Accounting Cycle
The procedure for analyzing, recording, classifying, summariz…
Management Accounting
The area of accounting concerned with providing internal fina…
72 terms
Accounting: chapter 1&2
accountant
accounting
accounting clerk
accounting information systems
Designs the accounting information system and focuses on anal…
A system of gathering financial information about a business…
Records, sorts, and files accounting information.
Accountants in this area design and implement manual and comp…
accountant
Designs the accounting information system and focuses on anal…
accounting
A system of gathering financial information about a business…
101 terms
Financial Accounting: Chapters 1-4
Accounting
Financial Accounting
Managerial Accounting
Creditors
is the information system that measures business activities,…
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.
Accounting
is the information system that measures business activities,…
Financial Accounting
The field of accounting that focuses on providing information…
39 terms
Financial accounting chapter 1 terms
Accounting equation
Financial accounting
CPA
CMA
Assets = liabilities + OE
Provides information for external users(investors, banks, Feds)
Certified public accountant
Certified management accountant
Accounting equation
Assets = liabilities + OE
Financial accounting
Provides information for external users(investors, banks, Feds)
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