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"

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…
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
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
Accounting CH 7
financial accounting
managerial accounting
full disclosure
adequate disclosure
the area of accounting that focuses on reporting information…
the area of accounting that focuses on reporting information…
when financial statements contain all information necessary t…
another name for full disclosure
financial accounting
the area of accounting that focuses on reporting information…
managerial accounting
the area of accounting that focuses on reporting 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…
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…
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…
80 terms
Financial Accounting - Chapter 1
financial statments
GAAP
Dividends
Creditors
1. Balance sheet - firm's financial position... 2. Income state…
Generally Accepted Accounting Principles
Distribution of the firm's assets to owners (most often in ca…
Provide funds that the firm must repqy, typ. with interest, i…
financial statments
1. Balance sheet - firm's financial position... 2. Income state…
GAAP
Generally Accepted Accounting Principles
96 terms
Financial Accounting Test 3
Internal control
Sarbanes-Oxley Act (SOX)
Public Company
Internal control report
The organizational plan and all the related measures adopted…
Requires public companies to review internal controls and tak…
A company that sells its stock to the general public.
A report by management describing its responsibility for and…
Internal control
The organizational plan and all the related measures adopted…
Sarbanes-Oxley Act (SOX)
Requires public companies to review internal controls and tak…
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
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
Financial Accounting - Chapter 1 Terms
The three types of businesses
Sole-propiertorship
Partnership
Corporation
Sole-proprietorship, partnership, and corporation.
Simple to establish, owner controlled, tax advantages.
Simple to establish, shared control, border skills/resources,…
Owner by stockholders, easier to transfer ownership, easier t…
The three types of businesses
Sole-proprietorship, partnership, and corporation.
Sole-propiertorship
Simple to establish, owner controlled, tax advantages.
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
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…
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…
52 terms
Financial Accounting Ch. 1 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.
Management Accounting Chapter 1
Corporate Governance
Detective Control
Internal Control
Preventative Control
The system by which a company is directed and controlled
A control that detects undesirable events that have already o…
A process designed to provide reasonable assurance that objec…
A control that deters undesirable events from occurring.
Corporate Governance
The system by which a company is directed and controlled
Detective Control
A control that detects undesirable events that have already o…
37 terms
Financial Accounting Chapter 6
Generally Accepted Accounting Principl…
audit
Financial Accounting Standards Board (…
Securities and Exchange Commission (SEC)
the rules, principles, and concepts established by the accoun…
an examination of the validity and reliability of accounting…
the organization that has been designated by the US governmen…
the government agency in the United States that is responsibl…
Generally Accepted Accounting Principl…
the rules, principles, and concepts established by the accoun…
audit
an examination of the validity and reliability of accounting…
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…
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…
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…
13 terms
Accounting-Exam 1
Net Income
Audit
Ethics
Public accountants
Amount a business earns after paying all expenses and costs a…
An examination of an organization's accounting system and rec…
Principles that determine whether an action is right or wrong
Accounting professionals who provide services to many clients
Net Income
Amount a business earns after paying all expenses and costs a…
Audit
An examination of an organization's accounting system and rec…
Horngren's Accounting the Financial Chapters 10th Edition (Chapter 1)
Generally Accepted Accounting Principl…
Accounting
Financial Accounting
Managerial Accounting
Rules or guidelines currently formulated by the by the Financ…
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…
Generally Accepted Accounting Principl…
Rules or guidelines currently formulated by the by the Financ…
Accounting
The information system that measures business activities, pro…
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
66 terms
Chapter 1: Fundamental Financial Accounting Concepts
Accounting
Market
Investors
Creditors
An information system that reports on the economic activities…
A group of people or entities organized to exchange items of…
Provide financial resources in exchange for ownership interes…
Lend financial resources to businesses. Instead of a share of…
Accounting
An information system that reports on the economic activities…
Market
A group of people or entities organized to exchange items of…
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)
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…
Accounting - Terms
Bookkeeping
Financial reporting
Integrity
Public Accounting
the procedural aspect of accounting that involves keeping det…
A broad term that describes all information provided to exter…
An important quality of accounting information that allows in…
The segment of accounting profession that relates to providin…
Bookkeeping
the procedural aspect of accounting that involves keeping det…
Financial reporting
A broad term that describes all information provided to exter…
78 terms
Financial Accounting - Balance sheet
Financial accounting system
The three categories business activiti…
Financing activities
Investing activities
Used to record, summarize, and report the activities (transac…
1. Financing activities... 2. Investing activities... 3. Operating…
activities associated with raising money to pay for operation…
activities associated with buying and selling items used to o…
Financial accounting system
Used to record, summarize, and report the activities (transac…
The three categories business activiti…
1. Financing activities... 2. Investing activities... 3. Operating…
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
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…
54 terms
Pearson Financial Accounting Ch 1
accounts payable
accounting
Accounting equation
Assets
A Liability backed by the general reputation and credit stand…
The information system that measures business activities, pro…
Assets=Liabilities+Equity
An economic resource that is expected to be of benefit in the…
accounts payable
A Liability backed by the general reputation and credit stand…
accounting
The information system that measures business activities, pro…
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…
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
6 terms
Accounting 1 Chapter 7
financial accounting
managerial accounting
financial ratio
ratio analysis
the area of accounting concerned with preparing financial inf…
The field of accounting that focuses on providing information…
a comparison between two components of financial information
the calculation and interpretation of a financial ratio
financial accounting
the area of accounting concerned with preparing financial inf…
managerial accounting
The field of accounting that focuses on providing information…
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…
28 terms
Financial Accounting Chapter 1
external users
financial accounting
accounting
managerial accounting
users who have limited access to an organization's informatio…
area of accounting aimed at serving external users by providi…
an information system that identifies, records, and communica…
area of accounting that serves the decision-making needs of i…
external users
users who have limited access to an organization's informatio…
financial accounting
area of accounting aimed at serving external users by providi…
59 terms
Accounting chapter 1
accounting
recordingkeeping/bookkeeping
external users of accounting
financial accounting
an information and measurement system that identifies, record…
the recording of transactions and events, either manually or…
people not directly involved in running the organization... exs.…
area of accounting aimed at serving external users by providi…
accounting
an information and measurement system that identifies, record…
recordingkeeping/bookkeeping
the recording of transactions and events, either manually or…
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…
42 terms
Internal Control and Accounting for Cash
internal controls
accounting controls
administrative controls
sarbanes oxley act
policies and procedures used to provide reasonable assurance…
designed to safeguard company assets and ensure reliable acco…
concerned with evaluating performance and assessing the degre…
legislation enacted to promote ethical corporate governance a…
internal controls
policies and procedures used to provide reasonable assurance…
accounting controls
designed to safeguard company assets and ensure reliable acco…
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