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Study sets matching "term:management accounting = the branch of accounting that generates information for the internal decision makes of a business, such as top executives"

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Study sets matching "term:management accounting = the branch of accounting that generates information for the internal decision makes of a business, such as top executives"

175 terms
Accounting
Account
Accountant
Account balance
Accounting
a device for recording the changes (increases or decreases) i…
one who is concerned with the design of the system of records…
the difference between the total debits and the total credits…
a language of business employed to communicate financial info…
Account
a device for recording the changes (increases or decreases) i…
Accountant
one who is concerned with the design of the system of records…
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…
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…
21 terms
Chapter 1 Accounting: Information for Decision-Making
Accounting System
Audit
Balance Sheet
Bookkeeping
The personnel, procedures, devices, and records used by an or…
An investigation of financial statements designed to determin…
A position statement that shows where the company stands in f…
The clerical dimension of accounting that includes recording…
Accounting System
The personnel, procedures, devices, and records used by an or…
Audit
An investigation of financial statements designed to determin…
8 terms
Accounting Chapter 4 Vocabulary
account number
correcting entry
file maintenance
general ledger
the number assigned to an account
an additional journal entry, used to correct an incorrect jou…
the procedure for arranging accounts in a general ledger, ass…
a ledger that contains all accounts needed to prepare financi…
account number
the number assigned to an account
correcting entry
an additional journal entry, used to correct an incorrect jou…
22 terms
Chapter 1: Starting A Proprietorship: Changes that Affect the Accounting Equation
account
account balance
account title
accounting
a record summarizing all the information pertaining to a sing…
the amount in an account
the name given to an account
planning, recording, analyzing, and interpreting financial in…
account
a record summarizing all the information pertaining to a sing…
account balance
the amount in an account
38 terms
CH 1: Accounting, Information for Decision Making
accounting system
American Accounting Association
American Institute of CPAs
audit
the personnel, procedures, devices, and records used by an or…
a professional accounting organization consisting primarily o…
a professional accounting organization of certified public ac…
an investigation of financial statements designed to determin…
accounting system
the personnel, procedures, devices, and records used by an or…
American Accounting Association
a professional accounting organization consisting primarily o…
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…
40 terms
Chapter 1: Accounting - Information for Decision Making
Accounting System
American Accounting Association
American Institute of CPAs
Audit
The personnel, procedures, devices and records used by an org…
A professional accounting organization consisting primarily o…
A professional accounting organization of certified public ac…
An investigation of financial statements designed to determin…
Accounting System
The personnel, procedures, devices and records used by an org…
American Accounting Association
A professional accounting organization consisting primarily o…
22 terms
Accounting Information Systems Chapter 1 (ACCT 371)
accounting information system (AIS)
automate
business value
certified information technology profe…
a system that records, processes, and reports on transactions…
the use of technology to replace human labor in automating bu…
items, events, and interactions that determine the financial…
identifies accountants, CPAs, with a broad range of technolog…
accounting information system (AIS)
a system that records, processes, and reports on transactions…
automate
the use of technology to replace human labor in automating bu…
14 terms
Users of Accounting Information - Internal & External Users
Why is it used?
Internal users (Primary Users) of acco…
Owners/Partners
Management
Accounting information helps users to make better financial d…
Accounting information is presented to internal users usually…
What information are they interested in? ... Profitability and R…
What information are they interested in? ... Profit and Efficien…
Why is it used?
Accounting information helps users to make better financial d…
Internal users (Primary Users) of acco…
Accounting information is presented to internal users usually…
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…
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…
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.
26 terms
Accounting Information Systems Beginning of Chapter 10 (ACCT 371)
application controls
code of ethics
Committee of Sponsoring Organizations…
control objectives for information and…
specific to a subsystem or an application to ensure the valid…
what is considered to be ethical within an organization to pr…
composed of several organizations; studies fraudulent financi…
an internationally accepted set of best IT security and contr…
application controls
specific to a subsystem or an application to ensure the valid…
code of ethics
what is considered to be ethical within an organization to pr…
35 terms
Accounting Terms
Accountant
Accounting
Bookkeeper
Ethics
Handles a broad range of responsibilities, including making b…
Planning, recording, analyzing, and interpreting financial in…
A person who does general accounting work plus some summarizi…
A standard of conduct that all members of a given profession…
Accountant
Handles a broad range of responsibilities, including making b…
Accounting
Planning, recording, analyzing, and interpreting financial in…
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…
10 terms
Managerial Accounting - Ch1
The Accounting System should provide i…
Financial Accounting
Cost Accounting
Management Accounting
1- Internal routine reporting to managers for cost planning a…
Focuses on external reporting.
Is Management accounting plus a part of financial accounting,…
Focusing on internal customers, measures and reports financia…
The Accounting System should provide i…
1- Internal routine reporting to managers for cost planning a…
Financial Accounting
Focuses on external reporting.
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…
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…
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
54 terms
Accounting 201 Midterm 1
journal
accounts
ledger
journalizing
An accounting record in which transactions are initially reco…
A record of increases and decreases in specific asset, liabil…
The entire group of accounts maintained by a company.
The entering of transaction data in the journal.
journal
An accounting record in which transactions are initially reco…
accounts
A record of increases and decreases in specific asset, liabil…
10 terms
Accounting Careers
Certified Public Accountant
General Ledger Accountant
Management Accountant
Auditor
Advises companies on establishing control systems and develop…
Ensures the accuracy and completeness of the company's accoun…
Records and analyzes financial information within the organiz…
Provides statement and budget analysis, investment planning,…
Certified Public Accountant
Advises companies on establishing control systems and develop…
General Ledger Accountant
Ensures the accuracy and completeness of the company's accoun…
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
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
12 terms
Why Accounting?
Internal Revenue Service (IRS)
Accountant
Financial Accounting Standards Board (…
Accounting
Federal Agency that administers the revenue code. Part of the…
Individual who measures and reports economic events to help m…
Independent, private, non-government group which is authorize…
Recording and reporting of financial transactions, including…
Internal Revenue Service (IRS)
Federal Agency that administers the revenue code. Part of the…
Accountant
Individual who measures and reports economic events to help m…
9 terms
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…
13 terms
Accounting C.7
Posting
General Ledger
Ledger account forms
The purpose of posting
The process of transferring information from the journal to i…
A permanent record organized by account number. It includes a…
Accounting stationery that are usually described by the numbe…
To show the impact of business transactions on the individual…
Posting
The process of transferring information from the journal to i…
General Ledger
A permanent record organized by account number. It includes a…
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…
24 terms
Accounting Information Systems Chapter 1
System
Goal conflict
Goal congruence
Data
1. two or more interrealted components that interact to achie…
occures when a subsystem is inconsistent with the goals of an…
achieved when a subsystem achieves its goals while contributi…
facts that are collected, recorded, stored, and processed by…
System
1. two or more interrealted components that interact to achie…
Goal conflict
occures when a subsystem is inconsistent with the goals of an…
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…
170 terms
FBLA Accounting I Vocabulary
Accountant
Accounting Clerk
For-profit businesses
Profit
Handles a broad range of responsibilities, makes business dec…
An entry-level job that can vary from specializing in one par…
Operate to earn money for their owners
Money that is kept after all expenses of running a business h…
Accountant
Handles a broad range of responsibilities, makes business dec…
Accounting Clerk
An entry-level job that can vary from specializing in one par…
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…
9 terms
Accounting Chapter 2: The Accounting Information System
Account
Chart of accounts
External transactions
General ledger
A summary of the effects of all transactions related to a par…
A list of all account names used to record transactions of a…
Transactions the firm conducts with a separate economic entity.
All accounts used to record the company's transactions.
Account
A summary of the effects of all transactions related to a par…
Chart of accounts
A list of all account names used to record transactions of a…
21 terms
Accounting terms chapter 1
Institute of Management Accounting IMA
Internal Revenue Service IRS
Securities and Exchange Commission
American Accounting Association AAA
A professional accounting organization that infliences the co…
A gov. organization that handles millions of income tax retur…
A governmental organization that has the legal power to estab…
A professional accounting organization consisting primarily o…
Institute of Management Accounting IMA
A professional accounting organization that infliences the co…
Internal Revenue Service IRS
A gov. organization that handles millions of income tax retur…
62 terms
Accounting 041 CH.1
Accounting
Assets
Auditing
Balance Sheet
The information system that identifies, records, and communic…
Resources a business owns
The examination of financial statements by a certified public…
A financial statement that reports the assets, liabilities, a…
Accounting
The information system that identifies, records, and communic…
Assets
Resources a business owns
40 terms
Principles of Accounting I -- Chapter 1 -- Accounting: Information for Decision Making -- Vocabulary
Accounting System
American Accounting Association
American Institute of CPAs
Audit
The personnel, procedures, devices, and records used by an or…
A professional accounting organization consisting primarily o…
A professional accounting organization of certified public ac…
An investigation of financial statements designed to determin…
Accounting System
The personnel, procedures, devices, and records used by an or…
American Accounting Association
A professional accounting organization consisting primarily o…
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.
51 terms
Managerial Accounting Chapter 1
Bill of Materials
Certified Management Accountant (CMA)
Committed Fixed Cost
Contribution Margin
A complete list of all materials used in a product.
A person who has passed a qualifying examination sponsored by…
A fixed cost over which a manager has no control and must... inc…
Sales revenue less variable costs.
Bill of Materials
A complete list of all materials used in a product.
Certified Management Accountant (CMA)
A person who has passed a qualifying examination sponsored by…
21 terms
Accounting Ch. 1
AAA or American Accounting Association
AICPA or American Institute of Certifi…
IMA or Institute of Management Account…
FASB or Financial Accounting Standards…
A professional accounting organization consisting primarily o…
A professional accounting organization of CERTIFIED PUBLIC AC…
A professional accounting organization that influences the co…
A private-sector organization that is RESPONSIBLE FOR DETERMI…
AAA or American Accounting Association
A professional accounting organization consisting primarily o…
AICPA or American Institute of Certifi…
A professional accounting organization of CERTIFIED PUBLIC AC…
28 terms
CHAPTER 2-THE WORLD OF BUSINESS AND ACCOUNTING
free enterprise system
profit
loss
entrepreneur
A system in which individuals are free to produce the goods a…
The amount earned above the amount of expense incurred to kee…
The result when a business spends more money than it earns.
A person who transforms ideas for products or services into r…
free enterprise system
A system in which individuals are free to produce the goods a…
profit
The amount earned above the amount of expense incurred to kee…
43 terms
Accounting Terminology: Chapter 1
accounting system
American Accounting Association
American Institute of CPAs
audit
the personnel, procedures, devices, and records used by an or…
a professional accounting organization consisting primarily o…
a professional accounting organization of certified public ac…
an investigation of financial statements designed to determin…
accounting system
the personnel, procedures, devices, and records used by an or…
American Accounting Association
a professional accounting organization consisting primarily o…
46 terms
Ch 2 Accounting Terms
The process by which financial informa…
A process designed to accumulate, clas…
The review of financial statements to…
An independent accountant's review of…
Accounting
Accounting System
Auditing
Auditor's Report
The process by which financial informa…
Accounting
A process designed to accumulate, clas…
Accounting System
17 terms
Financial Accounting Chapter 1
Accounting
Accounts
Balance Sheet (Statement of Financial…
Basic Accounting Equation (Balance She…
A system of analyzing, recording, and summarizing the results…
A standardized format that organizations use to accumulate th…
Reports the amount of assets, liabilities, and stockholders'…
Assets = Liabilities + Stockholders' Equity
Accounting
A system of analyzing, recording, and summarizing the results…
Accounts
A standardized format that organizations use to accumulate th…
26 terms
Accounting Terms
Accounting
Accounting System
Accounting Records
Financial Statements
Planning, recording, analyzing, and interpreting financial in…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activities.
Financial reports that summarize the financial condiion and o…
Accounting
Planning, recording, analyzing, and interpreting financial in…
Accounting System
A planned process for providing financial information that wi…
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.
45 terms
ACCT 101, Ch. 1 - Accounting and the Business Environment
accounting
financial accounting
managerial accounting
creditor
the information system that measures business activities, pro…
the field of accounting that focuses on providing information…
the field of accounting that focuses on providing information…
any person or business to whom a business owes money.
accounting
the information system that measures business activities, pro…
financial accounting
the field of accounting that focuses on providing information…
16 terms
Fields of Accounting
Public Accounting
Audit (Public Accounting)
Management Advisory Services (Public A…
Tax Services (Public Accounting)
A professional service rendered by a Certified Public Account…
The accountant carefully examines, tests, and checks the accu…
This service includes the design, installation, and improveme…
This includes preparation and filing of income tax returns.
Public Accounting
A professional service rendered by a Certified Public Account…
Audit (Public Accounting)
The accountant carefully examines, tests, and checks the accu…
40 terms
Chapter 1: Accounting Information for Decision Making
accounting system
American Accounting Association
American Institute of CPAs
audit
The personnel, procedures, devices, and records used by an or…
A professional accounting organization consisting primarily o…
A professional accounting organization of certified public ac…
An investigation of financial statements designed to determin…
accounting system
The personnel, procedures, devices, and records used by an or…
American Accounting Association
A professional accounting organization consisting primarily o…
433 terms
Accounting 1
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
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