Study sets matching "term:transactions = descriptions of business activities (or events) that are in dollar values and recorded in accounts"
Study sets
Diagrams
Classes
Users
Account
Accounting equation
Accounts Payable
Accounts Receivable
The increases and decreases in a specific item caused by busin…
A=L+OE
The amount of money owed to creditors of a business.
Total amount of money to be received in the future for goods a…
Account
The increases and decreases in a specific item caused by busin…
Accounting equation
A=L+OE
Accounting Equation
Business Transaction
Owner's equity
Asset
Assets= Liabilities+Owner's equity
An economic event that causes a change in assets, liabilities,…
The owner's claims to the total assets of the business
Any property or item of value owned by a business
Accounting Equation
Assets= Liabilities+Owner's equity
Business Transaction
An economic event that causes a change in assets, liabilities,…
Business transactions
Recognition
Valuation
fair value
economic events that should be recorded in the accounting reco…
refers to the decision as to when to record a business transac…
the process of assigning a monetary amount to business transac…
is the exchange price of an actual or potential business trans…
Business transactions
economic events that should be recorded in the accounting reco…
Recognition
refers to the decision as to when to record a business transac…
PRIMARY OBJECTIVE OF FINANCIAL REPORTIN…
RELEVANT INFORMATION
FAITHFUL REPRESENTATION
SEPARATE ENTITY ASSUMPTION
To provide useful economic information about a business to hel…
Information that can influence a decision; it is timely and ha…
Requires that the information be complete, neutral, and free f…
States that business transactions are separate from the transa…
PRIMARY OBJECTIVE OF FINANCIAL REPORTIN…
To provide useful economic information about a business to hel…
RELEVANT INFORMATION
Information that can influence a decision; it is timely and ha…
Appraisal
Appraisal Report
Appraiser
Title XI of FIRREA 1989
An opinion of current value of the property based on supportab…
Opinion of current value of the property given to lender or cl…
Indep person trained to provide an unbiased opinion of value i…
Financial Institutions Reform, Recovery and Enforcement Act re…
Appraisal
An opinion of current value of the property based on supportab…
Appraisal Report
Opinion of current value of the property given to lender or cl…
Property
financial claim
Credit
equities
anything of value that a person or business owns, thus controls
legal right to an item. Measured in dollar amounts. When you p…
purchasing now and agreeing to pay later. The person selling y…
financial claims to the property of the business. The two type…
Property
anything of value that a person or business owns, thus controls
financial claim
legal right to an item. Measured in dollar amounts. When you p…
Account
Accounting Equation
Accounts Payable
Accounts Receivable
The increase or decrease in a specific item caused by business…
Assets-Liabilities+Owner's Equity
The amount of money owed by creditors
The total amount of money to be received in the future for goo…
Account
The increase or decrease in a specific item caused by business…
Accounting Equation
Assets-Liabilities+Owner's Equity
GDP
GNP
Inflation
Deflation
the dollar amount of all final goods and services produced wit…
The dollar value of all finished goods, services and structure…
A general rise in prices and wages.
When prices go down by a falloff in consumer/producer demand.
GDP
the dollar amount of all final goods and services produced wit…
GNP
The dollar value of all finished goods, services and structure…
Account
Accounting equation
Assets
Balance sheet
Record within an accounting system in which increases and decr…
Equality involving a company's assets, liabilities, and equity…
Resources a business owns or controls that are expected to pro…
Financial statement that lists types and dollar amounts of ass…
Account
Record within an accounting system in which increases and decr…
Accounting equation
Equality involving a company's assets, liabilities, and equity…
VOCABULARY
Accounting Equation
Business Transaction
Owner's Equity
-
Assets = Liabilities + Owner's Equity
An economic event that causes a change in assets, liabilities,…
The owner's claims to the total assets of the business
VOCABULARY
-
Accounting Equation
Assets = Liabilities + Owner's Equity
Accounting Equation
Business Transaction
Owner's equity
Assets
Assets= Liabilities + Owner's equity
An economic event that causes a change in assets, liabilities,…
The owner's claim to the total assets of the business
Is any property or item or value owned by a business
Accounting Equation
Assets= Liabilities + Owner's equity
Business Transaction
An economic event that causes a change in assets, liabilities,…
accounting equation
business transaction
owner's equities
asset
The ________ is Assets = Liabilities + Owner's Equity.
A(n) ______ is an economic event that causes a change in asset…
The owner's claims to the total assets of the business are cal…
A(n) _______ is any property or item of value owned by a busin…
accounting equation
The ________ is Assets = Liabilities + Owner's Equity.
business transaction
A(n) ______ is an economic event that causes a change in asset…
IFRS
Account
General Ledger
Journal
International Financial Reporting Standards - Needs to be rele…
Dollar record of accounting events... Results in a debit or credit
Storage space containing all of the accounts
The place where the results of transactions and events are ini…
IFRS
International Financial Reporting Standards - Needs to be rele…
Account
Dollar record of accounting events... Results in a debit or credit
Account Balance
Accounting Cycle
Accounts
Business Transactions
The difference in dollars between the total debit footing and…
A series of steps whose basic purpose is to produce financial…
Basic units for accumulating and storing accounting data from…
Economic events that affect a business's financial position an…
Account Balance
The difference in dollars between the total debit footing and…
Accounting Cycle
A series of steps whose basic purpose is to produce financial…
recognition
valuation
fair value
exchange price
the decision as to when to record a business transaction
the process of assigning a monetary amount to business transac…
the exchange price of an actual or potential business transact…
the cost
recognition
the decision as to when to record a business transaction
valuation
the process of assigning a monetary amount to business transac…
Account
Accounting Equation
Accounts Payable
Accounts Receivable
The increases or decreases in a specific item caused by busine…
A = L + E Assets = Liabilities + Owner's Equity
The amount of money owed to the creditors of a business.
The total amount of money to be received in the future for goo…
Account
The increases or decreases in a specific item caused by busine…
Accounting Equation
A = L + E Assets = Liabilities + Owner's Equity
what is the accounting equation
what is an economic event that causes a…
any property or item of value owned by…
the owners claims to the total assets o…
assets= liabilities + owners equity
business transaction
asset
owners equity
what is the accounting equation
assets= liabilities + owners equity
what is an economic event that causes a…
business transaction
Primary Objective of Financial Reportin…
Relevant Information
Faithful Representation
Separate Entity Assumption
To provide useful economic information about a business to hel…
Information that can influence a decision; it is timely and ha…
Requires that the information be complete, neutral, and free f…
Business transactions are separate from transactions of owners
Primary Objective of Financial Reportin…
To provide useful economic information about a business to hel…
Relevant Information
Information that can influence a decision; it is timely and ha…
financing activities
primary objective of financial reportin…
relevant information
faithful representation
examples: borrowing funds from creditors, selling stock to inv…
to provide useful economic information about a business to hel…
information that can influence a decision; it is timely and ha…
requires that the information be complete, neutral, and free f…
financing activities
examples: borrowing funds from creditors, selling stock to inv…
primary objective of financial reportin…
to provide useful economic information about a business to hel…
Primary Objective of Financial Reportin…
Relavant Information
Faithful Representation
Separate Entity Assumption
To provide useful economic information about a business to hel…
Information that can influence a decision, it is timely and ha…
All info is complete, neutral, and free of error
States that business transactions are separate from the transa…
Primary Objective of Financial Reportin…
To provide useful economic information about a business to hel…
Relavant Information
Information that can influence a decision, it is timely and ha…
Account
Accounting cycle
Addition paid
Assets
a standardized format that organizations use to accumulate the…
the process used by entities to analyze + record transactions…
in capital: the amount of contributed capital less the par val…
probable future economic benefits owned by the entity as a res…
Account
a standardized format that organizations use to accumulate the…
Accounting cycle
the process used by entities to analyze + record transactions…
Relevant Information
Faithful Representation
Separate-entity Assumption
Continuity (Going-concern) Assumption
capable of influencing decisions by allowing users to assess p…
requires that the information be complete, neutral, and free f…
the business's activities are accounted for separately from th…
states that businesses are assumed to continue into the forese…
Relevant Information
capable of influencing decisions by allowing users to assess p…
Faithful Representation
requires that the information be complete, neutral, and free f…
Business Transactions
Personal transactions
Business Events
Accounting equation
An activity that causes the assets, liabilities or equity of a…
Are transactions of the owners,partners orshareholders that ar…
Are occurrences that will probably affect the entity in some w…
Assets = Liabilities + Owner's Equity + (Income - Expenses)
Business Transactions
An activity that causes the assets, liabilities or equity of a…
Personal transactions
Are transactions of the owners,partners orshareholders that ar…
Primary objective of financial reportin…
Relevant information
Faithful representation
Separate entity assumption
To provide useful economic information about a business to hel…
Information that can influence a decision; it is timely and pr…
Requires that the information be complete, neutral, and free f…
States that business transactions are separate from the transa…
Primary objective of financial reportin…
To provide useful economic information about a business to hel…
Relevant information
Information that can influence a decision; it is timely and pr…