Study sets matching "term:transactions = descriptions of business activities (or events) that are in dollar values and recorded in accounts"
Study sets
Classes
Users
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,…
Accounting Equation
Owner's Equity
Business Transaction
Asset
Assets=Liabilities+Owner's Equity
The owner's claims to the total assets of the business
Economic event that causes a change in assets, liabilities, or…
Any property or item of value owned by a business
Accounting Equation
Assets=Liabilities+Owner's Equity
Owner's Equity
The owner's claims to the total assets of the business
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…
Accounting Equation
Business Transaction
Owners Equity
Liabilities
Assets=Liabilities+Owners Equity
An economic event that causes change in assets, liabilities, o…
The owners claims to the total assets of the business
Creditors claims to the assets of the business
Accounting Equation
Assets=Liabilities+Owners Equity
Business Transaction
An economic event that causes change in assets, liabilities, o…
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…
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…
Economic System
Private Sector
Public Sector
Free Market Economy
A system of production, resource allocation, exchange, and dis…
The part of a country's economic system that is run by individ…
The portion of an economic system that is controlled by nation…
Resources are allocated through the interaction of free and se…
Economic System
A system of production, resource allocation, exchange, and dis…
Private Sector
The part of a country's economic system that is run by individ…
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,…
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
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…
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…
Distribution Channel
Intermediary
Direct Channel
Indirect Channel
A chain of businesses or intermediaries through which a good o…
Firm or person who acts as a mediator on a link between partie…
The producer sells its product directly to the end consumer
The producer must sell to a wholesaler or retailer before it i…
Distribution Channel
A chain of businesses or intermediaries through which a good o…
Intermediary
Firm or person who acts as a mediator on a link between partie…
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
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
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…
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…
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…
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…
The Primary Objective of Financial Repo…
Relevant Information
Faithful Representation
Separate-Entity Assumption
to provide financial information about the reporting entity th…
can influence a decision; it is timely and has predictive and/…
requires that the information be complete, neutral, and free f…
states that a business's activities are accounted for separate…
The Primary Objective of Financial Repo…
to provide financial information about the reporting entity th…
Relevant Information
can influence a decision; it is timely and has predictive and/…
Asset
Liability
Owner's Equity
expenses
Anything of value that is owned
An amount owed by a business
The amount remaining after the value of all liabilities is sub…
A decrease in owner equity resulting from the operation of a b…
Asset
Anything of value that is owned
Liability
An amount owed by a business
Cost concept
Objectivity concept
Unit of measure concept
Recognition
Under the cost concept, amounts are initially recorded in the…
The objectivity concept requires that the amounts recorded in…
requires that economic data be recorded in dollars
the decision as to when to record a business transaction
Cost concept
Under the cost concept, amounts are initially recorded in the…
Objectivity concept
The objectivity concept requires that the amounts recorded in…
Statement about accounting 1
Statement about accounting 2
Statement about accounting 3
reliability principle
Accounting is the information system that measures business ac…
Financial statements report financial information about a busi…
The purpose of financial accounting is to provide information…
recording those transactions in the accounting system that you…
Statement about accounting 1
Accounting is the information system that measures business ac…
Statement about accounting 2
Financial statements report financial information about a busi…
financial accounting (chartered account…
management accounting
cost accounting
tax accounting
analysing financial information to help with decision making
coordinating flow of information within the business for inter…
controlling the cost of producing goods or services
calculate and pay taxes and give tax advice
financial accounting (chartered account…
analysing financial information to help with decision making
management accounting
coordinating flow of information within the business for inter…
Assets=Liabilities+Owner's Equity
An economic event that causes a change…
The owner's claims to the total assets…
Any property or item of value owned by…
accounting equation
business transaction
owner's equity
asset
Assets=Liabilities+Owner's Equity
accounting equation
An economic event that causes a change…
business transaction