Study sets matching "term:transactions = descriptions of business activities (or events) that are in dollar values and recorded in accounts"

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Study sets matching "term:transactions = descriptions of business activities (or events) that are in dollar values and recorded in accounts"

16 terms
Chapter 3:Business Transactions and the Accounting Equation
Account
Accounting Equation
Accounts Payable
Accounts receivable
Place where the increases or decreases in a specific item cau…
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 go…
Account
Place where the increases or decreases in a specific item cau…
Accounting Equation
Assets = Liabilities + Owner's Equity
16 terms
Business Transactions and the Accounting Equation Review
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…
16 terms
Accounting: Business Transactions and the Accounting Equation
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, o…
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
15 terms
Chapter 1: Business Transactions and the Accounting Equation
Accounting Equation
Business Transaction
Owners Equity
Liabilities
Assets=Liabilities+Owners Equity
An economic event that causes change in assets, liabilities,…
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,…
16 terms
Chapter 3 - Accounting Equation & Transactions
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 asse…
The owner's claims to the total assets of the business are ca…
A(n) _______ is any property or item of value owned by a busi…
accounting equation
The ________ is Assets = Liabilities + Owner's Equity.
business transaction
A(n) ______ is an economic event that causes a change in asse…
ACCOUNTING FOR BUSINESS TRANSACTIONS VOCABULARY
Account
Accounting equation
Assets
Balance sheet
Record within an accounting system in which increases and dec…
Equality involving a company's assets, liabilities, and equit…
Resources a business owns or controls that are expected to pr…
Financial statement that lists types and dollar amounts of as…
Account
Record within an accounting system in which increases and dec…
Accounting equation
Equality involving a company's assets, liabilities, and equit…
27 terms
Chapter 2: Measurement Concepts: Recording Business Transactions
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 a…
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…
19 terms
Chapter 2: Accounting for Business Transactions
Account
Accounting Equation
Assets
Balance Sheets
record within an accounting system in which increases and dec…
Equality involving a company's assets, liabilities, and equit…
Resources a business owns or controls that are expected to pr…
Financial statements that list the types and dollar amounts o…
Account
record within an accounting system in which increases and dec…
Accounting Equation
Equality involving a company's assets, liabilities, and equit…
55 terms
Accounting 1 Review
Accounting cycle
Source Document
General Journal
9 steps
The accounting period of a business is separated into activit…
Paper prepared as evidence that a business transaction occurred
All purpose journal in which all of the transactions in a bus…
How many steps are in the accounting cycle?
Accounting cycle
The accounting period of a business is separated into activit…
Source Document
Paper prepared as evidence that a business transaction occurred
15 terms
chapter 3 business transactions and the accounting equation
what is the accounting equation
what is an economic event that causes…
any property or item of value owned by…
the owners claims to the total assets…
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…
business transaction
27 terms
Unit 4 Inflation and GDP terms
GDP
GNP
Inflation
Deflation
the dollar amount of all final goods and services produced wi…
The dollar value of all finished goods, services and structur…
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 wi…
GNP
The dollar value of all finished goods, services and structur…
20 terms
Business transactions and the accounting equation
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…
purchasing now and agreeing to pay later. The person selling…
financial claims to the property of the business. The two typ…
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…
21 terms
Acct chp 2
Primary objective of financial reporti…
Relevant information
Faithful representation
Separate entity assumption
provide financial information about the reporting entity that…
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 activities are accounted for separatel…
Primary objective of financial reporti…
provide financial information about the reporting entity that…
Relevant information
can influence a decision; it is timely and has predictive and…
14 terms
Basic Accounting Terms
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 su…
A decrease in owner equity resulting from the operation of a…
Asset
Anything of value that is owned
Liability
An amount owed by a business
16 terms
DCS Account Chapter 3 Vocabulary
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…
60 terms
Accounting Terms
journalizing
T account
general journal
source document
process of recording business transactions
shows the dollar increase or decrease in an account that is c…
all purpose journal where all transactions of a business are…
a paper prepared as the evidence that a transaction occurred
journalizing
process of recording business transactions
T account
shows the dollar increase or decrease in an account that is c…
15 terms
Chapter 3 terms
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
26 terms
Accounting Chapter 2 Vocab
Primary objective of financial reporti…
Relevant information
Faithful representation
Separate entity assumption
To provide useful economic information about a business to he…
Information that can influence a decision; it is timely and p…
Requires that the information be complete, neutral, and free…
States that business transactions are separate from the trans…
Primary objective of financial reporti…
To provide useful economic information about a business to he…
Relevant information
Information that can influence a decision; it is timely and p…
17 terms
MGT 341 MC Study Guide Chapter 1
Statement about accounting 1
Statement about accounting 2
Statement about accounting 3
reliability principle
Accounting is the information system that measures business a…
Financial statements report financial information about a bus…
The purpose of financial accounting is to provide information…
recording those transactions in the accounting system that yo…
Statement about accounting 1
Accounting is the information system that measures business a…
Statement about accounting 2
Financial statements report financial information about a bus…
Business ch3
Account
Accounting equation
Accounts Payable
Accounts receivable
The increase or decrease in a specific item caused by a busin…
Assets= Liabilities + Owners Equity
The amount of money owed to the creditors of a business
The total amount of money to be received in the future for go…
Account
The increase or decrease in a specific item caused by a busin…
Accounting equation
Assets= Liabilities + Owners Equity
Acc
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…
13 terms
Accounting 1 Chapter 3 Vocab
property
credit
assets
liabilities
anything of value that is owned or controlled; dollar amounts…
purchasing property that will be paid for at a later time; th…
property or items of value owned by a business (example: cash…
creditors' claims to value of assets, if the property was pur…
property
anything of value that is owned or controlled; dollar amounts…
credit
purchasing property that will be paid for at a later time; th…
23 terms
Accounting Chapter 2
The Primary Objective of Financial Rep…
Relevant Information
Faithful Representation
Separate-Entity Assumption
to provide financial information about the reporting entity t…
can influence a decision; it is timely and has predictive and…
requires that the information be complete, neutral, and free…
states that a business's activities are accounted for separat…
The Primary Objective of Financial Rep…
to provide financial information about the reporting entity t…
Relevant Information
can influence a decision; it is timely and has predictive and…
31 terms
Accounting Chapter 3 - Business Transactions and the Accounting Equation
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
Ch 1 Set 1
accounting
accounting equation
assets
audit
information and measurement system that identifies, records,…
equality involving a company's assets, liabilities, and equit…
resources a business owns or controls that are expected to pr…
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…
19 terms
Accounting - Chapter 1 (Century 21 - Southwestern 7th edition)
accounting
accounting system
accounting records
service business
planning, recording, analyzing, and interpreting financial in…
a planned process for providing financial information that wi…
Organized summaries of a business's financial activities
a business that performs a service for a fee; examples: Dry c…
accounting
planning, recording, analyzing, and interpreting financial in…
accounting system
a planned process for providing financial information that wi…
19 terms
ACCT 2301 Chapter 2 vocab
Relevant information
faithful representation
separate-entity assumption
continuity assumption
can influence a decision; it is timely and has predictive and…
requires that the information be complete, neutral, and free…
states that a business's activities are accounted for separat…
states that businesses are assumed to continue into the fores…
Relevant information
can influence a decision; it is timely and has predictive and…
faithful representation
requires that the information be complete, neutral, and free…
17 terms
Chapter 9 Accounting
Accounting
Transaction
Bookkeeping
Double-entry bookkeeping
The process of recording, analyzing and interpreting the fina…
A business activity involving money; a financial event that c…
The recording of business transaction and ensuring that trans…
Based on the principal that every business transaction involv…
Accounting
The process of recording, analyzing and interpreting the fina…
Transaction
A business activity involving money; a financial event that c…
financial accounting chapter two
primary objectives of financial report…
relevant information
faithful representation
separate-entity assumption
is to provide financial information about the reporting entit…
can influence a decision; it is timely and has predictive and…
requires that the information be complete, neutral, and free…
states that a business's activities are accounted for separat…
primary objectives of financial report…
is to provide financial information about the reporting entit…
relevant information
can influence a decision; it is timely and has predictive and…
15 terms
Chapter 1 Review
Accounting
Internal users
External users
Generally accepted accounting principles
information system that identifies, records, and communicates…
These include marketing managers, production supervisors, fin…
include investors, creditors, taxing authorities, regulatory…
(GAAP) are a common set of guidelines (standards) used by acc…
Accounting
information system that identifies, records, and communicates…
Internal users
These include marketing managers, production supervisors, fin…
37 terms
accounting
on credit/account
creditor
assets
owner's equity
when you buy property and agree to pay for it later
the business or person selling you the property on credit
property or items of value owned by a business
owners claims to the assets of the business
on credit/account
when you buy property and agree to pay for it later
creditor
the business or person selling you the property on credit
25 terms
Chapter 2
Account
Accounting Cycle
Additional Paid-In Capital
Assets
Standardized format that organizations use to accumulate the…
Process used by entities to analyze and record transactions,…
Amount of contributed capital less the par value of common st…
Probable future economic benefits owned by the entity as a re…
Account
Standardized format that organizations use to accumulate the…
Accounting Cycle
Process used by entities to analyze and record transactions,…
ACCTG 215 42-77
objective of financial reporting
relevant information
faithful representation
separarte entity assumption
provide financial information about the reporting entity that…
information that can influence a decision; it is timely and h…
requires that the information be complete, neutral, and free…
states that business transactions are separate from the trans…
objective of financial reporting
provide financial information about the reporting entity that…
relevant information
information that can influence a decision; it is timely and h…
18 terms
Ch. 2 Business Transactions and The Basic Accounting Equation
Account
Accounts Payable
Accounts Recievable
Assets
a record of the increases or decreases in and the balance for…
amount of money owed, or payable, to a businesses creditots
total amount of money to be received in the future for goods…
Something owned that has value
Account
a record of the increases or decreases in and the balance for…
Accounts Payable
amount of money owed, or payable, to a businesses creditots
34 terms
Accounting Chapter 2
Primary Objective of Financial Reporti…
Relevant Information
Faithful Reporting
Separate-entity Assumption
to provide financial information about the reporting entity t…
can influence a decision; it is timely and ha predictive and/…
requires that the information be complete, neutral, and free…
states that a business's activities are accounted for separat…
Primary Objective of Financial Reporti…
to provide financial information about the reporting entity t…
Relevant Information
can influence a decision; it is timely and ha predictive and/…
ACCY 2001 ch. 2
primary objectives of financial report…
relevant information
faithful representation
separate-entity assumption
to provide financial information about the reporting entity t…
can influence a decision; it is timely and has predictive and…
requires that the information be complete, neutral, and free…
states that a business' activities are accounted for separate…
primary objectives of financial report…
to provide financial information about the reporting entity t…
relevant information
can influence a decision; it is timely and has predictive and…
37 terms
Financial Accounting Chapter 2-3
Account
Accounting Cycle
Additional Paid in Capital
Common Stock
A standardized format that organizations use to accumulate th…
The process used by entities to analyze and record transactio…
The amount of contributed capital less the par value of the s…
The basic voting stock issued by a corporation
Account
A standardized format that organizations use to accumulate th…
Accounting Cycle
The process used by entities to analyze and record transactio…
Chapter 2: Accounting
Investing Activities
Financing Activities
Primary Objective of Financial Reporte…
Relevant Information
Typical Asset Acquisition
borrowing funds from creditors or selling stock to investors…
is to provide financial information about the reporting entit…
can influence a decision; it is timely and has predictive and…
Investing Activities
Typical Asset Acquisition
Financing Activities
borrowing funds from creditors or selling stock to investors…
Business Transactions and the Accounting Equation Test 1
Account
Accounting Equation
Accounts Payable
Accounts Receivable
The increase of decrease in a specific item caused by busines…
The ______ is Assets= Liabilities + Owner's Equity.
The amount of money owed to the creditors of a business is __…
______ is the total amount of money to be received in the fut…
Account
The increase of decrease in a specific item caused by busines…
Accounting Equation
The ______ is Assets= Liabilities + Owner's Equity.
37 terms
ACCT 2301 Chpt. 2
financial reporting (to external users)
Relevant information
Faithful representation
Separate-entity assumption
is to provide financial information about the reporting entit…
is capable of influencing decisions by allowing users to asse…
requires that the information be complete, neutral, and free…
states that each business's activities must be accounted for…
financial reporting (to external users)
is to provide financial information about the reporting entit…
Relevant information
is capable of influencing decisions by allowing users to asse…
25 terms
FSA Chapter 2
Assets
Current Assets
Long term Assets
Current Liabilities
Must be owned or controlled by firm, must confer expected fut…
Assets to be used within one year or one business cycle
Assets not to be used within one year or one business cycle
Obligations to be satisfied within one year or business cycle
Assets
Must be owned or controlled by firm, must confer expected fut…
Current Assets
Assets to be used within one year or one business cycle
Mortuary Accounting Chapters 1 and 2
account
account title
accounting
accounts payable
a device for recording the changes (increases or decreases) i…
provides a description of the particular type of asset, liabi…
a language of business employed to communicate financial info…
an unwritten promise to pay creditors for property purchased…
account
a device for recording the changes (increases or decreases) i…
account title
provides a description of the particular type of asset, liabi…
27 terms
ACCT 2
primary objective of financial reporti…
relevant information
faithful representation
separate-entity assumption
is to provide financial information about the reporting entit…
can influence a decision; it is timely and has predictive and…
requires that the information be complete, neutral, and free…
states that a business's activities are accounted for separat…
primary objective of financial reporti…
is to provide financial information about the reporting entit…
relevant information
can influence a decision; it is timely and has predictive and…
31 terms
financial accounting chapter 2
primary objective of financial reporti…
relevant information
faithful representation
separate-entity assumption
to provide financial information about the reporting entity t…
can influence a decision, it is timely and has predictive and…
requires that the information be complete, neutral, and free…
states that a business' activities are accounted for separate…
primary objective of financial reporti…
to provide financial information about the reporting entity t…
relevant information
can influence a decision, it is timely and has predictive and…
16 terms
Accounting Ch3 Vocab
Account
Accounting Equation
Accounts Payable
Accounts Receivable
where the increases or decreases in a specific item caused by…
Assets = Liabilities + Owner's Equity
The amount of money owned to the creditors of a business
the total amount of money to be received in the future for go…
Account
where the increases or decreases in a specific item caused by…
Accounting Equation
Assets = Liabilities + Owner's Equity
22 terms
chapter 1 accounting terms
Accounting
accounting system
accounting record
financial statements
Planning recording, analyzing, and interpreting financial info
A planned process for providing financial info that will be u…
Organized summaries of s business's financial activities are
financial re ports that summarize the financial condition and…
Accounting
Planning recording, analyzing, and interpreting financial info
accounting system
A planned process for providing financial info that will be u…
26 terms
Plug it in 1: Business Processes and Business Process Management
Business Process
Business Process Management (BPM)
Business Process Re-engineering (BPR)
Cross-Functional Processes
A collection of related activities that create a product or a…
A management technique that includes methods and tools to sup…
A radical redesign of a business process that improves its ef…
No single functional area is responsible for a process's exec…
Business Process
A collection of related activities that create a product or a…
Business Process Management (BPM)
A management technique that includes methods and tools to sup…
Financial Accounting Ch. 2
Primary Objective of Financial Reporti…
Relevant Information
Faithful Representation
Seperate-Entity Assumption
Provides financial information about the reporting entity tha…
Can influence a decision; it is timely and has predictive an/…
Requires that the information be complete, neutral, and free…
States that a business's activities are accounted for separat…
Primary Objective of Financial Reporti…
Provides financial information about the reporting entity tha…
Relevant Information
Can influence a decision; it is timely and has predictive an/…
Accounting Chapter 1
account
accounting equation
accounts payable
accounts receivable
the increases or decreases in a specific item caused by busin…
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 go…
account
the increases or decreases in a specific item caused by busin…
accounting equation
Assets= Liabilities + Owner's Equity
Chapter 9 Business
Accounting
Transaction
Bookkeeping
Double-entry bookkeeping
the process of recording, analyzing, and interpreting the eco…
any business activity involving money
the recording of all transactions for a business in a specifi…
the principle that each transaction involves two changes
Accounting
the process of recording, analyzing, and interpreting the eco…
Transaction
any business activity involving money
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