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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
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…
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,…
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…
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
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…
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
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
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…
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…
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
10 terms
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…
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…
14 terms
accounting types
financial accounting (chartered accoun…
management accounting
cost accounting
tax accounting
analysing financial information to help with decision making
coordinating flow of information within the business for inte…
controlling the cost of producing goods or services
calculate and pay taxes and give tax advice
financial accounting (chartered accoun…
analysing financial information to help with decision making
management accounting
coordinating flow of information within the business for inte…
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…
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…
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…
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
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…
27 terms
Accounting Chapter 2: Investing and Financing Decisions and the Accounting System
Objective of Financial Reporting to Ex…
Relevant Information
Faithfull Representation
Separate-Entity Assumption
To provide information about the reporting entity that is use…
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…
Objective of Financial Reporting to Ex…
To provide information about the reporting entity that is use…
Relevant Information
Can influence a decision; it is timely and has predictive and…
26 terms
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 or…
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 has predictive or…
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…
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/…
25 terms
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…
29 terms
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…
16 terms
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
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…
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…
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,…
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
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…
Accounting 215 Chapter 2 Vocabulary
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's activities are accounted fro 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 has predictive and…
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…
46 terms
Business 310 Module 10-12
Account
Accounting information system
Accounting transactions
Chart of accounts
individual record of increases and decreases in specific asse…
the system of collecting and processing transaction data and…
events that require recording in the financial statements b/c…
list of company's accounts
Account
individual record of increases and decreases in specific asse…
Accounting information system
the system of collecting and processing transaction data and…
55 terms
Accounting 215
Relevant Information
Faithful Representation
Separate Entity Assumption
Continuity Assumption
Information that can influence a decision; it is timely and h…
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
Information that can influence a decision; it is timely and h…
Faithful Representation
requires that the information be complete, neutral, and free…
33 terms
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/…
25 terms
activity ch. 3 & 4 vocab
account
accounting equation
accounts payable
accounts receivable
subdivision under assets, liabilities, or owner's equity
the relationship between assets and the equities
is the amount owed. or payable, to the creditors of a bussiness
total amount of money owned to a business- money to be receiv…
account
subdivision under assets, liabilities, or owner's equity
accounting equation
the relationship between assets and the equities
25 terms
Ch. 2:Investing and Financing Decisions and the Accounting System
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 predicted 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 has predicted and/…
22 terms
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…
16 terms
Accounting Chapter 3
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
58 terms
Accounting Midterm 1
Creditors
Financial Accounting
3 Assumtpsion
Separate Entity Assumption
Lend money to a company for a specific length of time and ben…
accounting systems collect and process financial information…
Separate entity, continuity, stable monetary unit
Each business activities must be accounted for separately
Creditors
Lend money to a company for a specific length of time and ben…
Financial Accounting
accounting systems collect and process financial information…
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…
22 terms
Financial Accounting Chapter 4
objectivity
Fundamental Accounting Equation
assets
liabilities
only a small percentage of relevant events are reflected on f…
the dollar value of a company's assets equals the dollar valu…
items and rights that a company acquires through objectively…
consist primarily of a company's debts/payables
objectivity
only a small percentage of relevant events are reflected on f…
Fundamental Accounting Equation
the dollar value of a company's assets equals the dollar valu…
16 terms
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
25 terms
Financial Accounting Chapter 2
Primary objective of financial reporti…
Relavent 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 compete , 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…
Relavent 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
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