Study sets matching "terms chapter 4 accounting 200"

Study sets
Classes
Users

Study sets matching "terms chapter 4 accounting 200"

26 terms
Accounting 200 Chapter 4
FOB Shipping point
FOB Destination
Net sales
Gross Profit
Buyer pays --> causes inventory to go up
Seller pays --> causes transportation out (Selling expense) t…
sales revenue - sales R&A - sales discount
net sales - COMS expense
FOB Shipping point
Buyer pays --> causes inventory to go up
FOB Destination
Seller pays --> causes transportation out (Selling expense) t…
7 terms
Accounting 200 Chapter 4
Accrual Basis Accounting Concept
Periodicity Assumption
Expense Recognition Principle
Revenue and Expense Recogniation
Revenues are recognized on the income statement when they are…
Economic life of a business can be divided into artificial ti…
Match expenses with revenues in the period when the company m…
In accordance with generally accepted accounting principles (…
Accrual Basis Accounting Concept
Revenues are recognized on the income statement when they are…
Periodicity Assumption
Economic life of a business can be divided into artificial ti…
18 terms
Accounting 200 Chapter 4 Terms
Classified Balance Sheet
Closing Entries
Correcting Entries
Current Assets
A balance sheet that contains standard classifications or sec…
Entreis made at the end of an accounting period to transfer t…
Entries to correct errors made in recording transactions.
Assets that a company expects to convert to cash or use up wi…
Classified Balance Sheet
A balance sheet that contains standard classifications or sec…
Closing Entries
Entreis made at the end of an accounting period to transfer t…
20 terms
Accounting 200 Chapter 4
Periodicity Assumption (Time Period As…
Revenue Recognition Principle
Expense Recognition Principle (Matchin…
Accural-Basis Accounting
accountants divide the economic life of a business into artif…
companies recognize revenue in the accounting period when ear…
match expenses with revenues in the period when the company m…
transactions recorded in the periods in which the events occu…
Periodicity Assumption (Time Period As…
accountants divide the economic life of a business into artif…
Revenue Recognition Principle
companies recognize revenue in the accounting period when ear…
Accounting 200 Chapter 4
Revenue Recognition Principle
Expense Recognition Principle
Accrual Basis
Cash Basis
Revenues are recognized in the accounting period in which the…
Expenses are matched with revenues in the same time period
Means that transactions that change a company's financial sta…
Revenue- recorded only when cash is Received.... Expenses- recor…
Revenue Recognition Principle
Revenues are recognized in the accounting period in which the…
Expense Recognition Principle
Expenses are matched with revenues in the same time period
25 terms
Accounting 200 Chapter 4: Accrual Accounting Concepts
accrual-basis accounting
accrued expenses
accrued revenues
adjusted trail balance
accounting basis in which companies record, in the periods in…
expenses incurred but not yet paid in cash or recorded
revenues for services performed but not yet received in cash…
a list of accounts and their balances after all adjustments h…
accrual-basis accounting
accounting basis in which companies record, in the periods in…
accrued expenses
expenses incurred but not yet paid in cash or recorded
30 terms
Accounting 200 - Chapter 4
Define Cash basis of accounting
Define accrual basis of acounting
What type of accounting does GAAP requ…
What are adjusting journal entries
records revenues when cash is received and records expenses w…
records revenues when they are earned and records expenses wh…
accrural
entries made in general journal to record revenues that have…
Define Cash basis of accounting
records revenues when cash is received and records expenses w…
Define accrual basis of acounting
records revenues when they are earned and records expenses wh…
17 terms
ACCOUNTING 200 TERMS: CH4
Classified balance sheet
Closing entries
Correcting entries
Current assets
A balance sheet that contains standard classifications or sel…
Entries at the end of an accounting period to transfer the ba…
Entries to correct errors made in recording transactions
Assets which the company expects to convert to cash withing t…
Classified balance sheet
A balance sheet that contains standard classifications or sel…
Closing entries
Entries at the end of an accounting period to transfer the ba…
Chapter 4 Accounting 200
sales returns and allowances
sales discounts
sold
free on board FOB
contra revenue
contra revenue
seller
moment when legal ties to good passes from seller to buyer
sales returns and allowances
contra revenue
sales discounts
contra revenue
10 terms
ACC-200 Chapter 4 Accrual Accounting
Cash Basis (not for profits, and accou…
Cash basis advantages
Cash basis disadvantages
Accrual Basis (Required by GAAP)
-Accounting events are recorded when cash is exchanged... -Reven…
-Simplicity of measuring and identifying business events/tran…
Mismatch of revenues with expenses
-Accounting events are recorded when they occur.... -Revenues re…
Cash Basis (not for profits, and accou…
-Accounting events are recorded when cash is exchanged... -Reven…
Cash basis advantages
-Simplicity of measuring and identifying business events/tran…
8 terms
Accounting Chapter 4 Terms
Ledger
General Ledger
Account Number
File Maintenance
Group of accounts
Ledger that contains all accounts needed to prepare financial…
Number assigned to account
Arranging accounts in a general ledger, assigning account num…
Ledger
Group of accounts
General Ledger
Ledger that contains all accounts needed to prepare financial…
13 terms
Chapter 4 - Accounting Terms
entry
journal
special amount column
source document
Information for each transaction recorded in a journal.
A form for recording transactions in chronological order.
A journal amount column headed with an account title.
A business paper from which information is obtained for a jou…
entry
Information for each transaction recorded in a journal.
journal
A form for recording transactions in chronological order.
8 terms
Chapter 4 Accounting Terms
ledger
account number
correcting entry
file maintenance
A group of accounts
The number assigned to an account.
A journal entry made to correct an error in a previous journa…
The procedure for arranging accounts in a general ledger, ass…
ledger
A group of accounts
account number
The number assigned to an account.
Accounting Terms Chapter 4
Check
Double-entry Accounting
Entry
General Journal
Business form for ordering a bank to pay cash from a bank acc…
Recording of debit and credit part of transactions
Information for each transaction recorded in a journal
A journal with 2 amount columns in which all kinds of entries…
Check
Business form for ordering a bank to pay cash from a bank acc…
Double-entry Accounting
Recording of debit and credit part of transactions
ACC200 Chapter 4
cash basis of accounting
accrual basis
adjusting journal entries
closing process
records revenues which cash is received and records expenses…
records revenues when they are earned and records expenses wh…
entries made in the general journal to record revenues that h…
the process of transferring all revenue, expense, and dividen…
cash basis of accounting
records revenues which cash is received and records expenses…
accrual basis
records revenues when they are earned and records expenses wh…
8 terms
Chapter 4 Accounting Terms
ledger
account number
correcting entry
file maintenance
A group of accounts
The number assigned to an account.
A journal entry made to correct an error in a previous journa…
The procedure for arranging accounts in a general ledger, ass…
ledger
A group of accounts
account number
The number assigned to an account.
7 terms
Accounting Terms Chapter 4
ledger
general ledger
account number
file maintenance
a group of accounts
a group that contains all the accounts needed to prepare fina…
the number assigned to an account
the procedure for arranging accounts
ledger
a group of accounts
general ledger
a group that contains all the accounts needed to prepare fina…
11 terms
Accounting Terms Chapter 4
journal
journalizing
entry
general journal
a form for recording transactions in chronological order
recording transactions in a journal
information or each transaction recorded in a journal
a journal with two amount columns in which all kinds of entri…
journal
a form for recording transactions in chronological order
journalizing
recording transactions in a journal
Accounting Chapter 4 Terms
Ledger
General Ledger
Account Number
File Maitenance
A group of accounts
A ledger that contains all accounts needed to prepare financi…
The number assigned to an account
The procedure for arranging accounts in a general ledger, ass…
Ledger
A group of accounts
General Ledger
A ledger that contains all accounts needed to prepare financi…
8 terms
Chapter 4 Accounting Terms
ledger
general ledger
account number
file maintenance
accounts in groups
all accounts needed to complete financial staments
assigned number given to an account
way to keep accounts in a general ledger, assign account numb…
ledger
accounts in groups
general ledger
all accounts needed to complete financial staments
Accounting Chapter 4 Terms
Ledger
General Ledger
Account Number
File Maintenance
Group of accounts
Ledger that contains all accounts needed to prepare financial…
Number assigned to account
Arranging accounts in a general ledger, assigning account num…
Ledger
Group of accounts
General Ledger
Ledger that contains all accounts needed to prepare financial…
Chapter 4 Accounting Terms
Chart of Accounts
Credit
Debit
Double-Entry Accounting
A list of all accounts used by a business.
An agreement to pay for a purchase at a later time; an entry…
An entry on the left side of an account.
A system that recognizes the different sides of business tran…
Chart of Accounts
A list of all accounts used by a business.
Credit
An agreement to pay for a purchase at a later time; an entry…
Accounting Terms Chapter 4
Ledger
General Ledger
Account number
File Maintenance
A group of accounts
A Ledger that contains all accounts needed to prepare financi…
The number assigned to an account
The procedure for arranging accounts in a general ledger, ass…
Ledger
A group of accounts
General Ledger
A Ledger that contains all accounts needed to prepare financi…
Accounting Terms - Chapter 4
A ledger that contains all accounts ne…
The number assigned to an account.
A group of accounts.
The procedure for arranging accounts i…
General Ledger
Account Number
Ledger
File Maintenance
A ledger that contains all accounts ne…
General Ledger
The number assigned to an account.
Account Number
56 terms
Accounting 200 Chapter 1 Terms
accounting
business
product
goods
process of recognizing, measuring, recording and reporting in…
a legal organization which attempts to create value by exchan…
a good or service purchased or produced by a business to be s…
a physical item that can be touched and felt. something tangi…
accounting
process of recognizing, measuring, recording and reporting in…
business
a legal organization which attempts to create value by exchan…
Chapter 4 Accounting Terms
Ledger
General Ledger
Account Number
File Maintenance
A group of accounts
A ledger that contains all accounts needed to prepare financi…
The number assigned to an account.
The procedure for arranging account in a general ledger, assi…
Ledger
A group of accounts
General Ledger
A ledger that contains all accounts needed to prepare financi…
Accounting Terms Chapter 4
Ledger
General Ledger
Account Number
File maintenance
A group of accounts
A ledger that contains all accounts needed to prepare financi…
The number assigned to an account
The procedure for arranging accounts in a general ledger, ass…
Ledger
A group of accounts
General Ledger
A ledger that contains all accounts needed to prepare financi…
Accounting Terms Chapter 4
Ledger
General Ledger
Account Number
File Maintenance
A group of accounts.
A ledger that contains all accounts needed to prepare financi…
The number assigned to an account.
The procedure for arranging accounts in a general ledger, ass…
Ledger
A group of accounts.
General Ledger
A ledger that contains all accounts needed to prepare financi…
9 terms
Accounting Chapter 4 Terms
Ledger
General Ledger
Account Number
File Maintenance
group of accounts
Ledger that contains all accounts needed to prepare financial…
number assigned to an account
procedure for arranging accounts in general ledger, assigning…
Ledger
group of accounts
General Ledger
Ledger that contains all accounts needed to prepare financial…
Accounting Terms: Chapter 4
Account Number
Correcting Entry
File Maintenence
General Ledger
The number assigned to an account
A journal entry made to correct an error in a previous journa…
The procedure for arranging accounts in a general ledger, ass…
A ledger that containing all accounts needed to prepare finan…
Account Number
The number assigned to an account
Correcting Entry
A journal entry made to correct an error in a previous journa…
19 terms
Chapter 4 accounting terms
Classified Balance sheet
Liquidity
Current Asset
current Liability
Balance sheet that places each asset and each liability into…
A measure of how quickly an item can be converted to cash
An asset that is expected to be converted to cash within the…
liability that must be paid with cash or with goods and servi…
Classified Balance sheet
Balance sheet that places each asset and each liability into…
Liquidity
A measure of how quickly an item can be converted to cash
8 terms
Chapter 4 Accounting Terms
Ledger
General Ledger
account number
file maintenance
A group of accounts
ledger that contains all accounts needed to prepare financial…
number assigned to an account
procedure for arranging accounts in a general ledger, assigni…
Ledger
A group of accounts
General Ledger
ledger that contains all accounts needed to prepare financial…
11 terms
Accounting: Chapter 4 Terms
Journal
Journalizing
Special Amount Column
General Amount Column
A form for recording transactions in chronological order.
Recording transactions in a journal.
A journal amount column headed with an account title.
A journal amount column that is not headed with an account ti…
Journal
A form for recording transactions in chronological order.
Journalizing
Recording transactions in a journal.
27 terms
Accounting Chapter 4 Terms
account balance
accrual
accrued
adjustment
the sum of the additions and subtractions to an account throu…
the process of recognizing revenue that has been earned but n…
describes revenue that has been earned and a related asset th…
An entry usually made during the process of "closing the book…
account balance
the sum of the additions and subtractions to an account throu…
accrual
the process of recognizing revenue that has been earned but n…
Accounting 200 Chapter 4 Lecture Slides
Accured Expenses
Accured Revenues
Accruals
Accrual-Basis Accounting
Expenses incurred but not yet paid in cash or recorded. ... Ex:…
Revenues for services performed but not yet received in cash…
1.) Accrued revenues: revenues for services performed but not…
Transactions recorded in the periods in which the... events occu…
Accured Expenses
Expenses incurred but not yet paid in cash or recorded. ... Ex:…
Accured Revenues
Revenues for services performed but not yet received in cash…
Accounting Chapter 4 Terms
ledger
general ledger
account number
file maintenance
a group of accounts
a ledger that contains all accounts needed to prepare financi…
the number assigned to an account
the procedure for arranging accounts in a general ledger, ass…
ledger
a group of accounts
general ledger
a ledger that contains all accounts needed to prepare financi…
7 terms
Accounting Chapter 4 Terms
Ledger
General Ledger
Account Number
File Maintenance
A group of accounts.
A ledger that contains all accounts needed to prepare financi…
The number assigned to an account.
The procedure for arranging accounts in a general ledger, ass…
Ledger
A group of accounts.
General Ledger
A ledger that contains all accounts needed to prepare financi…
Accounting terms chapter 4
Account number
Correcting entry
File maintenance
General ledger
The number assigned to an account
A journal entry mad to correct an error in a previous journal…
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
A journal entry mad to correct an error in a previous journal…
28 terms
chapter 4 accounting terms
unclassified balance sheet
post closing trial balance
income summary
permanent accounts
balance sheet that broadly groups assets, liabilities, and eq…
list of permanent accounts and their balances from the ledger…
temporary accounts used only in closing process to which the…
accounts that reflect activities related to one or more futur…
unclassified balance sheet
balance sheet that broadly groups assets, liabilities, and eq…
post closing trial balance
list of permanent accounts and their balances from the ledger…
Accounting Terms Chapter 4
Deferred Revenue
Accrued Revenue
Deferred Expenses
Accrued Expenses
When a customer pays for goods or services before the company…
Revenues that have been earned but not yet recorded because c…
Previously recorded assets, such as Prepaid rent, Supplies, a…
Expenses that have been incurred but not yet recorded because…
Deferred Revenue
When a customer pays for goods or services before the company…
Accrued Revenue
Revenues that have been earned but not yet recorded because c…
Accounting Terms - Chapter 4
accounting cycle
classified balance sheet
closing entries
closing process
the process by which companies produce their financial statem…
a balance sheet that places each asset and each liability int…
entries that transfer the revenues expenses and dividends bal…
a step in the accounting cycle that occurs at the end of the…
accounting cycle
the process by which companies produce their financial statem…
classified balance sheet
a balance sheet that places each asset and each liability int…
20 terms
Accounting Chapter 4 Terms
Accounting Cycle
Classified Balance Sheet
Closing entries
Closing process
recurring steps performed each accounting period, starting wi…
presents assets and liabilities in relevant subgroups, includ…
entries recorded at the end of each accounting period to tran…
necessary end-of-period steps to prepare the accounts for rec…
Accounting Cycle
recurring steps performed each accounting period, starting wi…
Classified Balance Sheet
presents assets and liabilities in relevant subgroups, includ…
Accounting Chapter 4 Terms
ledger
general ledger
account number
file maintenance
group of accounts
ledger that contains all accounts needed to prepare financial…
number assigned to an account
procedure for arranging accounts in a general ledger, assigni…
ledger
group of accounts
general ledger
ledger that contains all accounts needed to prepare financial…
34 terms
Accounting - Chapter 4 Terms
Accrual-Basis Accounting
Accrued Expenses
Accrued revenues
Adjusted Trial Balance
Accounting basis in which companies record, in the periods in…
Expenses incurred but not yet paid in cash or recorded.
Revenues for services performed but not yet received in cash…
A list of accounts and their balances after all adjustments h…
Accrual-Basis Accounting
Accounting basis in which companies record, in the periods in…
Accrued Expenses
Expenses incurred but not yet paid in cash or recorded.
8 terms
Chapter 4 Accounting Terms
Account Number
Correcting Entry
File Maintenance
General Ledger
The number assigned to an account
A journal entry made to correct an error in a previous journa…
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
A journal entry made to correct an error in a previous journa…
8 terms
Accounting Terms Chapter 4
Ledger
Account Number
Opening an Account
Proving Cash
A group of accounts
The number assigned to an account
Writing an account title and number on the heading of an acco…
Determining that the amount of cash agrees with the balance o…
Ledger
A group of accounts
Account Number
The number assigned to an account
12 terms
Accounting Chapter 4 Terms
Accounting cycle
Audit trail
Balance ledger form
Chronological order
A series of steps performed during each accounting period to…
A chain of references that makes it possible to trace informa…
A ledger account form that shows the balance of the account a…
Organized in the order in which the events occur
Accounting cycle
A series of steps performed during each accounting period to…
Audit trail
A chain of references that makes it possible to trace informa…
Terms Chapter 4, Accounting
high quality
adjustments
closing the books
accounting cycle
relevant and reliable information
recording related revenues and expenses in the correct period
how to prepare the accounting records for the next period
the process followed by entities to analyze and record transa…
high quality
relevant and reliable information
adjustments
recording related revenues and expenses in the correct period
19 terms
Chapter 4 Accounting Terms
Accounting Cycle
Classified Balance Sheet
Closing Entries
Closing Process
Process by which companies produce their financial statements…
Balance asset that places each asset and each liability into…
Entries that transfer the revenue, expenses, and withdrawal b…
Step in the accounting cycle that occurs at the end of the pe…
Accounting Cycle
Process by which companies produce their financial statements…
Classified Balance Sheet
Balance asset that places each asset and each liability into…
35 terms
Accounting - Chapter 4 Terms
Cash Discount
Common Size Financial Statements
Credit Terms
FOB Destination
Encourages buyers to pay promptly.
Display information in percentages as well as absolute dollar…
2/10; n/30`
The Seller is responsible for the freight costs.
Cash Discount
Encourages buyers to pay promptly.
Common Size Financial Statements
Display information in percentages as well as absolute dollar…
1 of 10