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Study sets matching "terms intermediate accounting"

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Study sets matching "terms intermediate accounting"

102 terms
Intermediate Accounting
Internal users of accounting information
external users of accounting information
financial accounting
managerial accounting
...
Investors, creditors, employees, labor unions, customers, sup…
Provides relevant financial information to various external u…
deals with the concepts and methods used to provide informati…
Internal users of accounting information
...
external users of accounting information
Investors, creditors, employees, labor unions, customers, sup…
27 terms
Intermediate Accounting Chp 18 Terms
Billings account
Completed-contract method
Completion-of-production basis
Consignee
Under the percentage-of-completion method, when a company rec…
Revenue recognition method in which companies recognize reven…
Revenue recognition method in which companies recognize reven…
The dealer who acts as an agent for the consignor in selling…
Billings account
Under the percentage-of-completion method, when a company rec…
Completed-contract method
Revenue recognition method in which companies recognize reven…
17 terms
Intermediate Accounting-Terms
bond indenture
refunding
bonds issued at par
carrying value
The bond contract or agreement
the replacement of an existing bond issuance with a new one
the interest paid each period is the effective interest at da…
book value of bonds at any given date
bond indenture
The bond contract or agreement
refunding
the replacement of an existing bond issuance with a new one
23 terms
Intermediate Accounting Terms
relevance
predictive value
confirmatory value
Materiality
Accounting information that must be capable of making a diffe…
value as an input to predictive processes used by investors t…
Relevant information that helps users confirm or correct prio…
company-specific aspect of relevance. Information is material…
relevance
Accounting information that must be capable of making a diffe…
predictive value
value as an input to predictive processes used by investors t…
14 terms
Intermediate Accounting terms
financial accounting
financial statements
the objective of financial reporting
SEC
the process that culminates in the preparation of financial r…
1- balance sheet... 2- income statement... 3- statement of cash flo…
provide financial info about the reporting entity that is use…
Securities and Exchange Commission. An independent regulatory…
financial accounting
the process that culminates in the preparation of financial r…
financial statements
1- balance sheet... 2- income statement... 3- statement of cash flo…
20 terms
Intermediate Accounting Terms
Financial Accounting
Generally Accepted Accounting Principles
International Financial Reporting Stan…
Securities and Exchange Commission
The process of identifying, measuring, recording, and communi…
The rules and procedures that financial accountants of regula…
The rules and procedures that financial accountants of regula…
The government agency that has the legal authority to establi…
Financial Accounting
The process of identifying, measuring, recording, and communi…
Generally Accepted Accounting Principles
The rules and procedures that financial accountants of regula…
58 terms
Intermediate Accounting Terms
-SEC... -AICPA... -FASB
SEC (Securities and Exchange Commission)
-AICPA... -FASB
FASB (SEC's mandate is to establish ac…
The 3 organizations that are instrumental in the development…
helps to develop and standardize financial information presen…
2 private organizations that develop accounting standards:
The SEC relies on this body to develop accounting standards:
-SEC... -AICPA... -FASB
The 3 organizations that are instrumental in the development…
SEC (Securities and Exchange Commission)
helps to develop and standardize financial information presen…
487 terms
Intermediate Accounting Terms
Accounting equation
Accounting Principles Board (APB)
Accounts
Accounts payable
the process used to capture the effect of economic events; As…
the second private sector body delegated the task of setting…
storage areas to keep track of the increases and decreases in…
obligations to suppliers of merchandise or of services purcha…
Accounting equation
the process used to capture the effect of economic events; As…
Accounting Principles Board (APB)
the second private sector body delegated the task of setting…
8 terms
Intermediate Accounting Exam Terms
Expense Recognition
Revenue Recognition
Economic Entity Assumption
Going Concern Assumption
Record Expenses in the period the related revenue is recogniz…
Usually satisfied at point of sale
All economic events can be identified with a particular econo…
In the absence of information to the contrary, it is anticipa…
Expense Recognition
Record Expenses in the period the related revenue is recogniz…
Revenue Recognition
Usually satisfied at point of sale
34 terms
Intermediate Accounting Chapter 11 terms
accelerated depreciation
activity method
amortization
asset turnover
Depreciation methods that allow for higher depreciation charg…
Depreciation method that assumes that depreciation is a funct…
The allocation of the cost of intangible assets in a systemat…
Profitability ratio that measures how efficiently a company u…
accelerated depreciation
Depreciation methods that allow for higher depreciation charg…
activity method
Depreciation method that assumes that depreciation is a funct…
62 terms
Intermediate Accounting 2 Terms
Liabilities
Current Liabilities
Operating Cycle
Accounts Payable
Probable future sacrifices of economic benefits arising from…
Obligations whose liquidation is reasonably expected to requi…
The period of time elapsing between the acquisition of goods…
Balances owed to others for goods, supplies, or services purc…
Liabilities
Probable future sacrifices of economic benefits arising from…
Current Liabilities
Obligations whose liquidation is reasonably expected to requi…
58 terms
Intermediate Accounting: Chapter 3
The balance sheet reports a company's…
A company's market value is generally…
All current assets are either cash or…
The balance of net receivables represe…
True
False
True
True
The balance sheet reports a company's…
True
A company's market value is generally…
False
20 terms
Intermediate Accounting Final Terms
Capital Expenditure
Commercial Substance
Additions
Historical Cost
Expenditure whose purpose is to create a new asset or to incr…
In accounting for exchanges of nonmonetary assets, the basis…
Increase or extension of existing assets, such as adding a wi…
The cash or equivalent price of obtaining an asset and bringi…
Capital Expenditure
Expenditure whose purpose is to create a new asset or to incr…
Commercial Substance
In accounting for exchanges of nonmonetary assets, the basis…
26 terms
Intermediate Accounting Ch 1 Terms
relevance
faithful representation
predictive value
confirmatory
a fundamental decision-specific quality that determines if th…
a fundamental decision-specific quality that determines if it…
this component/aspect helps users predict a company's future…
this component/aspect helps investors confirm or change their…
relevance
a fundamental decision-specific quality that determines if th…
faithful representation
a fundamental decision-specific quality that determines if it…
77 terms
Intermediate Accounting Exam 1
Indicate which accounts should be debi…
Indicate which accounts should be debi…
Indicate which accounts should be debi…
Indicate which accounts should be debi…
Debit inventory, credit cash
Debit Retained earnings, credit cash
Debit Prepaid rent, credit cash
Debit A/R, credit Sales revenue
Indicate which accounts should be debi…
Debit inventory, credit cash
Indicate which accounts should be debi…
Debit Retained earnings, credit cash
21 terms
Intermediate Accounting Chapter 12 terms
amortization
bargain purchase
business combination
copyright
The allocation of the cost of intangible assets in a systemat…
A situation, often the result of a market imperfection, in wh…
A transaction in which the purchaser gains control of one or…
A federally granted right that all authors, painters, musicia…
amortization
The allocation of the cost of intangible assets in a systemat…
bargain purchase
A situation, often the result of a market imperfection, in wh…
22 terms
Intermediate Accounting Chapter 10 terms
additions
avoidable interest
capital expenditures
capitalization period
Increase or extension of existing assets, such as adding a wi…
The amount of interest cost in a period that a company could…
Expenditure whose purpose is to create a new asset or to incr…
The period of time during which a company must capitalize int…
additions
Increase or extension of existing assets, such as adding a wi…
avoidable interest
The amount of interest cost in a period that a company could…
46 terms
Intermediate Accounting Exam 1
Accounting Equation
Stockholders' Equity Equation
Retained Earnings Equation
Transaction
Assets = Liabilities + Stockholders' Equity
Stockholders' Equity = Contributed Capital + Retained Earning…
Retained Earnings = Beg. Retained Earnings + Net Income - Div…
A transfer of something valuable between parties
Accounting Equation
Assets = Liabilities + Stockholders' Equity
Stockholders' Equity Equation
Stockholders' Equity = Contributed Capital + Retained Earning…
30 terms
Intermediate Accounting terms Chapter 14
Indenture
Treasury Bonds
Bonds Issued at Par
Carrying Value
The bond contract or agreement.
Bonds payable reacquired by the issuing corporation that have…
The interest paid each period is the effective interest at da…
Book value of bonds at any given date.
Indenture
The bond contract or agreement.
Treasury Bonds
Bonds payable reacquired by the issuing corporation that have…
37 terms
Intermediate Accounting Chapter 5 terms
Balance Sheet
Liquidity
Solvency
Financial Flexibility
Reports the assets, liabilities, and stockholder's equity of…
"The amount of time that is expected to elapse until an asset…
The ability of a company to pay its debts as they mature.
"The ability of an enterprise to take effective actions to al…
Balance Sheet
Reports the assets, liabilities, and stockholder's equity of…
Liquidity
"The amount of time that is expected to elapse until an asset…
72 terms
Intermediate Accounting
Objectives of Financial Reporting
Entity Perspective
Decision-Usefulness
Three Organizations involved in Standa…
Provide financial information about the reporting entity that…
Companies viewed as separate and distinct from their owners.
Investors are interested in assessing the company's ... 1) abili…
Securities and Exchange Commission (SEC).... American Institute…
Objectives of Financial Reporting
Provide financial information about the reporting entity that…
Entity Perspective
Companies viewed as separate and distinct from their owners.
61 terms
Intermediate Accounting, Long-term Liabilities
bearer (coupon) bonds
bond discount
bond indenture
bond premium
Bonds without the name of the owner, which may be transferred…
The difference between the face value of a bond and its selli…
A contract for a bond that represents a promise to pay a sum…
The difference between the face value of a bond and its selli…
bearer (coupon) bonds
Bonds without the name of the owner, which may be transferred…
bond discount
The difference between the face value of a bond and its selli…
19 terms
Intermediate Accounting ~ TEST 1 TERMS
asset
expense
liability
equity
probable future economic BENEFIT obtained or controlled by an…
OUTFLOWS or other using up of assets or incurrences of LIABIL…
probable future sacrifices of economic benefit arising from p…
net assets residual interest in assets of an entity that rema…
asset
probable future economic BENEFIT obtained or controlled by an…
expense
OUTFLOWS or other using up of assets or incurrences of LIABIL…
50 terms
Intermediate Accounting
Dunn, Inc. uses the accrual method of…
The consolidated worksheet shows Exces…
Manning Company issued 10,000 shares o…
On January 1, 2015, Dean Corporation s…
$450,000************************... $513,000... $567,000... $630,000
$210,000.... $120,000.*************************... $90,000.... $0.
$289,091... $250,000***********************... $240,909... $289,091... $…
interest expense of $80,521 and depreciation expense of $67,101
Dunn, Inc. uses the accrual method of…
$450,000************************... $513,000... $567,000... $630,000
The consolidated worksheet shows Exces…
$210,000.... $120,000.*************************... $90,000.... $0.
61 terms
Intermediate Accounting, Long-term Liabilities
bearer (coupon) bonds
bond discount
bond indenture
bond premium
Bonds without the name of the owner, which may be transferred…
The difference between the face value of a bond and its selli…
A contract for a bond that represents a promise to pay a sum…
The difference between the face value of a bond and its selli…
bearer (coupon) bonds
Bonds without the name of the owner, which may be transferred…
bond discount
The difference between the face value of a bond and its selli…
25 terms
Intermediate 1 Accounting Ratios and Terms
Liquidity
Solvency
Financial Flexibility
LIQUIDITY RATIOS
The amount of time that is expected to elapse until an asset…
the ability of a company to pay its debts a they mature
The ability of an enterprise to take effective actions to alt…
Measures of the company's short term ability to pay its matur…
Liquidity
The amount of time that is expected to elapse until an asset…
Solvency
the ability of a company to pay its debts a they mature
47 terms
Intermediate Accounting - Chapter 9
Which of the following is true about l…
The primary basis of accounting for in…
When valuing raw materials inventory a…
In no case can "market" in the lower-o…
d. All of these.
d. future utility will be less than their cost.
c. Current replacement cost
b. estimated selling price in the ordinary course of business…
Which of the following is true about l…
d. All of these.
The primary basis of accounting for in…
d. future utility will be less than their cost.
40 terms
Intermediate Accounting Chapter 3 terms
*accrual-basis accounting
*modified cash basis
*strict cash basis
worksheet
The recognition of revenue when the performance obligation is…
A mixture of the accrual basis and cash basis, with modificat…
Companies record only when they receive cash, and they record…
An informal device for accumulating and sorting information n…
*accrual-basis accounting
The recognition of revenue when the performance obligation is…
*modified cash basis
A mixture of the accrual basis and cash basis, with modificat…
21 terms
Intermediate Accounting Chapter 10
What is PP&E?
Major characteristics of PP&E
Historical cost for valuing PP&E
What goes into the cost of Land as PP&E?
Include land, building structures (offices, factories, wareho…
1. They are acquired for use in operations and not for resale…
measures the cash or cash equivalent price of obtaining the a…
(1) Purchase price, (2) closing costs; such as title to the l…
What is PP&E?
Include land, building structures (offices, factories, wareho…
Major characteristics of PP&E
1. They are acquired for use in operations and not for resale…
30 terms
Intermediate Accounting terms Chapter 14
Indenture
Treasury Bonds
Bonds Issued at Par
Carrying Value
The bond contract or agreement.
Bonds payable reacquired by the issuing corporation that have…
The interest paid each period is the effective interest at da…
Book value of bonds at any given date.
Indenture
The bond contract or agreement.
Treasury Bonds
Bonds payable reacquired by the issuing corporation that have…
37 terms
Intermediate Accounting Chapter 5 terms
Balance Sheet
Liquidity
Solvency
Financial Flexibility
Reports the assets, liabilities, and stockholder's equity of…
"The amount of time that is expected to elapse until an asset…
The ability of a company to pay its debts as they mature.
"The ability of an enterprise to take effective actions to al…
Balance Sheet
Reports the assets, liabilities, and stockholder's equity of…
Liquidity
"The amount of time that is expected to elapse until an asset…
24 terms
Intermediate Accounting Chapter 1 terms
Predictive value
Relevance
Timeliness
Distribution to owners
information is useful in predicting the future
pertinent to the decision at hand
information is available prior to the decision
decreases in equity resulting from transfers to owners
Predictive value
information is useful in predicting the future
Relevance
pertinent to the decision at hand
34 terms
Intermediate Accounting Chapter 11 terms
accelerated depreciation
activity method
amortization
asset turnover
Depreciation methods that allow for higher depreciation charg…
Depreciation method that assumes that depreciation is a funct…
The allocation of the cost of intangible assets in a systemat…
Profitability ratio that measures how efficiently a company u…
accelerated depreciation
Depreciation methods that allow for higher depreciation charg…
activity method
Depreciation method that assumes that depreciation is a funct…
50 terms
Intermediate Accounting Chapter 1 terms
Predictive Value
Relevance
Timeliness
Distribution to owners
Information is useful in predicting the future
Pertinent to the decision at hand
Information is available prior to the decision
Decreases in equity resulting from transfers to owners
Predictive Value
Information is useful in predicting the future
Relevance
Pertinent to the decision at hand
22 terms
Intermediate Accounting Chapter 10 terms
additions
avoidable interest
capital expenditures
capitalization period
Increase or extension of existing assets, such as adding a wi…
The amount of interest cost in a period that a company could…
Expenditure whose purpose is to create a new asset or to incr…
The period of time during which a company must capitalize int…
additions
Increase or extension of existing assets, such as adding a wi…
avoidable interest
The amount of interest cost in a period that a company could…
21 terms
Intermediate Accounting Chapter 12 terms
amortization
bargain purchase
business combination
copyright
The allocation of the cost of intangible assets in a systemat…
A situation, often the result of a market imperfection, in wh…
A transaction in which the purchaser gains control of one or…
A federally granted right that all authors, painters, musicia…
amortization
The allocation of the cost of intangible assets in a systemat…
bargain purchase
A situation, often the result of a market imperfection, in wh…
31 terms
Intermediate Accounting Terms For Chapter 1
Essential Characteristics of Accountin…
Resources are LIMITED
Financial Reporting
Users (Present and Potential)
the identification, measurement, and communication of financi…
Efficient use of resources often determines whether a busines…
The financial information a company provides to help users wi…
Investors and creditors use financial reports to make their c…
Essential Characteristics of Accountin…
the identification, measurement, and communication of financi…
Resources are LIMITED
Efficient use of resources often determines whether a busines…
16 terms
Conceptual Framework Terms (Intermediate Accounting)
Predictive Value
Relevance
Timeliness
Distribution to Owners
Information is useful to predicting the future
Pertinent to the decision at hand
Information is available prior to the decision
Decrease in equity resulting from transfers to owners
Predictive Value
Information is useful to predicting the future
Relevance
Pertinent to the decision at hand
125 terms
intermediate accounting
Financial Accounting
Who cares about financial accounting
Providers of financial information
External User Groups
-concerned with providing financial information to external u…
-capital markets ... -traders ... -analysts ... -hedge funds ... -the sec…
-corporations
-investors... -creditors
Financial Accounting
-concerned with providing financial information to external u…
Who cares about financial accounting
-capital markets ... -traders ... -analysts ... -hedge funds ... -the sec…
11 terms
Intermediate Accounting Terms: Exam 2
General Ledger
Trial Balance
Statement of Cash Flows
Current Asset
is a monthly listing of every account that a company uses, in…
is a "trial run" listing of all the accounts with their endin…
shows the details behind the change in the cash account on th…
is a thing of value that provides future benefit that will be…
General Ledger
is a monthly listing of every account that a company uses, in…
Trial Balance
is a "trial run" listing of all the accounts with their endin…
5 terms
Intermediate Accounting Terms: Exam 3
Capitalizing Versus Expensing
Conservatism Principle
Depreciation Expense
Reserve
If a cost provides future benefit, it is capitalized, meaning…
states that accountants should err on the side of caution by…
is allocating a portion of the cost of a fixed asset to depre…
is used informally in practice to refer to any estimated cont…
Capitalizing Versus Expensing
If a cost provides future benefit, it is capitalized, meaning…
Conservatism Principle
states that accountants should err on the side of caution by…
37 terms
Intermediate Accounting Terms: Exam 3
financial accounting
generally accepted accounting principl…
international financial reporting stan…
securities and exchange commission (sec)
the process of identifying, measuring, recording, and communi…
the rules and procedures that financial accountants of regula…
the rules and procedures that financial accountants of regula…
the government agency that has the legal authority to establi…
financial accounting
the process of identifying, measuring, recording, and communi…
generally accepted accounting principl…
the rules and procedures that financial accountants of regula…
24 terms
Intermediate Accounting Mid Term 1
Asset
Current Asset
Current Liability
Current Ratio
probable future economic benefits obtained or controlled by a…
includes assets that are cash, will be converted into cash, o…
Obligations that are expected to be satisfied through the usa…
Current assets/ current liabilities
Asset
probable future economic benefits obtained or controlled by a…
Current Asset
includes assets that are cash, will be converted into cash, o…
10 terms
Intermediate Accounting Ch. 1 terms
Financial Reporting Environment
Parties Involved in Standard-Setting
Generally Accepted Accounting Principles
Major Challenges in Financial Reporting
•Accounting and capital allocation... •Objective of financial re…
•Securities and Exchange Commission(SEC)... •American Institute…
•FASB Codification
•Political environment... •Expectations gap... •Financial reporting…
Financial Reporting Environment
•Accounting and capital allocation... •Objective of financial re…
Parties Involved in Standard-Setting
•Securities and Exchange Commission(SEC)... •American Institute…
32 terms
Intermediate Accounting Terms For Chapter 1
Essential Characteristics of Accountin…
Resources are LIMITED
Financial Reporting
Users (Present and Potential)
the identification, measurement, and communication of financi…
Efficient use of resources often determines whether a busines…
The financial information a company provides to help users wi…
Investors and creditors use financial reports to make their c…
Essential Characteristics of Accountin…
the identification, measurement, and communication of financi…
Resources are LIMITED
Efficient use of resources often determines whether a busines…
43 terms
Intermediate Accounting Ch. 2 Terms
Economic Entity Assumption
Going Concern Assumption
Monetary Unit Assumption
Periodicity Assumption
The financial activities of a company are recorded for that c…
The company will have a long life, and will be able to pay th…
Money is a reliable indicator of economic activity. It is sim…
A company can divide its economic activities into artificial…
Economic Entity Assumption
The financial activities of a company are recorded for that c…
Going Concern Assumption
The company will have a long life, and will be able to pay th…
61 terms
Intermediate Accounting, Long-term Liabilities
bearer (coupon) bonds
bond discount
bond indenture
bond premium
Bonds without the name of the owner, which may be transferred…
The difference between the face value of a bond and its selli…
A contract for a bond that represents a promise to pay a sum…
The difference between the face value of a bond and its selli…
bearer (coupon) bonds
Bonds without the name of the owner, which may be transferred…
bond discount
The difference between the face value of a bond and its selli…
12 terms
Intermediate Exam 1 Accounting Terms
5-Assets
Liabilities
Equity
3-Real (permanent) vs. Nominal (tempor…
Probable future economic benefits obtained or controlled by a…
Probable future sacrifices of economic benefits arising from…
Residual interest in the assets of an entity that remains aft…
real: balance stays, just keeps growing ... nominal: temporary,…
5-Assets
Probable future economic benefits obtained or controlled by a…
Liabilities
Probable future sacrifices of economic benefits arising from…
50 terms
Intermediate Accounting
Face Value
Premium
Discount
Operating Activities
Stated Rate = Market Rate
Stated Rate > Market Rate
Stated Rate < Market Rate
The cash effects of transactions that enter into the determin…
Face Value
Stated Rate = Market Rate
Premium
Stated Rate > Market Rate
24 terms
Intermediate Accounting Terms- Chapter 2
What are the characteristics of accoun…
What does relevance include?
What does faithful representation incl…
What is relevance?
The fundamental qualities are relevance and faithful represen…
Predictive value, confirmatory value, and materiality.
Completeness, neutrality, and free from error.
to be relative accounting information must be capable of maki…
What are the characteristics of accoun…
The fundamental qualities are relevance and faithful represen…
What does relevance include?
Predictive value, confirmatory value, and materiality.
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