Shared Flashcard Set

Details

Accounting Quiz 1
N/A
108
Accounting
Undergraduate 2
04/10/2012

Additional Accounting Flashcards

 


 

Cards

Term
Cash
Definition

Currency, coins, balances in savings and checking accounts, items acceptable for deposit in these accounts (such as check received from customers), and cash equivalents

Term
Accounts Recievable
Definition

The amount of cash owed to the company by its customers from the sale of products or services on account

Term
Allowance for Uncollectible Accounts
Definition

Contra asset account representing the amount of accounts receivable that we do not expect to collect

Term
Merchandise Inventory
Definition

Items a company intends for sale to customers

Term
Prepaid Expenses
Definition

Costs of assets acquired in one period that will be expensed in a future period

Term
Financial Investments
Definition

Cash used to purchase another company’s debt or stock

Term
Note Receviable
Definition

Formal credit arrangements evidenced by a written debt instrument or note

Term
Building
Definition
Capitalized cost to purchase or construct buildings for use by the company
Term
Accumulated Depreciation
Definition

Contra asset account representing the total amount of depreciation for a specific asset over time

Term
Land
Definition
Capitalized cost to acquire and prepare land for use by the company
Term
Land Improvements
Definition
Improvements to land such as paving, lighting and landsaping that, unlike land itself are subject to depreciation
Term
Goodwill
Definition
The value of a company as a whole, over and above the value of its identifiable net assets
Term
Intangible Improvements
Definition
Long-term assets that lack physical substance, and whose existence is often based on a legal contract
Term
Natural Resources
Definition
Assets like oil, natural gas, and timber that we can physically use up or deplete
Term
Accounts Payable
Definition
Amounts the company owes to suppliers of merchandise or services that it has bought on credit
Term
Unearned Revenue
Definition
A liability account used to record cash recieved in advance of the sale or service
Term
Note Payable
Definition
Written promises to repay amounts borrowed plus interest
Term
Bond Payable
Definition
A formal debt instrument that obligates the borrower to repay a stated amount, referred to as the principal or face amount as specified maturity date
Term
Additional Paid in Capital
Definition
The portion of cash proceeds above par value
Term
Common Stock
Definition
A security that represents ownership within a corporation at par value
Term
Preferred Stock
Definition
Stock with preference over common stock in the payment of dividens
Term
Treasury Stock
Definition
A corporation's own stock thay it has reaquired
Term
Retained Earnings
Definition
Represents all net income, less all dividens, since the company began
Term
Revenue
Definition
Income a business recieves from normal business activities
Term
Interest Income
Definition
Income derived from an investment on which the payments reflect the time value of money
Term
Cost of Goods Sold
Definition
Cost of the inventory that was sold during the period
Term
Interest Expense
Definition
Expense derived froma liability on which the payments reflect the time value of money
Term
Bad Debt Expense
Definition
The amount of the adjustment to the allowance for uncollectible account representing the cost of estimated future bad debts charged to the current period
Term
Amortization
Definition
Allocation of the cost of an intengible asset over its service life
Term
Depletion
Definition
Alllocation of the cost of a natural resource over its service life
Term
Depreciation
Definition
Alllocation of the cost of a tangible asset over its service life
Term
Gain
Definition
Increases in equity from peripheral or incidental transactions of an entity
Term
Loss
Definition
Decreases in equity from peripheral or incidental transactions of an entity
Term
Dividends
Definition
Decreases in equity of a particular business enterprise resulting from transferring assets, rendering services, or incurring liabilities by the enterprise to the owners
Term

Crime

Definition

an offense against a state or federal government and individual acts with Mens Rea


A wrong against society

Term

Civil Law

Definition

 disputes between citizens, corporations, governmental bodies

Term

Who does Criminal Law apply to and where does it comes from?

Definition

brought against those accused of committing a crime (corporations and people)

 

comes from statutes (legislature)

Term
Convicted
Definition
found by court to have committed a crime
Term
Felony
Definition

A serious crime punishable by 1+ years in prison

Term

Misdemeanors

Definition

A less serious crime punishable by a fine or less than a year in prison    

 

Ex. theft less than $250, DUI, Possession of marijuana less than 40 grams

Term
Types of felonies
Definition

·      Violent crimes involving physical force

·      Crimes against property – burglary and theft

·      White-Collar Crimes – Embezzlement, bribery, fraud, and violations of federal and state laws regarding businesses

Term
What results from a violation of ordiances (local government law)
Definition
fines or short jail time
Term
What must one have to prove someone comitted a crime?
Definition

beyond reasonable doubt that (1) illegal act was committed by the accused (2) there was necessary intent to commit the act

Term

Actus Reus

Definition

The guilty act of the crime

Term

Mens Rea (criminal intent)

Definition

The “guilty mind” or the act was done with a wrongful purpose

Term
When is guilt established? 
Definition
actus reus and mens rea are met
Term

Criminal Negligence

Definition

o   Criminal conduct that is not intentional but wrongful because of the failure to act with responsible care

 

Ex. Texting and Driving

Term

Miranda Rights

Definition

include the right o remain silent, right to be represented by counsel and that anything said may be used as evidence against them

Term

Statute of Limitations 

 

for murder?

for felonies?

for misdemeanors?

Definition

the time set for someone to be prosecuted of a crime


murder = no time limite

felonies = 3 years

misdemeanors = 1 to 2 years

Term
Toll
Definition

the clock to prosecute within the permitted time stops running under the circumstances

Term

Alibi

Definition

evidence which would give the jury reasonable doubt against the prosecutors claim of the defendant

Term

Affirmative Defense

Definition

the defendants attempt to show that there are other facts which prevent charging the crime


o   Ex. intoxication or insanity, claim of self defense

Term

Entrapment

Definition

enforcement authorities set up a trap to lure someone into a crime they had no intention of committing

Term

Warrant

Definition

issued by a judge which authorizes an officer to search and seize and property that may be evidence of a crime


 

Term
What do you need to obtain a warrant?
Definition
Probable Cause
Term
What does the grand jury do?
Definition

determines probable cause and issues indictments

Term

Arraignment

Definition

a court appearance where the district attorney gives the accused a copy of the criminal charges. 

Term
What are the possible results of arraignment?
Definition

 defendant may plead guilty, not contest (nolo contendere), or be innocent

Term
What is bail and what is the purpose of bail?
Definition

Bail is a fee that may be posted in order to ensure the return of the defendant.

Term

Plea Bargain

Definition
allows the matters to be settled by having the defendant plead guilty in exchange for a lesser punishment.
Term
What is the principal for convicting the defendant in a criminal case?
Definition

defendant must be convicted beyond a reasonable doubt that they committed the crime

Term
What are white collar crimes?
Definition
Embezzlement, bribery, fraud, and violations of federal and state laws regarding businesses
Term
Money Laundering
Definition

hiding the truth of the origins of money


Common with people who deal drugs

Term
Racketeer Influenced and Corrupt Organizations (RICO) Act 
Definition

an attempt to stop organized crime by seizing defendant's assets, preventing transfer of assets, or requiring them to post a performance bond

Term

Racketeering

Definition

o   a pattern of illegal activity which is controlled by an enterprise who is engaged in the illegal activity.

 

i.e. the mafia

Term

3 goals of the Anti-Money Laundering (AML)

Definition

                              1.     identify the beneficial owner of assets

                              2.     trace the transmission of assets

                              3.     report suspicious transactions

Term
What are the purposes of sentencing guidelines?
Definition
help make sentences consistent across the country
Term

 1st degree murder (A class)

Definition
premeditated intent to cause death
Term

2nd degree murder

Definition

an intent to cause death but not premeditated

-or-

commits a felony and while fleeing causes death to another

Term

1st degree manslaughter  

Definition

actions recklessly cause the death of another person

Term

2nd degree manslaughter 

Definition

criminal negligence (criminal conduct that is not intentional but wrongful) causes the death of another person

 

Ex. texting the cause of victim's death

Term
1st degree rape
Definition

person engages in sexual intercourse by forcible compulsion using a deadly weapon or kidnap, inflicting serious physical injury

-or-

person feloniously enters where the victim is

Term

2nd degree rape

Definition

person engages in sexual intercourse by forcible compulsion, the victim is incapable of consent, perpetrator is a healthcare provider and the consent given is not for the purpose of treatment

-or-

the victim is a resident of a mental facility

Term

3rd degree rape

Definition

person engages in sexual intercourse with another person not married to the perpetrator where the victim did not give consent


victim has to verbally say no

Term
What is the age of consent for sex in WA?
Definition
16
Term

1st degree rape of a child 

Definition
child is less than 12 and perpetrator is 24+ months older than the victim
Term

2nd degree rape of a child

Definition
child is at least 12 but less than 14 and perpetrator is 36 months older than the victim
Term

3rd degree rape of a child

Definition
child is at least 14 but less than 16 and perpetrator is 48 months older than the victim
Term
Sexual Intercourse
Definition

any penetration of the vagina, anus, sex organs, or mouth

Term
1st degree sexual misconduct 
Definition

school employee has sex with student under age of 18, at least 16 but under 21.


applies to foster parents as well 

Term
Voyeurism
Definition
purpose of arousing or gratifying the sexual desire of another through photos or film without the persons knowledge/consent where the person has a reasonable expectation of privacy
Term

1st degree assault (A class)

Definition

intent to inflict great bodily harm using a firearm for the purpose to cause death or poison

Term

2nd degree assault

Definition
recklessly assaults causing substantial bodily harm, harm to an unborn by injuring the mother, use of a deadly weapon, poison, intent to commit a felony, torture, strangulation
Term

3rd degree assault 

Definition
assaults an officer, assaults a transit operator, assaults a school bus driver, use of a weapon to cause bodily harm, criminal negligence to cause bodily harm
Term

4th degree assault 

Definition

anything not listed in 1st, 2nd or 3rd, degree assault where they assault another

 

Harmful or offenseive touching

Term

Harassment

Definition
the person threatens to cause bodily injury, physical damage, physical confines the person, maliciously acts
Term

Malicious Harassment (C class Felony) 

aka Hate Crime

Definition

intentionally causes physical injury, physical damage or fear to a person’s property based on victims protected class

Term

Stalking

Definition
a person intentionally and repeatedly follows another person, putting fear of injury in the victim
Term

Insanity 

Definition
as a result of mental disease the  actor was unable to perceive the nature of the act, inability to tell right from wrong
Term
Recklessness 
Definition

No intent to do harm but the conduct causes endangerment. 

 

Manslaughter 1

 

Ex. driving excessive speeds and weaving in and out of traffic

Term
At what level are most crimes prosecuted?
Definition
State and Local level (95%)
Term
What is the difference between jail and prison
Definition

Jail - before convicted of crime where the punishment is 1 year or less

 

Prison - after convicted of crime where the punishment is more than 1 year

Term
Motive
Definition
The reason why someone does an act
Term
Specific Intent
Definition
Desire to actually want to harm someone or commit the act
Term
What are the 2 parties involved in crime?
Definition
Principals and accomplices
Term
Who can commit a crime?
Definition
corporations and people
Term
What are the 3 elements to prove aggravated murder (resulting in death penalty or life without parole)?
Definition

1. Murder was intentional

2. Murder was premeditated

3. Special Circumstances (multiple victums, torture, law officer, hate crime)

Term
What are the 3 defenses to crime?
Definition

entrapment

duress (forced participation in a crime)

insanity

Term
What is price fixing?
Definition

a contract that restrains trade

 

Ex. price fixing or bid rigging 

Term
Qui Tam (government fraud)
Definition

If you tell the government that a company is defrauding the government, you are entiled to approxmately 1/3 of the damages.

 

Ex. Glaxo Kline got $100 million

Term
When can one possibly have the death penalty?
Definition
aggravated murder
Term
Vehicular Homocide
Definition
Drunk driving (.08%+) and crash and cause death
Term
Rape Shield Law
Definition
Victim's sexual history not admissible at trial
Term
Indecent Liberties
Definition
Forcible sexual contact with another but NOT intercourse
Term
What is the penalty for communicating with a minor for purposes of a sexual nature?
Definition
Gross misdemeanor
Term
Self defense is justified when ______
Definition

1. reasonable fear

2. imminent danger

3. chance for great bodily harm

Term
How is a warrent obtained in WA state?
Definition

Police gives statement of probable cause for the warrent

Prosecutor reviews it and sends it to judge

Judge approves or rejects the evidence

If approved warrant is issued

Term
When can one be arrested?
Definition

1. felony committed in presence of officer

2. misdemeanor committed in presence of officer

3. domestic violence if within 4 hours of event

4. 

5. anyone with an arrest warrant

Supporting users have an ad free experience!