Shared Flashcard Set

Details Title Ty's Accounting Notes Description Accounting ( ACC 111) H. Smith Total Cards 33 Subject Accounting Created 01/22/2012

Click here to study/print these flashcards. Create your own flash cards! Sign up here. Additional Accounting Flashcards

 

---

 

Cards

Term Purpose of Accounting	Definition To provide financial information about a business to individuals and organization
Term Accounting Systems	Definition Financial information for users (external\Internal) investors, creditors, Government.
Term Accounting Process	Definition 1. Analyzing 2. Recording 3. Classifying 4. Summarizing 5. Reporting 6. Interpreting
Term GAAP	Definition Generally Accepted Accounting Principles
Term FSBA	Definition 1.Issues placed on the Boards agenda. 2.After researching the issue memorandum issued. 3. Public hearings are held 4. An exposure draft is issued 5. (SFAS) is issued .
Term Corporation	Definition Stockholders own this type of business
Term merchandising business	Definition A business that purchase a product from another business to sell to customers
Term internal auditor	Definition A person who reviews the operating and accounting control procedures adopted by management to make sure the controls are adequate may be referred
Term The language of business	Definition Since financial information is communicated in accounting terms, accounting is said to be
Term Accounting Function	Definition sorting and grouping similar items together.
Term Summarizing	Definition Bringing together various items of information to determine or explain a result.
Term Analyzing	Definition Examinimg a transaction or event to determine its fundamental signigicance to the business so that the relevant information may be properly processed
Term accounting equation	Definition owners equity= assets- liabilities
Term purchase equipment on account	Definition increase assets and increase liabilities
Term purchase office supplies for cash	Definition increase one assets and decrease another asset.
Term start a business by investing cash	Definition increase assets and increase owners equity.
Term to increase owners equity	Definition may be from revenue that is derived from the sales of goods or services.
Term Paid $$$$ on account to by equipment	Definition decrease assets and decrease liabilities
Term an expense	Definition ends in expense or supplies consumed
Term decrease in owners equity	Definition withdrawal of cash form the business by the owner
Term income statement	Definition the first financial statement completed
Term received $$$$$ from a client for services.	Definition increase assets and increase owners equity
Term Balance Sheet	Definition finanncial statement that shows the state of the firms assets, liabilities, and owners equity.
Term Paid $$$ for rent would	Definition decrease assets and decrease owners equity.
Term Profit	Definition the assets received for goods and service and the amounts use to provide the goods and services.
Term Sole ProprietorShip	Definition Most businesses in the United States
Term Corporation	Definition An entity that is organized according to state and federal statutes and in which ownership is divided into shares of stock
Term Accounting	Definition is an information systiem that provides reports to stakeholders.
Term Assets(examples )	Definition Pre Paid rent, Supplies, merchandise,Furniture,Land,Cash ,Accounts Receivable (DEBIT Balance) to INCREASE DEBT to decrease CREDIT
Term Liability(examples)	Definition Accounts Payable, Notes Payable (Credit balance) to INCREASE CREDIT to decrease DEBT
Term Owners Equity (examples)	Definition Drawing account, Capital Account
Term Revenue(example)	Definition Fees Earned, Delivery Fees,Consulting Fees,Rent Revenue (Credit balance) to INCREASE CREDIT to decrease DEBT
Term Expense(examples)	Definition Utility Expense, Wages Expense,Rent,Supplies Consumed,Taxes (Debit Balance) to INCREASE DEBT to decrease CREDIT

Tweet