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ACCT Test 1 Chapter 2
J.C. Park
14
Accounting
Undergraduate 2
08/27/2012

Additional Accounting Flashcards

 


 

Cards

Term
An ______ is simply the unit for which we wish to account.
Definition
Entity
Term
Once the entity is defined, we should not commingle the __________ and ________ of that entity with those of other entities.
Definition
resources and obligations
Term
The general group of resources owned by the firm are its __________.
Definition
assets
Term
An _________ is anything of economic value that can somehow help the firm provide its goods and services to its customers, either directly or indirectly.
Definition
asset
Term
__________ assets have a physical form and substance and are generally shown on financial statements.
Definition
Tangible
Term
_______ assets do not have any physical form. They consist of such items as a good credit standing, skilled employees, and patents, copyrights, or trademarks developed by the firm.
Definition
Intangible
Term

Goodwill is considered an _______ asset.

 

Definition
Intangible
Term
________ represent the obligations that a firm has to outside creditors.
Definition
Liabilities
Term
________ ________ is the value of the firm to its owner.
Definition
Owner's equity
Term
For a partnership, owners' equity is called _________ equity
Definition
Partners'
Term
For a corporation, owners' equity is called _______ or ________ ________.
Definition
shareholders' or stockholders' equity
Term
A not-for-profit organization refers to owners' equity as _________ _______.
Definition
net assets.
Term
Shareholders' or stockholders' equity is often referred to as the ________ ________ of the firm or its "total book value."
Definition
Net worth
Term
Equation that shows the relationship among the assets, liabilities and stockholers' equity.
Definition

Assets = Liabilities + Stockholders' equity

 

Left side- firm's resources

Right side- sources of the rsources

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