Accounting 210 01

Front 1

Accounting Entity

Back 1

A separate accounting unit defined by the accounting equation:

Hint 1

Assets= Liabilities+ Owners' Equity

Front 2

Accounts Receivable

Back 2

Customer accounts that are receivable in the future for past services

Front 3

Accrual Basis of Accounting

Back 3

An accounting approach based on the principles of revenue recognition and matching rather than cash flow

Front 4

Assets

Back 4

Resource that provide a probable future economy benefit

Hint 4

Cash, Accounts Receivable, Supplies, Prepaid Expenses,Equipment, Building,& Land

Front 5

Balance Sheet

Back 5

A financial report summarizing the financial position of a company in terms of assets, liabilities, and owners' equity

Front 6

Capital Markets

Back 6

The markets for capital: the forum in which those who need money are brought together with those who have money and are looking to place an investment

Front 7

Cash Flows Statement

Back 7

A financial statement that summarizes the cash collections, cash payments, and net change in cash during the account period

Front 8

Common Stock

Back 8

A category of paid-in capital representing amounts invested by the owners in exchange for shares

Front 9

Corporation

Back 9

A business that has been incorporated as a separate legal entity under the states law

Hint 9

the business is responsible for its own liabilities including taxes on business profits

Front 10

Depreciations

Back 10

the periodic expenses relating to the wear and tear of an asset that lasts for multiple accounting periods; recorded in accordance with the matching principles

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Dividends

Back 11

A distribution of earnings to owners of a business

Front 12

Financial Accounting Standard Board (FASB)

Back 12

The official standard setting organization for the accounting profession in the United States

Front 13

Generally Accepted Accounting Principles (GAAP)

Back 13

The rules of accounting establish and accepted by the accounting profession in the U.S

Front 14

Income Statement

Back 14

A Financial report summarizing the revenues and expenses for an accounting period

Front 15

International Financial Reporting Broad

Back 15

The rules of accounting followed by over 100 nations outside the U.S

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Liabilities

Back 16

Obligations that require a future sacrifice

Hint 16

Accounts payable, Unearned Revenue, Notes Payable

Front 17

Matching Principle

Back 17

The accounting principle of matching expenses to the associated revenues regardless of when payment was made

Hint 17

a basic principle of the accrual basis of accounting

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Net Income

Back 18

The profits of a business calculated as Revenues minus Expenses

Front 19

Owners' Equity

Back 19

Assets minus Liabilities

Front 20

Paid-in Capital

Back 20

Amounts invested in a business by its owners

Front 21

Dividends

Back 21

A distribution of earnings to owners of a business

Front 22

Financial Accounting Standard Board (FASB)

Back 22

The official standard setting organization for the accounting profession in the United States

Front 23

Generally Accepted Accounting Principles (GAAP)

Back 23

The rules of accounting establish and accepted by the accounting profession in the U.S

Front 24

Income Statement

Back 24

A Financial report summarizing the revenues and expenses for an accounting period

Front 25

International Financial Reporting Broad

Back 25

The rules of accounting followed by over 100 nations outside the U.S

Front 26

Liabilities

Back 26

Obligations that require a future sacrifice

Hint 26

Accounts payable, Unearned Revenue, Notes Payable

Front 27

Matching Principle

Back 27

The accounting principle of matching expenses to the associated revenues regardless of when payment was made

Hint 27

a basic principle of the accrual basis of accounting

Front 28

Net Income

Back 28

The profits of a business calculated as Revenues minus Expenses

Front 29

Owners' Equity

Back 29

Assets minus Liabilities

Front 30

Paid-in Capital

Back 30

Amounts invested in a business by its owners

Front 31

Partnership

Back 31

An unincorporated business with two or more owners who have unlimited responsibility for the liabilities

Front 32

Retained Earnings

Back 32

Earnings that are kept in a business rather than distributed to the owners as dividends

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Revenues Recognition Principle

Back 33

The principle of recognizing revenues when earned regardless of when cash is collected

Hint 33

a basic principle of accounting

Front 34

Sarbanes-Oxley Act

Back 34

An act of congress to promote greater oversight of financial reporting and greater personal responsibility on the part of those involved in the process