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50 Cards in this Set

  • Front
  • Back
What is net loss?
Net loss is excess expenses over profit.
What is Statement of cash flows?
a statement of cash flows is a summary of the cash reciepts and cash payments for a specific period of time, such as a month or a year.
What is FASB?
FASB is a board of people who set rules and standarization of accounting in the united states or also known as the Finiancial Accounting Standards Board (FASB).
What is cost concept?
Cost concept is where amounts are intially recorded in the accounting records at their cost or purchase price.
What is accounts payable?
Accounts payable is a liability created by purchasing on account.
What is a service Business?
A business that provides services rather than products to customers.
What are General-purpose finiacial statements used for?
General-purpose finiacial statements are one type of accounting report that is distributed to external users.
What is a Balance sheet?
A balance sheet is a list of assets,liablities, and owner's equity as of a specific date, usually at the end of a month.
What is the objectivity concept?
Objectivity concept is where the amounts recorded in accounting records be based on objective evidence.
What is prepaid expenses?
Prepaid expenses are items such as supplies that will be used in the business in the future. Which are also assets.
What is a Merchandising Business?
A business that sells products they purchase from other businesses to customers.
What is the matching concept?
The matching concept is applied by matching the expenses with the revenues created during a period of time.
What is the IASB?
IASB is a group that many countries accept to make generally accepted accounting principles. Otherwise know as the Intenational Accounting Standards Board (IASB).
What is unit of measure concept?
Unit of Measure Concept is where the economic data is required to be recorded in dollars.
What is revenue?
Revenue is the money earned by a business by selling goods or services to its costumers.
What is a Manufacturing Business?
A business that changes basic inputs into products that are sold to costumers.
What does failure of individual character mean?
Failure of individual character is when a accountant or manager face pressure from supervisors and make small unethical desicions on the accounting records, these start as small problems but grow bigger as the comapny grows, be ethical.
What is a income statement?
An income statement is a summary of the revenue and expenses for a specific period of time, such as a month.
What are assets?
Assets are the resources owned by the business.
What is fees earned?
Fees earned is revenue from providing services.
What is Accounting?
Accounting is an information system that provides reports to users about the economic activities and condition of a business.
What does it mean to have Culture of greed and ethical indifference?
Culture of greed and ethical indifference is when management abuses the books by using company assets as their own or trying to manipulate the market.. Dont do this will oland you in Jail.
What is Proprietorship?
A business solely owned by one person.
What are liabilities?
Liabilities are the rights of creditors and are debts owing by the business.
What is a financial statement?
A financial statment is a reports produced for the user after transactions have been recorded.
What is the process by which accounting provides information to users?
1. Identify users
2. Asses Users information needs.
3. Design the accounting infromation system to meet users needs.
4. Record economic data about business activities and events.
5. Prepare accounting reports for users.
What is public accounting?
Public Accounting is where accountants provide services for a fee basis to costumers.
What is Partnership?
A business owned by two or more individuals?
What is account recievable?
Account recievable is a claim against a customer created by selling merchandise or services on credit.
What is rent revenue?
Rent revenue is the revenue made off of renting something to another.
What is managerical accounting or management accounting?
Managerical accounting or management accounting is the area of accounting that provides internal users of a business with information.
What is net income or net profit?
Net income or net profit is excess revenue over the expenses.
What is a Corporation?
A business organized under state and federal statutes as a seperate legal taxable entity?
What is the Accounting Equation?
The accounting equation is
Assets=Liabilities+Owner's Equity
What is interest revenue?
Interest revenue is revenue made of interest.
What are the order the main finanicial statements are prepared?
1. Income stament
2. Statement of Owner's Equity
3. Balance sheet
4. Statement of cash flow
What is GAAP?
GAAP is a standard way of accounting or otherwise known as generally accepted accounting principles (GAAP).
What is a Limited Liability Company?
A business that is a partneship with the attributes of a Corporation?
What is a business transaction?
A business transaction is an economic event or condition that directly changes an entity's finacial condition or directly affects its result of operations.
What is owner's equity?
Owner's equity is the rights the owner has to the assets of the business.
What is expenses?
Expenses are assets used in the process of earning revenue.
What is sales?
Sales is revenue from the sale of mercahndise.
What is business entity concept?
Business entity concept is a concept of accounting that limits the economic data in the accounting system to data related directly to the activities of the business.
What is a Statement of owner's equity?
A statement of owner's equity is a summary of the changes in the owner's equity in business that have occured during a specific time period usually a month.
What is SEC?
SEC is an agency of the united states governemnt that has authority over accounting and finicial disclosures of a company. Otherwise known as the Security Exchange Commission (SEC).
What is Private Accounting?
Private Accounting is the field of accounting where by accountants are employed by a business firm or a not-for-profit organization to keep information private.
What is Financial accounting?
Financial accounting is the area of accounting that provides external users with accounting information on a bussiness.
What are Ethics?
Ethics are moral principles that guide the conduct of individuals?
What is a CPA Certified Public Accountant?
A CPA is a accountant who has passed a state examination, state education reguirments, and experience required are CPA's. most notably they have to pass a state exam to be a CPA.
What is a business?
An organization in which basic resources (inputs), such as materials and labor, are assembled and processed to provide goods or services(outputs) to customers.