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Karteikarten

Intermediate Accounting

Bresha Englisch 48 Karten

Karten in diesem Stapel (48)

  1. 1Assets are Increased by (debits or credits)Debits
  2. 2Liabilities are increased by (debits or credits)Credits
  3. 3Common Stock is increased by (debits or credits)Credits
  4. 4Retained Earnings are increased by (debits or credits)Credits
  5. 5Dividends are increased by (debits or credits)Debits
  6. 6Revenues are increased by (debits or credits)Credits
  7. 7Exepenses are Increased by (debits or credits)Debits
  8. 8Assets, Dividends, and Expenses have a normal _______ balance (debit or credit)Debit
  9. 9Liabilities, Common Stock, Retained Earnings, and Revenues have a normal _______ balance (debit or credit)Credit
  10. 104 Types of Adjusting EntriesPrepaid Expenses, Unearned Revenue, Accrued Revenues, Accured Expenses
  11. 11Deferral Adjusting EntryPrepaid Expenses and Unearned Revenue
  12. 12Accrual Adjusting EntriesAccrued Revuenues and Accrued Expenses
  13. 13Expenses paid in cash before they are used or consumedPrepaid Expenses
  14. 14Cash receieved before services are performedUnearned Revenues
  15. 15Revenues for services preformed but not yet received in cash or recordedAccrued Revenues
  16. 16Expenses incurred buy not yet paid in cash or recordedAccured Expenses
  17. 17Recognize revenue in the account period in with it is earned *principle*Revenue Recognition Principle
  18. 18Match Expenses with Revenues in the period when the company makes efforts to generate those revenuesExpense Revenues Principle
  19. 19Temporary AccountsRevenue, expense, and dividends accounts
  20. 20Permanent Accountsassets, liability, and stockholder's equity accounts
  21. 21Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or eventsAssets
  22. 22Probable future sacrifices or economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or eventsLiabilities
  23. 23Residual interest in the assets of an entity that remains after deducting its liabilities. In a business enterprise, the equity is the ownership interest.Equity
  24. 24Inflows or other enhancements of assets of an entity or settlement of its liabilities (or a combination of both) during a period from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operationsRevenues
  25. 25Outflows or other using up of assets or incurrences of liabilities ( or a combination of both) during a period from delivering or producing goods, rendering services, or carrying out of their activities that constitute the entity's ongoing major or central operationsExpenses
  26. 26Increases in equity (net assets) from peripheral or incidental transactions of an entity and from all other transactions and other events and circumstances affecting the entity during a period except those that result from revenue or investments by ownersGains
  27. 27Decreases in equity (net assets) from peripheral or incidental transactions of an entity and from all other transactions and other events and circumstances affecting the entity during a period except during a period except those that result from expenses or distributions to ownersLosses
  28. 28*Basic Assumptions* Economic activity can be identified with a particular unit of accountability. In other words, a company keeps its activity separate and distinct from its owners and any other business unitEconomic Entity Assumption
  29. 29*Basic Assumptions* The company will have a long life. Expect companies to last long enough to fulfill their objectives and commitments.Going Concern Assumption
  30. 30*Basic Assumptions* Money is the common denominator of economic activity and provides and appropriate basis for accounting measurement and analysis.Monetary Unit Assumption
  31. 31*Basic Assumptions* Implies that a company can divide the economic activities into artificial time periods. Most common are monthly, quarterly, and yearly.Periodicity (or Time Period) Asummption
  32. 32*Basic Principles of Accounting* The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.Measurement Principle - Fair Value
  33. 33*Basic Principles of Accounting* Requires that companies recognize revenue in the accounting period in which the performance obligation is satisfied.Revenue Recognition Principlie
  34. 34*Basic Principles of Acct* The recognition of expenses is related to net changes in assets and earning revenue.Expense Recognition Principle
  35. 35List real accounts (permanent accounts, 3 accounts)Assets, liabilities, and equity accounts (balance sheet)
  36. 36List nominal accounts ( temporary accounts, 3 accounts)Revenue, Expense, and Dividend accounts (income statement)
  37. 37The book containing the accountsLedger
  38. 38The book of original entry where the company initially records transactions and selected other eventsJournal
  39. 39A collection of all the asset, liability, owner's equity, revenue, and expense accountsGeneral Ledger
  40. 40The process of transferring the essential facts and figures from the book of original entry to the ledger accountsPosting
  41. 41The trial balance taken immediately after all adjustments have been postedAdjusted Trial Balance
  42. 42The list of all open accounts in the ledger and their balancesTrial Balance
  43. 43Entries made at the end of an accounting period to bring all accounts up to date on an accrual basis, so that the company can prepare correct financial statements.Adjusting Entries
  44. 44The formal process by which the enterprises reduces all nominal accounts to zero and determines and transfers the net income or net loss to an owner's equity account.Closing Events, Closing the Ledger, Closing the Books, Closing
  45. 45Nonrecurring material items that differ significantly frim a company's typical business activitiesExtraordinary items
  46. 46When a company owns substantial interest in another company, GAAP requires that the finacial statements if both companies be consolidated together into one set if financialsNoncontrolling Interest
  47. 47The portion of equity (net assets) interest in a subsidary not attributable to the parent companyNoncontrolling Interest
  48. 48All changes in equity during a period except those resulting from investments by owners and distribution to ownersComprehensive Income

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Beschreibung
Karteikarten am Intermediate Accounting, erstellt von Bresha am 09/02/2015.
Erstellt von
Bresha · Feb 2015
Aktualisiert
19 Feb 2016
Aufrufe
3
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