¡GoConqr estrena diseño! Cuéntanos qué te parece.

Regístrate gratis

Fichas

acct500

Dante Simmons Inglés 86 fichas

Fichas del conjunto (86)

  1. 1Managerial accountinginformation provided for internal users
  2. 2financial accountinginformation provided for external users
  3. 3A=L+SEassets = Liabilities + Shareholder Equity
  4. 4assetsresources for the company
  5. 5LiabilitiesCreditors' claims to resources
  6. 6A-L=SE L=A-SE A=L+SEassets-liabilities = shareholder equity
    liabilities = assets - shareholder equity
    assets = liabilities + shareholder equity
  7. 7Assets(resources)
  8. 8Liabilities(creditors' claims)
  9. 9stockholders' equityowners' claims
  10. 10All profits of the company are claimed byStockholders
  11. 11Profit =Revenue - Expenses
  12. 12profit is often referred to asnet income
  13. 13revenue =sales of products or services to customers
  14. 14expenses =costs of selling products or services
  15. 15dividendsdistribution of profit to stockholders
  16. 16Revenues - Expenses =Net Income
  17. 17What is required to create a record of activities for a companyaccurate records of the company's assets, liabilities, stockholder's equity, revenues, expenses, and dividends
  18. 18The resources of a company are referred to asassets
  19. 19Assetsresources of the company that will benefit future operations. they include items such as cash, inventory, supplies, buildings, and equipment.
  20. 20the amounts recorded when the company sells products or provides services to customers are referred to asrevenues
  21. 21Types of business structuresSole proprietorship: business owned by one person
    Partnership: business is owned by two or more persons
    Corporation: business is legally separate from its owners (limited liability of stockholders)
  22. 22Business ActivitiesFinancing activities: transactions the company has with investors and creditors
    Investing activities: transactions involving the purchase and sale of resources that provide benefit for several years
    Operating activities: transactions that relate to the primary operations of the company
  23. 23What compares revenue and expenses for the current period to assess the company's ability to earn a profit from running its operationsIncome Statement
  24. 24Stockholders' Equity =Common Stock + Retained Earnings
  25. 25Common Stock Retained EarningExternal Source
    Internal Source
  26. 26What is used to present the financial position of the company on a particular dateBalance sheet
  27. 27Financial position is characterized asResources = Claims to resources
  28. 28Revenues and Expenses are reported on which financial statementIncome statement
  29. 29Which financial statement reflects assets = liabilities + Stockholders' equityBalance sheet
  30. 30Which financial statement measures activities involving cash receipts and cash payments over an interval of timeStatement of cash flows
  31. 31what are operating cash flowscash transactions involving revenues and expenses
  32. 32what are investing cash flowscash transactions involving the purchase and sale of long-term assets
  33. 33what are financing cash flowscash transactions involving lenders and stockholders
  34. 34Cash collected from a customer would be recorded as which type of activity in the statement of cash flowsOperating Activity
  35. 35Operating ActivitiesIncludes revenue and expense transactions.
  36. 36All transactions that affect revenues or expenses reported in the income statement ultimately affectThe balance sheet through the balance in retained earnings
  37. 37Investors & Creditors make their decisions based onFinancial accounting information
    (Should be based on formal standards)
  38. 38GAAPGenerally Accepted Accounting Principles
    are the rules of financial accounting
  39. 39Independant, private body that has primary responsibility for the establishment of GAAP in the USThe Financial Accounting standards board
    (FASB)
  40. 40Role of AuditorsTrained individuals hired by a company as an independent party to express a professional opinion of the extent to which financial statements are prepared in accordance with GAAP
    Add credibility to company financial statements
  41. 41What are the objectives of financial accountingFinancial accounting should provide information that:
    1. is useful to investors and creditors in making decisions
    2. helps to predict cash flows
    3. tells about economic resources, claims to resources, and changes in resources and claims
  42. 42Independent parties that help a. Investors and creditors in their decisions by adding credibility to the financial statements b. Ensure management has appropriately prepared the company's financial statementsAuditors
  43. 43accounting information in order to be considered relevant has to haverelevance and faithful representation
  44. 44Assumptions that underlie GAAPEconomic entity
    Monetary unit
    periodicity
    going concern
  45. 45What GAAP underlying assumption states that the economic life of an enterprise can be divided into artificial time periods for periodic financial reportingPeriodicity
  46. 46What are the functions of financial accounting1. measure business activities of the company. record transactions
    2. communicate measurements to external parties for decision making. Prepare financial statements
  47. 47What are the six steps in measuring external transactions1. use source documents to identify accounts affected by an external transaction.
    2. analyze the impact of the transaction on the accounting equation.
    3. assess whether the transaction results in a debit or credit to account balances.
    4. record the transaction in a journal using debits and credits.
    5. post the transaction to the general ledger.
    6. prepare a trial balance.
  48. 48Define AccountSummary of all transactions related to a particular item over a period of time.
  49. 49Define Chart of accountsA list of all account names used to record transactions
  50. 50Cash, Supplies, and equipment are examples ofAsset accounts
  51. 51Accounts payable, Salaries payable, utilities payable, and taxes payable are examples ofLiability accounts
  52. 52Common stock and Retained Earnings are examples ofStockholders' equity accounts
  53. 53If total assets increaseliabilities or stockholders' equity increases by the same amount
  54. 54If total assets decreaseliabilities or stockholders' equity decreases by the same amount
  55. 55Assets have to?Always equal liabilities plus stockholders' equity
  56. 56what is the effect on total assets if a company purchased land for $200,000 cash?There would be zero effect on total assets
    one asset (land) would go up and another asset (cash) would go down. balancing out to zero
  57. 57After Each transaction what must happen with the accounting equationIt must always remain in balance
  58. 58The expanded accounting equations demonstrates that:1. Revenues increase retained earnings
    2. Expenses decrease retained earnings
    3. Dividends decrease retained earnings
    (Retained earnings is a component of stockholders' equity)
  59. 59Deferred Revenues createLiability
    company owes service for cash collected from the customer for services not yet provided
  60. 60What effect does payment of dividends have on the accounting equationpayments of dividends causes the cash account (which is an asset) to decrease and also causes retained earnings (which is an equity account) to decrease. payment of dividends decreases both assets and equity
  61. 61Debit meansleft side
  62. 62credit meansright side
  63. 63the effect of debit and credits on account balances aredifferent depending on the type of account being used. sometimes a debit increases an account balance and sometimes it decreases an account balance.
  64. 64Journal:provides a chronological record of all transactions
  65. 65journal entry:format used for recording transactions
  66. 66Revenues increaseretained earnings
  67. 67Expenses decreaseretained earnings
  68. 68Dividends decreaseretained earnings
  69. 69Deferred revenues creates blank when it comes to the accounting equationa liability
  70. 70what effect does the payment of dividends have on the accounting equationAssets decrease and equity decreases
  71. 71debit and credit effects on accounts in the basic accounting equationAssets = Debits /\ credit \/
    liabilities = debit \/ credit /\
    stockholders' equity = debit \/ credit /\
  72. 72left side - assetsincrease with debits
  73. 73right side - liabilities and stockholders' equityincreases with credits
  74. 74left side - assetsdecrease with credits
  75. 75right side - liabilities and stockholders' equitydecrease with debits
  76. 76debit meansleft side
  77. 77journalprovides chronological record of all transactions
  78. 78journal entryformat used for recording transactions
  79. 79debit amount equalscredit amount
  80. 80postingprocess of transferring the debit and credit information from the journal to individual accounts in the general ledger
  81. 81general ledgerprovides in a single location the list of transactions affecting each account and the account's balance
  82. 82T-accountsimplified version of general ledger account
    includes the account title at the top, left side for recording debits, and right side for recording credits
  83. 83what account would be debited when a company pays $12000 in advance for one year of rentPrepaid rent
  84. 84Trial BalanceA list of all accounts and their balances at a particular date
    shows that total debits equal total credits
    assists in preparing adjusting entries
    used for internal purposes only
    not published to external parties
    not required to follow an order of listing
  85. 85what account would appear in the credit column of a trial balancecommon stock
  86. 86ch3

Información

Descripción
chp1& 2
Creado por
Dante Simmons · ene 2017
Actualizado
18 ene 2017
Visitas
5
Valoración

Escríbenos

¿Sobre qué es tu mensaje?

¿Qué te parece el nuevo diseño?

¿Te gusta?