Flashcards
Intermediate Accounting
Flashcards do conjunto (48)
- 1Assets are Increased by (debits or credits)Debits
- 2Liabilities are increased by (debits or credits)Credits
- 3Common Stock is increased by (debits or credits)Credits
- 4Retained Earnings are increased by (debits or credits)Credits
- 5Dividends are increased by (debits or credits)Debits
- 6Revenues are increased by (debits or credits)Credits
- 7Exepenses are Increased by (debits or credits)Debits
- 8Assets, Dividends, and Expenses have a normal _______ balance (debit or credit)Debit
- 9Liabilities, Common Stock, Retained Earnings, and Revenues have a normal _______ balance (debit or credit)Credit
- 104 Types of Adjusting EntriesPrepaid Expenses, Unearned Revenue, Accrued Revenues, Accured Expenses
- 11Deferral Adjusting EntryPrepaid Expenses and Unearned Revenue
- 12Accrual Adjusting EntriesAccrued Revuenues and Accrued Expenses
- 13Expenses paid in cash before they are used or consumedPrepaid Expenses
- 14Cash receieved before services are performedUnearned Revenues
- 15Revenues for services preformed but not yet received in cash or recordedAccrued Revenues
- 16Expenses incurred buy not yet paid in cash or recordedAccured Expenses
- 17Recognize revenue in the account period in with it is earned *principle*Revenue Recognition Principle
- 18Match Expenses with Revenues in the period when the company makes efforts to generate those revenuesExpense Revenues Principle
- 19Temporary AccountsRevenue, expense, and dividends accounts
- 20Permanent Accountsassets, liability, and stockholder's equity accounts
- 21Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or eventsAssets
- 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
- 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
- 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
- 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
- 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
- 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*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*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*Basic Assumptions* Money is the common denominator of economic activity and provides and appropriate basis for accounting measurement and analysis.Monetary Unit Assumption
- 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*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*Basic Principles of Accounting* Requires that companies recognize revenue in the accounting period in which the performance obligation is satisfied.Revenue Recognition Principlie
- 34*Basic Principles of Acct* The recognition of expenses is related to net changes in assets and earning revenue.Expense Recognition Principle
- 35List real accounts (permanent accounts, 3 accounts)Assets, liabilities, and equity accounts (balance sheet)
- 36List nominal accounts ( temporary accounts, 3 accounts)Revenue, Expense, and Dividend accounts (income statement)
- 37The book containing the accountsLedger
- 38The book of original entry where the company initially records transactions and selected other eventsJournal
- 39A collection of all the asset, liability, owner's equity, revenue, and expense accountsGeneral Ledger
- 40The process of transferring the essential facts and figures from the book of original entry to the ledger accountsPosting
- 41The trial balance taken immediately after all adjustments have been postedAdjusted Trial Balance
- 42The list of all open accounts in the ledger and their balancesTrial Balance
- 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
- 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
- 45Nonrecurring material items that differ significantly frim a company's typical business activitiesExtraordinary items
- 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
- 47The portion of equity (net assets) interest in a subsidary not attributable to the parent companyNoncontrolling Interest
- 48All changes in equity during a period except those resulting from investments by owners and distribution to ownersComprehensive Income
Informações
- Descrição
- FlashCards sobre Intermediate Accounting, criado por Bresha em 09-02-2015.
- Criado por
- Bresha · fev 2015
- Atualizado
- 19 fev 2016
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- 3
- Avaliação