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ACC-Chapter 1

QuestionAnswer
Accounting The information system that identifies, records, and communicates the economic events of an organization to interested users
Assets Resources a business owns
Balance Sheet A financial statement that reports the assets, liabilities, and owner’s equity at a specific date
Basic Accounting Equation Assets=Liabilities + Owner’s Equity
Bookkeeping A part of accounting that involves only the recording of economic events
Corporation A business organized as a separate legal entity under state corporation law, having ownership divided into transferable shares of stock
Cost Principle An accounting principle that states that companies should record assets at their cost
Drawings Withdrawal of cash or other assets from an unincorporated business for the personal use of the owner(s)
Economic Entity Assumption An assumption that requires that the activities of the entity be kept separate and distinct from the activities of its owner and all other economic entities
Ethics The standards of conduct by which one’s actions are judged as right or wrong, honest or dishonest, fair or not fair
Expenses The cost of assets consumed or services used in the process of earning revenue
Financial Accounting The field of accounting that provides economic and financial information for investors, creditors, and other external users
Financial Accounting Standards Board (FASB) A private organization that establishes generally accepted accounting principles
Generally Accepted Accounting Principles (GAAP) Common standards that indicate how to report economic events
Income Statement A financial statement that presents the revenues and expenses and resulting net income or net loss of a company for a specific period of time
International Accounting Standards Boards (IASB) An accounting standard-setting body that issues standards adapted by many countries outside of the United States
Investments by Owner The assets an owner puts into the business
Liabilities Creditors claims on total assets
Managerial Accounting The field of accounting that provides internal reports to help users make decisions about their company
Monetary Unit Assumption An assumption stating that companies include in the accounting records only transaction data that can be expressed in terms of money
Net Income The amount by which revenues exceed expenses
Net Loss The amount by which expenses exceed revenues
Owner’s Equity The ownership claim on total assets
Owner’s Equity Statement A financial statement that summarizes the changes in owner’s equity for a specific period of time
Partnership A business owned by two or more persons associated as partners
Proprietorship A business owned by one person
Revenues The gross increase in owner’s equity resulting from business activities entered into for the purpose of earning income
Sarbanes-Oxley Act of 2002 (SOX) Law passed by Congress in 2002 intended to reduce unethical corporate behavior
Securities and Exchange Commission (SEC) A governmental agency that requires companies to file financial reports in accordance with generally accepted accounting principles
Statement of Cash Flows A financial statement that summarized information about the cash inflows and cash outflows for a specific period of time
Transactions The economic events of a business that are recorded by accountants
Created by: JJACCOUNTING on 2010-01-22



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