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Accounting Exam1

Accounting Review

QuestionAnswer
Data about cash flows from financing activities Financial Statements
Descriptions of the company's significant accounting policies Notes to the financial statement
Management's analysis of Changes in income from operations for the current year versus the prior year Management's discussion and analysis
Saless and net income for the current and two prior years Financial Statements
Detailed information about the company's long-term liabilities, such ass years due and interest rates Notes to the financial statement
A statement about whether or not the statements are presented fairly in accordance wih generally accepted accounting principles Auditors reports
The proces of identifying, recording, and communicating the economic events of a business to interested users of the information Accounting
Debts and obligations of a business Liabilities
Resources owned by a business Assets
The amount by which revenues exceed expenses Net Income
A business organized as a seperate legal entity having ownership divided into transferable shares of stock Corporation
The amount of net income kept in the corporation for future use, not distributed to stockholders as dividends Retained Earnings
Assets=Liabilities + Stockholders' Equity Accounting equation
Distributions of cash or other assets from an incorporated business to its shareholders Dividends
The cost of assets consumed or services used in the process of ongoing operations to generate revenues Expenses
A financial statement that reports the financial postion of a business at a specific date Balance Sheet
This is not a characteristic of sole proprietorsip It's a seperate legal entity
This is not a characteristic of a corportation Owners have unlimited liability
Corporations may issue several classes of stock, but the stock representing the primary ownership interest is Common stock
Resources owned by a buisness and used in carrying out its operating activities are Assets
Acquiring long-term assets necessary to operate e business is called a(n) Investing activity
Debt securities sold to investors and due to be repaid at a particular date some years in the future are called Bonds Payable
The term used to discribe the total assets that Starbucks receives in exchange for its coffee is Revenue
The financial statement which presents a picture at a point in time of what a business owns and owes is a(n) Balance Sheet
Net Income shown on the income statement is added to the beginning balance of retained earnings in the Retained earnings statement
To report the success or failure fo the company's operations during the period is the purpose of the Income statement
The Group of accountss maintained by a company Ledger
A list of a company's accounts Chart of accounts
Events that require recording in the financial statements because they affect assets, liabilities, or stockholders' equity Accounting Transactions
An accounting record in which transactions are initially recorded in chronological order Journal
An individual accounting record of increases and decreases in a specific asset, liability or stockholders' equity item Account
A system that records the dual effect of each transaction in appopriate accounts Double-Entry System
The procedure of transferring journal entries to the ledger accounts Posting
The left side of an account Debit
A list of accounts and their balances at a given time Trial balance
The process of identifying the specific effects of economic events on the accounting equation is referred to as Transaction Analysis
When cash is recieved before services have been preformed which accounts are increased Cash & Unearned service revenue
Dividends are Decreases on the retained earnings statement
Items such as a sales slip, a check, a bill, or a cash registertape are examples of source documents
The process of entering transaction data into the journal is called Journalizing
This is not in the general journal The determination of net income
The basic steps in the recording process are Analyze the transaction, enter the transactions in the journal, and transfer the information to the general ledger
This account does not have debit balances Unearned service revenue
This account does not have credit balances Dividends
This following mitake wil be detected by a trial balance a devit balance is recorded as a credit balance
The journal entry to record the completion of a service for which payment has not been recieved is a Debit accounts recivable and credit service revenue
Expenses paid in cash and recorded as assets before they are used or consumed Prepaid Expenses
Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent stockholders' equity account, Retained earnings Closing entries
The process of allocating the cost of a long-lived asset to epense over its useful life Depreciation
Cash recieved before a compan earns revenues and recorded as a liability until earned Unearned Service Revenue
The principle that delicates that expensess be matched with revenues in the period when efforts are expended to generate revenue Expenses Recognition (Match Principle)
Accounting basis in which companies record, in the periods in which the events occur, transactions that change a company's financial statements, rather than in the periods in which the copany receives or pays cash Accrual basis accounting
The principle that revenue be recognized in the accounting periods in which the events occur, transactions that change a company's financial statementss, rahter than in the periods in which the company receives or pays cash Revenue recognition principle
Entries made at the end of an accounting period to ensure that the recenue and expense recognition principles are followed Adjusting Entries
An account that is offset against an asset account on the balance sheet Contra Asset Account
Expenses Incurred but not yet receibed in cash or recorded Accrued xpenses
Accountants have developed two principles to use as guidelines in determining the amount of revenues and expenses to be reported in a given period. These principles are the Revenue recognition principle, expense recgonition (matching) principle
In order for the revenue to be recorded in the period in which they re earned and for expenses to be recognized in the period in which they are incurred Adjusting entries are amde
Unearned revenues are Prepayments & Liabilities
Depreciations is The process of allocating the cost of a long-lived asset to expense over its useful life
Accumulated depreciation is a Contra Asset Account
Adjusting Entries for accruals Are required in order to record revenues earned and expenses incurred in the current accounting period that have not been recognized through daily entries and thus are not yet reflected in the accounts
Created by: RaeBlack on 2011-09-21



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