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R ACCT2301 Terms

Terms used in Accounting I (ACCT2301) at Richland College

QuestionAnswer
Accounting A system of maintaining records of a company's operations and communicating that information to decision makers
Accounting Equation Equation that shows a company's resources (assets) equal creditors' and owners' claims to those resources (liabilities and stockholders' equity)
Assets Resources owned by a company
Auditors Trained individuals hired by a company as an independent party to epxress a professional opinion of the accuracy of that company's financial statements
Balance Sheet A financial statement that presents the financial position of the company on a particular date
Comparability The ability of users to see similarities and differences between two different business activities
Consistency The use of similar accounting procedures over time for the same company, or across companies at the same point in time
Corporation An entity that is legally separate from the owners
Cost Effectiveness Financial accounting information is provided only when the benefits of doing so exceed the costs
Decision Usefulness The ability of the information to be useful in decision making
Dividends Cash payments to stockholders
Economonic Entity Assumption All economic events with a particular economic entity can be identified
Ethics A code or moral system that provides criteria for evaluating right and wrong behavior
Expenses Costs of providing products and services
Faithful Representation Accounting information that is complete, neutral, and free from material error
Financial Accounting Measurement of business activities of a company and communication of those measurements to external parties
Financial Accounting Standards Board An independent, private body that has primary responsibility for the establishment of GAAP in the US
Financial Statements Periodic reports published by the company for the purpose of providing information to external users
Financing Activities Transactions involving external sources of funding
Generally Accepted Accounting Principles The rules of financial accounting
Going Concern Assumption In the absence of information to the contrary, a business entity will continue to operate indefinitely
Income Statement A financial statement that reports the company's revenues and expenses over an interval of time
International Accounting Standards Board An international accounting standard-setting body
International Financial Reporting Standards The standards being developed and promoted by the International Accounting Standards Board
Investing Activities Transactions involving the purchase and sale of resources not directly related to a company's normal operations such as land, buildings, equipment, and machinery
Liabilities Amounts owned to creditors
Materiality The impact of financial accounting information on investors' and creditors' decisions
Monetary Unit Assumption A unit or scale of measurement can be used to measure financial statement elements
Net Income Difference between revenues and expenses
Operating Activities Transactions involving the primary operations of the company, such as providing prodices and services, such as utilities, taxes, advertising, wages, rent, and maintenance
Partnership Businesses owned by two or more persons
Periodicity Assumptions The economic life of an enterprise (presumed to be indefinite) can be divided into artificial time periods for financial reporting
Relevance Accounting information that possesses confirmatory value and/or predictive value
Retained Earnings Cumulative amount of net income earned over the life of the company that has not been distributed to stockholders as dividends
Revenues Amounts earned from selling products or services to customers
Sarbanes-Oxley Act Provides regulation of auditors and the types of services they furnish to clients, increases accountability of corporate executives, addresses conflicts of interest for securities analysts, and provides for stiff criminal penalities for violators
Sole Proprietorship A business owned by one person
Statement of Cash Flows A financial statement that measures activities involving cash receipts and cash payments over an interval of time
Statement of Stockholders' Equity A financial statement that summarizes the changes in stockholders' equity over an interval of time
Stockholder's Equity Stockholders', or owners', claims to resources, which equal the difference between total assets and total liabilities
Timeliness Information being available to users early enough to allow them to use it in the decision process
Understandability Users must understand the information within the context of the decision they are making
Verifiability A consensus among different measurers
Created by: dhosterman on 2012-01-19



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