Dual-Credit Accounting Chapter 1
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| ACCOUNTING | AN INFORMATION AND MEASUREMENT SYSTEM THAT IDENTIFIES, RECORDS, AND COMMUNICATES RELEVANT INFORMATION ABOUT A COMPANY'S BUSINESS ACTIVITIES.
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| ACCOUNTING EQUATION | THE EQUALITY WHERE ASSETS = LIABILITIES + OWNER'S EQUITY
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| ASSETS | RESOURCES THAT A COMPANY OWNS OR CONTROLS THAT ARE EXPECTED TO YIELD FUTURE BENEFITS.
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| AUDIT | AN ANALYSIS AND REPORT OF AN ORGANIZATION'S ACCOUNTING SYSTEMS AND RECORDS USING VARIOUS TEST.
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| BALANCE SHEET | A FINANCIAL STATEMENT THAT LISTS THE TYPES AND DOLLAR AMOUNTS OF ASSETS, LIABILITIES, AND EQUITY AS OF A SPECIFIC DATE; ALSO CALLED THE STATEMENT OF FINANCIAL POSITION.
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| BOOKKEEPING | A PART OF ACCOUNTING THAT INVOLVES RECORDING TRANSACTIONS AND EVENTS, EITHER ELECTRONICALLY OR MANUALLY (ALSO CALLED RECORD KEEPING).
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| BUSINESS ENTITY PRINCIPLE | THE ASSUMPTION THAT REQUIRES A BUSINESS BE ACCOUNTED FOR SEPARATELY FROM ITS OWNER(S).
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| COMMON STOCK | THE NAME GIVEN TO STOCK WHEN A CORPORATION ONLY ISSUES ONE CLASS.
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| CONCEPTUAL FRAMEWORK | A FRAMEWORK FOR SETTING ACCOUNTING STANDARDS THAT BROADLY CONSISTS OF OBJECTIVES, QUALITATIVE CHARACTERISTICS, ELEMENTS, RECOGNITION CRITERIA AND MEASUREMENTS.
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| CORPORATION | A BUSINESS THAT IS SEPARATE LEGAL ENTITY UNDER STATE OR FEDERAL LAWS WITH OWNERS THAT ARE CALLED SHAREHOLDERS OR STOCKHOLDERS.
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| COST PRINCIPLE | THE ACCOUNTING PRINCIPLE, ALSO CALLED THE MEASUREMENT PRINCIPLE THAT REQUIRES FINANCIAL STATEMENT INFORMATION TO BE BASED ON ACTUAL COSTS INCURRED IN BUSINESS TRANSACTIONS.
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| EQUITY | THE OWNER'S CLAIMS ON AN ORGANIZATION'S ASSETS.
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| ETHICS | CODES OR CONDUCT BY WHICH ACTIONS ARE JUDGED AS RIGHT OR WRONG, FAIR OR UNFAIR, HONEST OR DISHONEST.
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| EVENTS | HAPPENINGS THAT BOTH AFFECT AN ORGANIZATION'S FINANCIAL POSITION AND CAN BE RELIABLY MEASURED.
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| EXPANDED ACCOUNTING EQUATION | ASSETS = LIABILITIES + EQUITY WHERE EQUITY EQUALS (OWNER CAPITAL - OWNER WITHDRAWALS + REVENUES - EXPENSES).
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| EXPENSES | THE COSTS NECESSARY TO EARN REVENUES THAT RESULTS IN DECREASE IN EQUITY.
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| EXPENSE RECOGNITION PRINCIPLE | A PRINCIPLE THAT REQUIRES A COMPANY RECORDS EXPENSES INCURRED TO GENERATE REVENUES IT REPORTED.
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| EXTERNAL TRANSACTIONS | EXCHANGES OF ECONOMIC CONSIDERATION BETWEEN ONE ENTITY AND ANOTHER.
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| EXTERNAL USERS | PERSONS USING ACCOUNTING INFORMATION WHO ARE NOT DIRECTLY INVOLVED IN RUNNING THE ORGANIZATION.
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| FINANCIAL ACCOUNTING | AREA OF ACCOUNTING AIMED MAINLY AT SERVING EXTERNAL USERS.
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| FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) | AN INDEPENDENT GROUP OF SEVEN FULL-TIME MEMBERS WHO ARE CURRENTLY RESPONSIBLE OR SETTING ACCOUNTING RULES.
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| FULL DISCLOSURE PRINCIPLE | THE ACCOUNTING PRINCIPLE THAT REQUIRES A COMPANY TO REPORT THE DETAILS BEHIND FINANCIAL STATEMENTS THAT WOULD IMPACT A USERS' DECISIONS.
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| GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) | RULES THAT SPECIFY ACCEPTABLE AUDITING PRACTICES.
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| GOING-CONCERN PRINCIPLE | THE ASSUMPTION THAT REQUIRES FINANCIAL STATEMENTS TO REFLECT THE ASSUMPTION THAT THE BUSINESS WILL CONTINUE OPERATING; ALSO CALLED THE CONTINUING CONCERN PRINCIPLE.
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| INCOME | THE AMOUNT A BUSINESS EARNS AFTER SUBTRACTING ALL EXPENSES NECESSARY FOR ITS SALES (ALSO CALLED PROFIT).
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| INCOME STATEMENT | THE FINANCIAL STATEMENT THAT SUBTRACTS EXPENSES FROM REVENUES TO YIELD A NET INCOME OR LOSS OVER SPECIFIED PERIOD OF TIME.
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| INTERNAL USERS | PERSONS USING ACCOUNTING INFORMATION WHO ARE DIRECTLY INVOLVED IN MANAGING AND OPERATION OF AN ORGANIZATION; EXAMPLES INCLUDE MANAGERS AND OFFICERS.
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| INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) | A BOARD THAT IDENTIFIES PREFERRED ACCOUNTING PRACTICES AND ENCOURAGING THEIR WORLDWIDE ACCEPTANCE.
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| INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) | PREFERRED ACCOUNTING PRACTICES ISSUED BY AN INDEPENDENT GROUP (IASB) FROM MANY COUNTRIES.
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| LIABILITIES | CREDITOR'S CLAIMS ON AN ORGANIZATION'S ASSETS.
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| MANAGERIAL ACCOUNTING | THE AREA OF ACCOUNTING AIMED AT SERVING THE DECISION-MAKING NEEDS OF INTERNAL USERS.
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| MATCHING PRINCIPLE | ANOTHER NAME FOR EXPENSE PRINCIPLE.
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| MONETARY UNIT PRINCIPLE | AN ASSUMPTION THAT TRANSACTIONS AND EVENTS CAN BE EXPRESSED IN MONEY UNITS.
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| NET INCOME | AMOUNT EARNED AFTER SUBTRACTING ALL EXPENSES NECESSARY FOR AND MATCHED WITH SALES FOR A PERIOD; ALSO CALLED INCOME, PROFIT, OR EARNINGS.
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| NET LOSS | ARISES WHEN EXPENSES ARE MORE THAN SALES.
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| OWNER INVESTMENT | ASSETS PUT INTO THE BUSINESS BY THE OWNER.
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| OWNER WITHDRAWAL | A PAYMENT OF CASH OR OTHER ASSETS FROM A PROPRIETORSHIP OR PARTNERSHIP TO ITS OWNER OR OWNERS.
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| PARTNERSHIP | A BUSINESS OWNER BY TWO OR MORE PEOPLE THAT IS NOT ORGANIZED AS A CORPORATION.
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| PROPRIETORSHIP | A BUSINESS OWNED BY ONE INDIVIDUAL THAT IS NOT ORGANIZED AS A CORPORATION (ALSO CALLED A PROPRIETORSHIP).
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| RECORD KEEPING | THE RECORDING OF FINANCIAL TRANSACTIONS AND EVENTS, EITHER MANUALLY OR ELECTRONICALLY (ALSO CALLED BOOK KEEPING).
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| RETURN | THE INCOME FROM INVESTMENT.
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| RETURN ON ASSETS | A RATIO SERVING AS AN INDICATOR OR OPERATING EFFICIENCY; DEFINED AS NET INCOME DIVIDED BY AVERAGE TOTAL ASSETS.
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| REVENUES | THE AMOUNTS EARNED FROM SALES OF PRODUCTS OR SERVICES TO CUSTOMERS.
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| REVENUE RECOGNITION PRINCIPLE | ACCOUNTING PRINCIPLE THAT PROVIDES GUIDANCE AS TO WHEN REVENUE MUST BE RECOGNIZED.
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| RISK | THE AMOUNT OF UNCERTAINTY ABOUT AN EXPECTED RETURN.
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| SARBANES-OXLEY ACT | PASSED BY CONGRESS TO HELP CURB FINANCIAL ABUSES AS COMPANIES THAT ISSUE THEIR STOCK TO THE PUBLIC.
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| SECURITY AND EXCHANGE COMMISSION (SEC) | THE FEDERAL AGENCY CREATED BY CONGRESS IN 1934 TO REGULATE SECURITIES MARKETS, INCLUDING THE FLOW OF INFORMATION FROM COMPANIES TO THE PUBLIC.
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| SHAREHOLDERS | THE OWNERS OF A CORPORATION (ALSO CALLED STOCKHOLDERS).
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| SHARES | OWNERSHIP IN A CORPORATION DIVIDED INTO UNITS.
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| SOLE PROPRIETORSHIP | A BUSINESS OWNED BY ONE INDIVIDUAL THAT IS NOT ORGANIZED AS A CORPORATION (ALSO CALLED A PROPRIETORSHIP).
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| STATEMENT OF CASH FLOWS | A FINANCIAL STATEMENT THAT LISTS CASH INFLOWS (RECEIPTS) AND CASH OUTFLOWS (PAYMENTS) DURING A PERIOD; ARRANGED BY OPERATING, INVESTING, AND FINANCING ACTIVITIES.
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| STATEMENT OF OWNER'S EQUITY | A REPORT OF CHANGES IN EQUITY OVER A PERIOD OF TIME; ADJUSTED FOR INCREASES (OWNER INVESTMENT AND NET INCOME) AND FOR DECREASES (WITHDRAWALS AND NET LOSS).
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| STOCK | OWNERSHIP OF A CORPORATION DIVIDED INTO UNITS.
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| STOCKHOLDERS | THE OWNERS OF A CORPORATION (ALSO CALLED SHAREHOLDERS).
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| TIME PERIOD ASSUMPTION | THE ACCOUNTING ASSUMPTION THAT PRESUMES THAT THE LIFE OF A COMPANY CAN BE DIVIDED INTO TIME PERIODS, SUCH AS MONTHS AND YEARS, AND THAT USEFUL REPORTS CAN BE PREPARED FOR THOSE PERIODS.
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| WITHDRAWALS | ASSETS AN OWNER TAKES FROM THE COMPANY FOR PERSONAL USE.
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| INTERNAL TRANSACTIONS | EXCHANGES WITHIN AN ORGANIZATION THAT CAN ALSO AFFECT THE ACCOUNTING EQUATION.
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