ACC-Chapter 1
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each of the black spaces below before clicking
on it to display the answer.
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| Accounting | The information system that identifies, records, and communicates the economic events of an organization to interested users
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| Assets | Resources a business owns
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| Balance Sheet | A financial statement that reports the assets, liabilities, and owner’s equity at a specific date
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| Basic Accounting Equation | Assets=Liabilities + Owner’s Equity
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| Bookkeeping | A part of accounting that involves only the recording of economic events
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| Corporation | A business organized as a separate legal entity under state corporation law, having ownership divided into transferable shares of stock
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| Cost Principle | An accounting principle that states that companies should record assets at their cost
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| Drawings | Withdrawal of cash or other assets from an unincorporated business for the personal use of the owner(s)
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| 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
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| Ethics | The standards of conduct by which one’s actions are judged as right or wrong, honest or dishonest, fair or not fair
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| Expenses | The cost of assets consumed or services used in the process of earning revenue
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| Financial Accounting | The field of accounting that provides economic and financial information for investors, creditors, and other external users
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| Financial Accounting Standards Board (FASB) | A private organization that establishes generally accepted accounting principles
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| Generally Accepted Accounting Principles (GAAP) | Common standards that indicate how to report economic events
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| 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
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| International Accounting Standards Boards (IASB) | An accounting standard-setting body that issues standards adapted by many countries outside of the United States
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| Investments by Owner | The assets an owner puts into the business
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| Liabilities | Creditors claims on total assets
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| Managerial Accounting | The field of accounting that provides internal reports to help users make decisions about their company
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| Monetary Unit Assumption | An assumption stating that companies include in the accounting records only transaction data that can be expressed in terms of money
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| Net Income | The amount by which revenues exceed expenses
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| Net Loss | The amount by which expenses exceed revenues
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| Owner’s Equity | The ownership claim on total assets
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| Owner’s Equity Statement | A financial statement that summarizes the changes in owner’s equity for a specific period of time
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| Partnership | A business owned by two or more persons associated as partners
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| Proprietorship | A business owned by one person
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| Revenues | The gross increase in owner’s equity resulting from business activities entered into for the purpose of earning income
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| Sarbanes-Oxley Act of 2002 (SOX) | Law passed by Congress in 2002 intended to reduce unethical corporate behavior
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| Securities and Exchange Commission (SEC) | A governmental agency that requires companies to file financial reports in accordance with generally accepted accounting principles
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| Statement of Cash Flows | A financial statement that summarized information about the cash inflows and cash outflows for a specific period of time
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| Transactions | The economic events of a business that are recorded by accountants
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