ACC-Chapter 1 Word Scramble
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Question | Answer |
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
Popular Business sets