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Accounting Unit:1
| Question | Answer |
|---|---|
| Accountant | a person who plans, summarizes, analyzes, and interprets accounting information |
| Accounting | planning, recording, analyzing, and interpreting financial information |
| Accounting Concepts | commonly accepted concepts that guide accounting personnel in their work |
| Accounting Period Cycle | changes in financial information are reported for a specific period of time in the form of financial statements |
| Bookkeeper | a person who does general accounting work plus some summarizing and analyzing of accounting information |
| Business Entity | financial info is recorded and reported separately from the owner's personal finance information |
| Business Ethics | the use of personal ethics in making business decisions |
| CPA | designation by the AICPA for those who pass an exam and meet work-experience requirements |
| Consistent Reporting | the same accounting procedures must be followed in the same way in each accounting period |
| Corporation | a legal entity that is separate and distinct from its owners |
| Ethics | the principles of right and wrong that guide and individual in making decisions |
| Ethical Business Practices | moral values and principles that determine our conduct in the business world |
| General Office Clerk | a person who does general kinds of office tasks |
| Going Concern Concept | financial statements are prepared with the expectation that a business will remain in operation indefinitely |
| Historical Cost | when the actual amount paid for merchandise or other items bought is recorded |
| Honesty | the quality or fact of being honest |
| Integrity | adherence to moral and ethical principles |
| Merchandising Business | a business that purchases and sells goods |
| Objective Evidence | a source document is prepared for each transaction |
| Partnership | a business in which two or more people combine assets |
| Privacy | freedom from unauthorized intrusion |
| Realization Of Revenue | revenue is recorded at the time goods or services are sold |
| Service Business | a business that performs a service |
| Sole Proprietorship | a business owned by one person |
| Truthfulness | consistently telling the truth |
| Unethical Business Practices | any activity that contradicts moral values |
Created by:
jtroush
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