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Accounting Unit:1

QuestionAnswer
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