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Ar Com Acc I - U1

Ark. Comp. Acct. I - Unit 1 - Comp. Acctg.

QuestionAnswer
a person who plans, summarizes, analyzes, and interprets accounting information accountant
planning, recording, analyzing, and interpreting financial information accounting
commonly accepted concepts that guide accounting personnel in their work accounting concepts
changes in financial information are reported for a specific period of time in the form of financial statements accounting period cycle
financial statements contain all information necessary to understand a business' financial condition Adequate Disclosure Concept
a person who does general accounting work plus some summarizing and analyzing of accounting information bookkeeper
financial information is recorded and reported separately from the owner's personal financial information business entity
the use of personal ethics in making business decisions business ethics
designation by the American Institute of Certified Public Accountants for those who pass an exam and meet work-experience Certified Public Accountant
the same accounting procedures must be followed in the same way in each accounting period consistent reporting
a legal entity that is separate and distinct from its owners corporation
the principles of right and wrong that guide an individual in making decisions ethics
our moral values and principles, that determine our conduct in the business world ethical business practices
a person who does general kinds of office tasks, including some accounting tasks general office clerk
finanical statements are prepared with the expectation that a business will remain in operation indefinitely Going Concern Concept
the actual amount paid for merchandise or other items bought is recorded historical cost
the quality or fact of being honest; truthfulness honesty
adherence to moral and ethical principles; soundness of moral character; honesty integrity
a business that purchases and sells goods merchandising business
a source document is prepare for each transaction objective evidence
a business in which two or more people combine their assets and skills partnership
freedom from unauthorized intrusion; state of being let alone and able to keep certain personal matters to oneself privacy
revenue is recorded at the time goods or services are sold realization of revenue
a business that performs an activity for a fee service business
a business owned by one person sole proprietorship
consistently telling the truth; honest truthfulness
any activity that contradicts moral values and principles, that determine our conduct in the business world unethical business practices
Created by: SherriLMay