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Ar Com Acc I - U1
Ark. Comp. Acct. I - Unit 1 - Comp. Acctg.
| Question | Answer |
|---|---|
| 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
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