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AcctCh1

Dual-Credit Accounting Chapter 1

TermDefinition
ACCOUNTING AN INFORMATION AND MEASUREMENT SYSTEM THAT IDENTIFIES, RECORDS, AND COMMUNICATES RELEVANT INFORMATION ABOUT A COMPANY'S BUSINESS ACTIVITIES.
ACCOUNTING EQUATION THE EQUALITY WHERE ASSETS = LIABILITIES + OWNER'S EQUITY
ASSETS RESOURCES THAT A COMPANY OWNS OR CONTROLS THAT ARE EXPECTED TO YIELD FUTURE BENEFITS.
AUDIT AN ANALYSIS AND REPORT OF AN ORGANIZATION'S ACCOUNTING SYSTEMS AND RECORDS USING VARIOUS TEST.
BALANCE SHEET A FINANCIAL STATEMENT THAT LISTS THE TYPES AND DOLLAR AMOUNTS OF ASSETS, LIABILITIES, AND EQUITY AS OF A SPECIFIC DATE; ALSO CALLED THE STATEMENT OF FINANCIAL POSITION.
BOOKKEEPING A PART OF ACCOUNTING THAT INVOLVES RECORDING TRANSACTIONS AND EVENTS, EITHER ELECTRONICALLY OR MANUALLY (ALSO CALLED RECORD KEEPING).
BUSINESS ENTITY PRINCIPLE THE ASSUMPTION THAT REQUIRES A BUSINESS BE ACCOUNTED FOR SEPARATELY FROM ITS OWNER(S).
COMMON STOCK THE NAME GIVEN TO STOCK WHEN A CORPORATION ONLY ISSUES ONE CLASS.
CONCEPTUAL FRAMEWORK A FRAMEWORK FOR SETTING ACCOUNTING STANDARDS THAT BROADLY CONSISTS OF OBJECTIVES, QUALITATIVE CHARACTERISTICS, ELEMENTS, RECOGNITION CRITERIA AND MEASUREMENTS.
CORPORATION A BUSINESS THAT IS SEPARATE LEGAL ENTITY UNDER STATE OR FEDERAL LAWS WITH OWNERS THAT ARE CALLED SHAREHOLDERS OR STOCKHOLDERS.
COST PRINCIPLE THE ACCOUNTING PRINCIPLE, ALSO CALLED THE MEASUREMENT PRINCIPLE THAT REQUIRES FINANCIAL STATEMENT INFORMATION TO BE BASED ON ACTUAL COSTS INCURRED IN BUSINESS TRANSACTIONS.
EQUITY THE OWNER'S CLAIMS ON AN ORGANIZATION'S ASSETS.
ETHICS CODES OR CONDUCT BY WHICH ACTIONS ARE JUDGED AS RIGHT OR WRONG, FAIR OR UNFAIR, HONEST OR DISHONEST.
EVENTS HAPPENINGS THAT BOTH AFFECT AN ORGANIZATION'S FINANCIAL POSITION AND CAN BE RELIABLY MEASURED.
EXPANDED ACCOUNTING EQUATION ASSETS = LIABILITIES + EQUITY WHERE EQUITY EQUALS (OWNER CAPITAL - OWNER WITHDRAWALS + REVENUES - EXPENSES).
EXPENSES THE COSTS NECESSARY TO EARN REVENUES THAT RESULTS IN DECREASE IN EQUITY.
EXPENSE RECOGNITION PRINCIPLE A PRINCIPLE THAT REQUIRES A COMPANY RECORDS EXPENSES INCURRED TO GENERATE REVENUES IT REPORTED.
EXTERNAL TRANSACTIONS EXCHANGES OF ECONOMIC CONSIDERATION BETWEEN ONE ENTITY AND ANOTHER.
EXTERNAL USERS PERSONS USING ACCOUNTING INFORMATION WHO ARE NOT DIRECTLY INVOLVED IN RUNNING THE ORGANIZATION.
FINANCIAL ACCOUNTING AREA OF ACCOUNTING AIMED MAINLY AT SERVING EXTERNAL USERS.
FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) AN INDEPENDENT GROUP OF SEVEN FULL-TIME MEMBERS WHO ARE CURRENTLY RESPONSIBLE OR SETTING ACCOUNTING RULES.
FULL DISCLOSURE PRINCIPLE THE ACCOUNTING PRINCIPLE THAT REQUIRES A COMPANY TO REPORT THE DETAILS BEHIND FINANCIAL STATEMENTS THAT WOULD IMPACT A USERS' DECISIONS.
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) RULES THAT SPECIFY ACCEPTABLE AUDITING PRACTICES.
GOING-CONCERN PRINCIPLE THE ASSUMPTION THAT REQUIRES FINANCIAL STATEMENTS TO REFLECT THE ASSUMPTION THAT THE BUSINESS WILL CONTINUE OPERATING; ALSO CALLED THE CONTINUING CONCERN PRINCIPLE.
INCOME THE AMOUNT A BUSINESS EARNS AFTER SUBTRACTING ALL EXPENSES NECESSARY FOR ITS SALES (ALSO CALLED PROFIT).
INCOME STATEMENT THE FINANCIAL STATEMENT THAT SUBTRACTS EXPENSES FROM REVENUES TO YIELD A NET INCOME OR LOSS OVER SPECIFIED PERIOD OF TIME.
INTERNAL USERS PERSONS USING ACCOUNTING INFORMATION WHO ARE DIRECTLY INVOLVED IN MANAGING AND OPERATION OF AN ORGANIZATION; EXAMPLES INCLUDE MANAGERS AND OFFICERS.
INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) A BOARD THAT IDENTIFIES PREFERRED ACCOUNTING PRACTICES AND ENCOURAGING THEIR WORLDWIDE ACCEPTANCE.
INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) PREFERRED ACCOUNTING PRACTICES ISSUED BY AN INDEPENDENT GROUP (IASB) FROM MANY COUNTRIES.
LIABILITIES CREDITOR'S CLAIMS ON AN ORGANIZATION'S ASSETS.
MANAGERIAL ACCOUNTING THE AREA OF ACCOUNTING AIMED AT SERVING THE DECISION-MAKING NEEDS OF INTERNAL USERS.
MATCHING PRINCIPLE ANOTHER NAME FOR EXPENSE PRINCIPLE.
MONETARY UNIT PRINCIPLE AN ASSUMPTION THAT TRANSACTIONS AND EVENTS CAN BE EXPRESSED IN MONEY UNITS.
NET INCOME AMOUNT EARNED AFTER SUBTRACTING ALL EXPENSES NECESSARY FOR AND MATCHED WITH SALES FOR A PERIOD; ALSO CALLED INCOME, PROFIT, OR EARNINGS.
NET LOSS ARISES WHEN EXPENSES ARE MORE THAN SALES.
OWNER INVESTMENT ASSETS PUT INTO THE BUSINESS BY THE OWNER.
OWNER WITHDRAWAL A PAYMENT OF CASH OR OTHER ASSETS FROM A PROPRIETORSHIP OR PARTNERSHIP TO ITS OWNER OR OWNERS.
PARTNERSHIP A BUSINESS OWNER BY TWO OR MORE PEOPLE THAT IS NOT ORGANIZED AS A CORPORATION.
PROPRIETORSHIP A BUSINESS OWNED BY ONE INDIVIDUAL THAT IS NOT ORGANIZED AS A CORPORATION (ALSO CALLED A PROPRIETORSHIP).
RECORD KEEPING THE RECORDING OF FINANCIAL TRANSACTIONS AND EVENTS, EITHER MANUALLY OR ELECTRONICALLY (ALSO CALLED BOOK KEEPING).
RETURN THE INCOME FROM INVESTMENT.
RETURN ON ASSETS A RATIO SERVING AS AN INDICATOR OR OPERATING EFFICIENCY; DEFINED AS NET INCOME DIVIDED BY AVERAGE TOTAL ASSETS.
REVENUES THE AMOUNTS EARNED FROM SALES OF PRODUCTS OR SERVICES TO CUSTOMERS.
REVENUE RECOGNITION PRINCIPLE ACCOUNTING PRINCIPLE THAT PROVIDES GUIDANCE AS TO WHEN REVENUE MUST BE RECOGNIZED.
RISK THE AMOUNT OF UNCERTAINTY ABOUT AN EXPECTED RETURN.
SARBANES-OXLEY ACT PASSED BY CONGRESS TO HELP CURB FINANCIAL ABUSES AS COMPANIES THAT ISSUE THEIR STOCK TO THE PUBLIC.
SECURITY AND EXCHANGE COMMISSION (SEC) THE FEDERAL AGENCY CREATED BY CONGRESS IN 1934 TO REGULATE SECURITIES MARKETS, INCLUDING THE FLOW OF INFORMATION FROM COMPANIES TO THE PUBLIC.
SHAREHOLDERS THE OWNERS OF A CORPORATION (ALSO CALLED STOCKHOLDERS).
SHARES OWNERSHIP IN A CORPORATION DIVIDED INTO UNITS.
SOLE PROPRIETORSHIP A BUSINESS OWNED BY ONE INDIVIDUAL THAT IS NOT ORGANIZED AS A CORPORATION (ALSO CALLED A PROPRIETORSHIP).
STATEMENT OF CASH FLOWS A FINANCIAL STATEMENT THAT LISTS CASH INFLOWS (RECEIPTS) AND CASH OUTFLOWS (PAYMENTS) DURING A PERIOD; ARRANGED BY OPERATING, INVESTING, AND FINANCING ACTIVITIES.
STATEMENT OF OWNER'S EQUITY A REPORT OF CHANGES IN EQUITY OVER A PERIOD OF TIME; ADJUSTED FOR INCREASES (OWNER INVESTMENT AND NET INCOME) AND FOR DECREASES (WITHDRAWALS AND NET LOSS).
STOCK OWNERSHIP OF A CORPORATION DIVIDED INTO UNITS.
STOCKHOLDERS THE OWNERS OF A CORPORATION (ALSO CALLED SHAREHOLDERS).
TIME PERIOD ASSUMPTION THE ACCOUNTING ASSUMPTION THAT PRESUMES THAT THE LIFE OF A COMPANY CAN BE DIVIDED INTO TIME PERIODS, SUCH AS MONTHS AND YEARS, AND THAT USEFUL REPORTS CAN BE PREPARED FOR THOSE PERIODS.
WITHDRAWALS ASSETS AN OWNER TAKES FROM THE COMPANY FOR PERSONAL USE.
INTERNAL TRANSACTIONS EXCHANGES WITHIN AN ORGANIZATION THAT CAN ALSO AFFECT THE ACCOUNTING EQUATION.
Created by: DarciEven
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