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ACC 2100

Chapter 2

QuestionAnswer
Classified Balance Sheet groups similar assets and liabilities
Assets (four categories) current assets, long term investments, PPand E (Property, Plant and Equipment), Intangible assets
Current Assets (list 7 examples) (short term) Cash, debt investments, accounts receivable, notes receivable, inventory, supplies, prepaid insurance
Long term Investments (list 2 examples) (long term) Securities in another cooperation (stocks and bonds), investment in real estate aka lang held for investmetn
Property, Plant and Equipment (oddball?) (Long term) Land, buildings, equipment, subtract accumulated decreciation
Intangible Assets (long term) no physical substance. Patents, goodwill, trademark, copyright.
Liabilities (two) Current and Long term.
Current Liabilites (oddball?) debt will be paid in one year or less. Accounts payable, salaries payable, possibly notes payable, utilities payable, unearned revenue
Long Term Liabilites maturity date is over 1 year. Mortgage, Bonds, possibly notes payable
Order of liquidity for current assets (7) 1.Cash 2.Short-term Investments 3.Accounts Receivable 4.Notes Receivable 5.Inventory 6.Supplies 7.Prepaid Expenses
GAAP Generally Accepted Accounting Principals. standards created in consultation with the accounting profession and the business community
SEC Securities and Exchange Commission. the agency in the U.S. government that oversees US financial markets and accounting standard setting bodies.
FASB Financial Accounting Standards Board. is the primary accounting standard-setting body in US
IASB International Accounting Standards Board
IFRS international financial reporting standards. Issued by IASB
Sarbanes Oxley Act created the Public Company Accounting Oversight Board (PCAOB) reviews the performance of auditing firms.
Monetary unit expectatoin Items not easily quantified in dollar terms are not reported in the financial statements
Faithful Representatoin Accounting information must be complete, neutral, and free from error
Economic entity assumption Personal transactions are not mixed with the company’s transactions
Cost Constraint The cost to provide information should be weighed against the benefit that users will gain from having the information available
Consistency A company’s use of the same accounting principles from year to year
Historical Cost Principle Assets are recorded and reported at original purchase price
Relevance Accounting information should help users predict future events, and should confirm or correct prior expectations
Periodicity assumption The life of a business can be divided into artificial segments of time
Full disclosure principle The reporting of all information that would make a difference to financial statement users
Materiality The judgment concerning whether an item’s size makes it likely to influence a decision-maker
Going Concern assumption Assumes a business will remain in operation for the foreseeable future.
Comparability Different companies use the same accounting principles
Created by: mghamiter