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AR COMP ACCT U1
Arkansas Computerized Accounting Unit 1
| Term | Definition |
|---|---|
| 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 |
| Adequate disclosure concept | financial statements contain all information necessary to understand a business' financial condition |
| Bookkeeper | a person who does general accounting work plus some summarizing and analyzing of accounting information |
| Business entity | financial information is recorded and reported separately from the owner's personal financial information |
| Business ethics | the use of personal ethics in making business decisions |
| Certified Public Accountant (CPA) | designation by the American Institute of Certified Public Accountants 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 an 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, including some accounting 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; truthfulness |
| Integrity | adherence to moral and ethical principles; soundness of moral character; honesty |
| 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 their assets and skills |
| Privacy | freedom from unauthorized intrusion; state of being let alone and ability to keep personal matters confidential |
| Realization of revenue | revenue is recorded at the time goods or service are sold |
| Service business | a business that performs an activity for a fee |
| Sole proprietorship | a business owned by one person |
| Truthfulness | consistently telling the truth; honest |
| Unethical business practices | any activity that contradicts moral values and principles that determines our conduct in the business world |
Created by:
sreed2016
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