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Accounting Final

TermDefinition
Accounting Is an information system that reports on the economic activities and financial condition
Accounting Equation The relationship between a business's assets and the claims on its assets expressed in equality
Accounting period Income is measured for a span of time
Accounts Detailed information about elements is maintained in records
Annual Report Organizations normally provide information, including financial statements, to stakeholders yearly in a document
Articulation Describe the interrelationships among the various elements of the financial statements
Asset exchange transaction simply reflects changes in the composition of assets
Asset source transaction a source of the transaction like a stock certificate
Asset use transaction decrease the total amount of assets and the total amount of claims on assets
Assets The resources a business uses to make money
Balance Sheet Total assets balance = liabilities and stockholders' equity
Claims As a result of providing assets to business the creditors and investors are entitled to make a claim
Closing the process of transferring balance, the balances of revenue, expense and dividend accounts are moved into retained earnings
Common Stock specific commitments made to the investors are described in certificates
Creditors lend financial resources to business. Business to repay borrowed resources plus interest
Dividend if a business transfer some or all of its earned assets to owners
Double-entry bookkeeping All transactions affect the accounting equation in a least two place
Earnings Common terms for the added values created in the transformation process
Elements assets, liabilities, equity, contributed capital, revenue, expenses, distributions and net income
Expenses A business consumes various assets and services. The assets and services consumed to generate revenue
Financial accounting The accounting information external users need is provided
Financial accounting standards board is privately founded organization with the primary authority for establishing accounting standards
Financial resources money
Financial statements organized into the ten categories with the eight elements
Financial activities
General ledger
Generally accepted accounting principles
Going concern