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Accounting Final
| Term | Definition |
|---|---|
| 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 |
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