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acocunting

study guide 1

TermDefinition
the process of planning, recording, analyzing, and interpreting financial information accounting
a planned process designed to compile financial data and summarize the results in accounting records and reports accounting equation
financial reports that summaruze the financial condition and operations of a business financial statements
a formal report that shows what an individual owns, what an individual owes, and the difference between the two net worth statement
anything of value that is owned asset
an amount owed liability
the difference between personal assets and personal liabilities personal net worth
the difference between assets and liabilities equity
the principles of rightand wrong that guide an individual to in making decisions ethics
the use of ethics in making business decisions business ethics
a business that performs an activity for a fee service business
a business owned by one person proprietership
a formal written document that describes the nature of a business and how it will operate business plan
generally accepted accounting principles. the standards and rules the accountants follow while recording and reporting financial activities GAAP
financial rights to the assets of a business equities
the amount remaining after the values of all liabilities is subtracted from the values of all assets owners' equity
the equation showing the relationship among assets, liabilities, and owner's equity accounting equation
any business activity that changes assets, liabilites, and owner's equity transaction
a record that summarizes all the transactions pertaining to a single item in the accounting equation account
the name given to an account account title
the difference between the increases and decreases in an account account balance
an account used to summarize the owner's equity in a business capital account
a person or business to whom a liability is owen creditor
an increase in equity resulting from the sale of goods or services revenue
a sake for which payment will be received at a later date sale on account
the cost of goods or services used to operate a business expenses
assets taken from the business for the owner's personal use withdrawal
accounting is the language of business true
a creditor would favor a positive net worth true
the principle of right and wrong that guide and individual in making personal decisions is called business ethics false
keeping personal and buysiness records separate is an aplication of the businesss entity cincept true
generally accepted accounting principles, GAAP, allows for flexibility in reporting false
recording business costs in terms of hours required to complete projects is an application of the unit of measurement concept false
assets such as cash and supplies have value because they can be used to aquire other assets or used to operate a business true
the relationship among assets,liabilities, and owners' equity can be written as an equation true
the accounting equation does not have to be in balance to be correct false
when a company pays insurance premiums in adnavce to an insurer, it records the payment as a liability because the insurer owes future coverage true?
when cash is paid on account a liability is increased true
the accounting concept Realization of Revenue is applie when revenue is recorded at the time goods or services are sold true
when cash is paid for expenses the business has more q=equity false
Created by: usernamefree
 

 



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