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Accounting-1

Arkansas Unit 1: Computer Accounting I

QuestionAnswer
Accountant A person who plans, summarizes, analyzes, and interprets accounting information.
Accounting Planning, recording, analyzing, and interpreting financal information.
Accounting concepts Commonly accepted concepts that guide accounting personnel in their work.
Accounting disclosure concept Financial statements contain all information necessary to understand a business' financial condition.
Accounting period cycle Changes in financial information are reported for a specific period of time in the form of financial statements.
Bookkeeper A person who does general accounting work plus some summarizing and analyzing of accounting information.
Business entity Financial information is recorded and reported separtely 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 guides an individual in making decisions.
Ethical business practices Moral values and princples 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 and other items bought is recorded.
Honesty The quality or fact of being honest; truthfulness.
Integrity Abherence 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 services 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 princples that determines our conduct in the busines world.
Created by: michrob15
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