Acct 101 Ch1/2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | A process by which financial information about a business is recorded, classified, summarized, and communicated to interested parties.
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| show | Accounting clerks, Bookkeepers, public, managerial, governmental
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| show | Owners, and managers, employees, suppliers,banks,tax authorities, and investors.
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| What are the three types of businesses? | show 🗑
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| show | Generally Accepted Accounting Principles
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| SEC? | show 🗑
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| Why is the GAAP needed? | show 🗑
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| show | SEC ...Securities and Exchange Commission.
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| How are (GAAP) generally accepted accounting principles developed? | show 🗑
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| show | Social entity.
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| An organization that has two or more owners who are legally responsible for the debts and taxes of the business is a: | show 🗑
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| The Language of Business. | show 🗑
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| show | For accounting purposes, all forms of business are considered separate entities from their owners. however the corporation is the only form of business that is a separate legal entity.
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| show | (F.A.S.B.)Financial Accounting Standards Board
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| show | Luca Paciola, a Franciscan monk from Italy in 1494.
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| show | The property that a business owns.
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| show | The debts and obligations of a business.
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| What is Owners EQUITY? | show 🗑
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| What information is on a Balance Sheet? | show 🗑
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| What is a Balance Sheet? | show 🗑
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| What is a Business Transaction? | show 🗑
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| Describe a transaction that increases an asset and the owners equity. | show 🗑
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| What does the term Accounts Payable mean? | show 🗑
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| The Fundamental Accounting Equation. | show 🗑
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| show | True!
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| show | Inflow of money or other assets.
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| show | Outflow of money or assets.
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| Accounts Receivable | show 🗑
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| show | Funds taken by the owner for personal use.
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| Financial Statements are? | show 🗑
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| What information is included in the financial statement heading? | show 🗑
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| Net Income | show 🗑
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| show | Results when expenses are greater than revenue.
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| Break Even | show 🗑
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| What order are financial reports generated? | show 🗑
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| Fair Market Value | show 🗑
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| If an owner gives personal tools to the business how is the transaction recorded? | show 🗑
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| show | It will decrease because a decrease in assets results in a corresponding decrease in either liability or the owner's equity.
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| show | Buying on cash results in an immediate decrease in cash: buying on account results in a liability recorded as accounts payable.
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| What effect do revenue and expenses have on owner's equity? | show 🗑
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| show | A payment of $700 to a creditor on account.
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| Why does the third line of the heading differ on the balance sheet and the income statement? | show 🗑
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| The review of financial statements to assess their fairness and adherence to GAAP is? | show 🗑
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| show | Certified Public Accountant (CPA).
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| show | Have a certain number of college credits in accounting course,demostrate good personal character, pass Uniform CPA exam and fulfill experience requirements and follow code of ethics.
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| The entity that has final authority over the financial reporting of publicly owned corporations is the | show 🗑
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| The financial statements submitted by a corporation to the SEC include the auditor's report. The auditor's report: | show 🗑
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| The group of accounting educators who perform research to determine the possible effects on financial reporting and the economy and then offer their opinions about proposed FASB statements is the | show 🗑
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| show | the statement of owner's equity
the income statement
the statement of operations
the statement of financial position
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| show | Assets and Equity increase
assets increase and owner's equity decreases.
liabilities decrease and owner's equity increases.
assets and owner's equity increase
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| show | Owners equity decreases
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| Types of Accounting Information | show 🗑
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Created by:
Bjones1283
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