Dual-Credit Accounting Chapter 1
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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| ACCOUNTING | show 🗑
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| show | THE EQUALITY WHERE ASSETS = LIABILITIES + OWNER'S EQUITY
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| ASSETS | show 🗑
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| AUDIT | show 🗑
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| BALANCE SHEET | show 🗑
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| show | A PART OF ACCOUNTING THAT INVOLVES RECORDING TRANSACTIONS AND EVENTS, EITHER ELECTRONICALLY OR MANUALLY (ALSO CALLED RECORD KEEPING).
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| BUSINESS ENTITY PRINCIPLE | show 🗑
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| show | THE NAME GIVEN TO STOCK WHEN A CORPORATION ONLY ISSUES ONE CLASS.
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| show | A FRAMEWORK FOR SETTING ACCOUNTING STANDARDS THAT BROADLY CONSISTS OF OBJECTIVES, QUALITATIVE CHARACTERISTICS, ELEMENTS, RECOGNITION CRITERIA AND MEASUREMENTS.
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| CORPORATION | show 🗑
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| show | THE ACCOUNTING PRINCIPLE, ALSO CALLED THE MEASUREMENT PRINCIPLE THAT REQUIRES FINANCIAL STATEMENT INFORMATION TO BE BASED ON ACTUAL COSTS INCURRED IN BUSINESS TRANSACTIONS.
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| EQUITY | show 🗑
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| ETHICS | show 🗑
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| EVENTS | show 🗑
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| EXPANDED ACCOUNTING EQUATION | show 🗑
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| EXPENSES | show 🗑
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| EXPENSE RECOGNITION PRINCIPLE | show 🗑
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| EXTERNAL TRANSACTIONS | show 🗑
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| show | PERSONS USING ACCOUNTING INFORMATION WHO ARE NOT DIRECTLY INVOLVED IN RUNNING THE ORGANIZATION.
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| show | AREA OF ACCOUNTING AIMED MAINLY AT SERVING EXTERNAL USERS.
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| FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) | show 🗑
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| show | THE ACCOUNTING PRINCIPLE THAT REQUIRES A COMPANY TO REPORT THE DETAILS BEHIND FINANCIAL STATEMENTS THAT WOULD IMPACT A USERS' DECISIONS.
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| GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) | show 🗑
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| GOING-CONCERN PRINCIPLE | show 🗑
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| INCOME | show 🗑
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| INCOME STATEMENT | show 🗑
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| INTERNAL USERS | show 🗑
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| INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) | show 🗑
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| show | PREFERRED ACCOUNTING PRACTICES ISSUED BY AN INDEPENDENT GROUP (IASB) FROM MANY COUNTRIES.
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| LIABILITIES | show 🗑
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| MANAGERIAL ACCOUNTING | show 🗑
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| show | ANOTHER NAME FOR EXPENSE PRINCIPLE.
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| show | AN ASSUMPTION THAT TRANSACTIONS AND EVENTS CAN BE EXPRESSED IN MONEY UNITS.
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| show | AMOUNT EARNED AFTER SUBTRACTING ALL EXPENSES NECESSARY FOR AND MATCHED WITH SALES FOR A PERIOD; ALSO CALLED INCOME, PROFIT, OR EARNINGS.
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| show | ARISES WHEN EXPENSES ARE MORE THAN SALES.
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| OWNER INVESTMENT | show 🗑
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| OWNER WITHDRAWAL | show 🗑
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| PARTNERSHIP | show 🗑
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| show | A BUSINESS OWNED BY ONE INDIVIDUAL THAT IS NOT ORGANIZED AS A CORPORATION (ALSO CALLED A PROPRIETORSHIP).
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| RECORD KEEPING | show 🗑
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| show | THE INCOME FROM INVESTMENT.
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| RETURN ON ASSETS | show 🗑
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| REVENUES | show 🗑
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| REVENUE RECOGNITION PRINCIPLE | show 🗑
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| show | THE AMOUNT OF UNCERTAINTY ABOUT AN EXPECTED RETURN.
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| show | PASSED BY CONGRESS TO HELP CURB FINANCIAL ABUSES AS COMPANIES THAT ISSUE THEIR STOCK TO THE PUBLIC.
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| show | THE FEDERAL AGENCY CREATED BY CONGRESS IN 1934 TO REGULATE SECURITIES MARKETS, INCLUDING THE FLOW OF INFORMATION FROM COMPANIES TO THE PUBLIC.
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| show | THE OWNERS OF A CORPORATION (ALSO CALLED STOCKHOLDERS).
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| show | OWNERSHIP IN A CORPORATION DIVIDED INTO UNITS.
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| show | A BUSINESS OWNED BY ONE INDIVIDUAL THAT IS NOT ORGANIZED AS A CORPORATION (ALSO CALLED A PROPRIETORSHIP).
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| show | A FINANCIAL STATEMENT THAT LISTS CASH INFLOWS (RECEIPTS) AND CASH OUTFLOWS (PAYMENTS) DURING A PERIOD; ARRANGED BY OPERATING, INVESTING, AND FINANCING ACTIVITIES.
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| show | A REPORT OF CHANGES IN EQUITY OVER A PERIOD OF TIME; ADJUSTED FOR INCREASES (OWNER INVESTMENT AND NET INCOME) AND FOR DECREASES (WITHDRAWALS AND NET LOSS).
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| show | OWNERSHIP OF A CORPORATION DIVIDED INTO UNITS.
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| show | THE OWNERS OF A CORPORATION (ALSO CALLED SHAREHOLDERS).
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| TIME PERIOD ASSUMPTION | show 🗑
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| WITHDRAWALS | show 🗑
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| show | EXCHANGES WITHIN AN ORGANIZATION THAT CAN ALSO AFFECT THE ACCOUNTING EQUATION.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
DarciEven
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