Basic Accounting Definitions
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| show | The basis or method of accounting that is less effective than the accrual basis in measuring profitability.
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| show | The basis or method of accounting where expenses are reported as they are incurred rather than when they are paid
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| show | When a company provides a service and allows the customer to pay in 30 days, the account to be debited is Accounts _____________________.
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| depreciation | show 🗑
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| equation | show 🗑
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| show | Accounting software facilitates recording business _______________.
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| prepaid | show 🗑
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| land | show 🗑
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| point | show 🗑
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| show | Known as the book of original entry, it lists transactions in order by date
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| bottom | show 🗑
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| show | A major element of the income statement that reports the costs that have been used in order to obtain revenues during the accounting period.
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| payable | show 🗑
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| valuation | show 🗑
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| ledger | show 🗑
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| cost | show 🗑
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| revenues | show 🗑
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| profitability | show 🗑
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| show | Generally accepted accounting guidelines are referred to as _______________.
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| show | The financial statement that reports the financial position of a company as of an instant or point in time is the ________________ sheet.
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| assets | show 🗑
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| show | The balance sheet classification that reports the obligations of the company.
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| carrying | show 🗑
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| show | An entry to the left-side of an account.
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| show | Because the accounting system used in the U.S. requires at least one debit and one credit, we refer to the accounting system as _____________-entry.
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| show | The required financial statements include the balance sheet, the income statement, and the statement of cash __________.
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| show | The owner's equity section of a corporation's balance sheet is known as shareholders equity or _______________________ equity.
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| conservatism | show 🗑
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| credit | show 🗑
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| show | One part of stockholders' equity is _____________ earnings.
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| show | The financial statement that reports the revenues and expenses of a company for a period of time is the ________________ statement.
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| show | Every transaction that gets recorded in the general ledger involves ______ or more accounts.
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| show | Some people refer to the income statement as the profit and ______ statement.
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| show | Sometimes inventory is reported at an amount that is __________ than cost.
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| unearned | show 🗑
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| period | show 🗑
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| chart | show 🗑
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| matching | show 🗑
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| show | The accruing of expenses that pertain to the revenues being reported is required because of the ___________ principle.
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| show | If a corporation's stock is publicly traded, its net income must also be reported on the income statement as earnings per ___________.
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| cash | show 🗑
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| show | The financial statements that are issued between a company's annual financial statements are referred to as _____________ financial statements.
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| show | Amounts owed to employees and suppliers are reported as _______________ on the balance sheet.
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| double | show 🗑
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| show | SG&A is the acronym for ____________, general and administrative expenses.
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| principles | show 🗑
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| cost | show 🗑
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| income | show 🗑
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| show | When a sale is made on credit, it will also increase the company's Accounts ____________.
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| matching | show 🗑
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| show | If a corporation's stock is publicly traded, its net income must also be reported on the income statement as earnings per ___________.
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| cash | show 🗑
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| interim | show 🗑
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| show | Amounts owed to employees and suppliers are reported as _______________ on the balance sheet.
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| double | show 🗑
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| show | SG&A is the acronym for ____________, general and administrative expenses.
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| principles | show 🗑
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| cost | show 🗑
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| income | show 🗑
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| receivable | show 🗑
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| book | show 🗑
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| show | The amounts a company owes its suppliers are reported in the account Accounts __________.
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| accrual | show 🗑
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| show | GAAP is the acronym for _______________ accepted accounting principles.
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| current | show 🗑
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| show | The heading of the income statement and the cash flow statement indicates the _________ of time covered by the financial statement.
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| show | The financial statement also known as the statement of financial position is the _________ sheet.
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| show | The accounting term used to describe an entry made on the left side of a T-account.
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| decrease | show 🗑
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| show | Allocating the cost of a long-lived asset to expense over its useful life is known as __________________.
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| chart | show 🗑
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| land | show 🗑
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| credit | show 🗑
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| general | show 🗑
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| show | A manufacturer's or a merchandiser's goods on hand are reported in this asset account.
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| show | Insurance premiums that had been paid in advance but have expired in the current period should be reported in the current period as Insurance __________.
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| last | show 🗑
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| show | Stockholders' ________ is the difference between a corporation's assets and liabilities
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| net | show 🗑
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| show | The minimum number of accounts affected when each transaction is recorded.
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| show | The _______ to the financial statements will disclose the company's significant accounting policies.
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| show | A list of all of the names of the accounts in the general ledger (without account balances) is a ________ of accounts.
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| show | A long-term asset used in a business that is not depreciated.
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| show | An entry on the right side of a T-account.
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| general | show 🗑
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| inventory | show 🗑
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| show | Insurance premiums that had been paid in advance but have expired in the current period should be reported in the current period as Insurance __________.
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| show | The inventory cost flow assumption that results in less reported profits and taxable income during years of continuously rising costs is _______-in, first-out.
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| equity | show 🗑
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| net | show 🗑
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| two | show 🗑
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| notes | show 🗑
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| show | Costs that are matched with revenues in the current period.
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| show | Fees that a company has received from its customers in advance of being earned are deferred to the balance sheet account ____________ Fees.
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| show | Sales minus the cost of goods sold is the __________ profit.
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| asset | show 🗑
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Created by:
YoungbloodScience