Accounting Final
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| Accounting | Is an information system that reports on the economic activities and financial condition
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| Accounting Equation | The relationship between a business's assets and the claims on its assets expressed in equality
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| Accounting period | Income is measured for a span of time
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| Accounts | Detailed information about elements is maintained in records
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| Annual Report | Organizations normally provide information, including financial statements, to stakeholders yearly in a document
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| Articulation | Describe the interrelationships among the various elements of the financial statements
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| Asset exchange transaction | simply reflects changes in the composition of assets
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| Asset source transaction | a source of the transaction like a stock certificate
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| Asset use transaction | decrease the total amount of assets and the total amount of claims on assets
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| Assets | The resources a business uses to make money
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| Balance Sheet | Total assets balance = liabilities and stockholders' equity
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| Claims | As a result of providing assets to business the creditors and investors are entitled to make a claim
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| Closing | the process of transferring balance, the balances of revenue, expense and dividend accounts are moved into retained earnings
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| Common Stock | specific commitments made to the investors are described in certificates
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| Creditors | lend financial resources to business. Business to repay borrowed resources plus interest
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| Dividend | if a business transfer some or all of its earned assets to owners
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| Double-entry bookkeeping | All transactions affect the accounting equation in a least two place
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| Earnings | Common terms for the added values created in the transformation process
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| Elements | assets, liabilities, equity, contributed capital, revenue, expenses, distributions and net income
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| Expenses | A business consumes various assets and services. The assets and services consumed to generate revenue
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| Financial accounting | The accounting information external users need is provided
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| Financial accounting standards board | is privately founded organization with the primary authority for establishing accounting standards
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| Financial resources | money
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| Financial statements | organized into the ten categories with the eight elements
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| Financial activities |
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| General ledger |
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| Generally accepted accounting principles |
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| Going concern |
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