Accounting
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| show | to provide financial information for decision making
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| show | the set of accounting procedures performed in each accounting period
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| show | item of value owned by a business or person
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| show | cash
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| liability | show 🗑
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| show | accounts payable
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| show | A=L+OE
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| owner's equity | show 🗑
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| show | accounts receivable
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| show | accounts payable
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| what are drawings | show 🗑
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| revenue | show 🗑
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| example of revenue | show 🗑
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| show | costs incurred to generate revenue
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| show | rent expense
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| show | 1) income statement
2) balance sheet
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| show | lists assets, liabilities, owner's equity
as at a specific date (snapshot)
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| show | calculates revenue and expenses, calculates net income over a period of time (movie)
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| show | breaks down into current vs. long-term assets and liabilities
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| current assets | show 🗑
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| example of a current asset | show 🗑
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| show | fixed will stick around for more than one year
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| example of a fixed asset | show 🗑
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| show | paid off within a year
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| show | accounts payable
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| show | paid in more than a year
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| show | bank loan
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| what are the five types of accounts | show 🗑
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| show | left side
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| show | cash and accounts receivable
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| what is a credit | show 🗑
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| show | accounts payable and capital
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| show | debits=credits for each transaction
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| show | an account whose balance reduces the value of the account it describes
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| example of a contra asset | show 🗑
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| show | assets, liabilities and owner's equity (permanent accounts)
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| what types of accounts are found on an income statement | show 🗑
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| show | increases
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| show | decreases
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| show | increases
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| net income increases/decrease owner's equity | show 🗑
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| net loss increases/decreases owner's equity | show 🗑
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| what financial statement is made first | show 🗑
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| show | to see if everything balances before creating the statements or to find errors in journal/posting
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| chart of accounts | show 🗑
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| what are the four parts of every journal entry | show 🗑
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| show | book of original entry
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| show | an entry that has more than one debit or credit
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| what is a transposition error | show 🗑
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| list the different types of source documents | show 🗑
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| show | cash is used as payment
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| sales invoice | show 🗑
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| purchase invoice | show 🗑
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| show | increases a company's checking account balance
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| show | decreases a company's checking account balance
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| show | posting
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| on the balance sheet what order should current assets appear in | show 🗑
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| on the balance sheet what order should liabilities appear in | show 🗑
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| show | generally accepted accounting principles
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| cost principle | show 🗑
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| business entity concept | show 🗑
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| conservatism principle | show 🗑
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| materiality principle | show 🗑
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| matching principle | show 🗑
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| show | accounting records should be based on the objective evidence provided by source documents to support the values used in recording transactions
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| show | International Financial Reporting Standards
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| what year was IFRS introduced | show 🗑
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| public companies in canada must follow which set(s) of standards | show 🗑
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| show | IFRS and ASPEs
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| show | Accounting Standards for Private Enterprises
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| at the end of an accounting period what type of entries are prepared and posted before closing | show 🗑
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| show | expense payments made in advance, a current asset
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| examples of a prepaid expense | show 🗑
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| depreciation | show 🗑
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| straight-line depreciation | show 🗑
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| declining balance depreciation | show 🗑
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| how is straight-line depreciation calculated | show 🗑
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| show | (cost-accumulated depreciation) x depreciation rate
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| show | original cost-accumulated depreciation
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| show | balance sheet
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| does accumulated depreciation have a normal balance of DR or CR | show 🗑
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| accrual basis of accounting | show 🗑
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| to record supplies used | show 🗑
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| show | DR rent expense
CR prepaid expense
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| show | DR depreciation expense
CR accumulated depreciation
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| what are the four steps to closing | show 🗑
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| temporary accounts | show 🗑
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| example of a temporary account | show 🗑
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| show | carried over between periods
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| show | assets, liabilities, owner's equity
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| what is the professional accounting designation in canada | show 🗑
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Created by:
syddj123
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