vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| American Accounting Association | show 🗑
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| show | An investigation of financial statement designed to determine their fairness in relation to generally accepted accounting principles
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| show | A position statement that show where the company stands in financial terms at specific date.
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| show | An accountant who is licensed by state after meeting rigorous education, experience and examination requirements
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| show | A private-sector organization that is responsible for determining generally accepted accounting principles in the United States
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| generally accepted accounting principles | show 🗑
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| income statement | show 🗑
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| show | A government organization that handles millions of income tax return filed by individuals and businesses and preforms audits functions to verify the data contained in those returns.
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| internal users | show 🗑
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| show | The group responsible for creating and promoting International Financial Reporting Standards
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| management accounting | show 🗑
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| show | A governmental organization that has the legal power to establish accounting principles and financial reporting requirements for publicly held companies in the United States.
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| show | An activity statement that shows the details of the company's activities involving cash during a period of time.
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| show | summarizing its assets, liabilities, and owner's equity at a point in time
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| show | Transferable units of owner in a corporation.
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| show | The widely used principle of accounting for assets at their original cost to the current owner
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| show | A person or organization to whom debt is owed.
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| expenses | show 🗑
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| show | A declaration of information believed to be true and communicated in monetary terms.
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| going concern assumption | show 🗑
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| show | An activity statement that subtracts from the enterprise's revenue those expenses required to generate the revenues, resulting in a net income or net loss.
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| show | A category in statement of cash flows that reflects the results of purchases and sales of assets such as land, buildings, and equipments.
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| liabilities | show 🗑
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| liquidity | show 🗑
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| show | A category in the statement of cash flows that includes the cash effects of all revenues and expenses included in the income statement
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| owner's equity | show 🗑
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| retained earnings | show 🗑
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| revenues | show 🗑
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| show | The owners' equity of an enterprise organized as a corporation.
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| show | A record used to summarize all increases and decreases in a particular asset, such as cash, or any other type of asset, liabilty, owners' equity, revenue, or expense
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| accounting cycle | show 🗑
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| accounting period | show 🗑
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| accrual basis of accounting | show 🗑
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| covervatism | show 🗑
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| credit | show 🗑
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| show | An amount entered on the left side
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| show | A distribution of resources by a corpation to its stockholders. The resource most often distributed is cash
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| double entry accounting | show 🗑
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| show | The cost of the good and services used up in the process of obtaining revenue.
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| fiscal year | show 🗑
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| general journal | show 🗑
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| journal | show 🗑
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| show | An accounting system includes a separate record for each item that appears in the financial statements
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| show | The generally accepted accounting prinple that determines when expenses should be recorded in the accounting record
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| net income | show 🗑
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| show | A decrease in owners' equity resulting from unprofitable operations
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| show | Accounts preference for using dollar amounts that are relatively factual as opposed to merely matters of personal opinions
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| posting | show 🗑
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| show | The generally accepted accounting principle that determines when revenues should be recored in the accounting records
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| time period principle | show 🗑
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| trial balance | show 🗑
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| show | An unincorporated form of business organization in which two or more persons voluntarily associate for purposes of carrying out business activies
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| show | An unincorporated business owned by a single individual.
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| show | A business organized as a seperate legal entity and charted by a state, with ownership divided into transferable shares of capital stock
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Created by:
cristemelton