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