Comprehensive Accounting Concepts and Principles Flashcards

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Finance - Personal Finance

michael1tekrzp Created by 10 mon ago

Cards in this deck(38)

A record summarizing all the information pertaining to a single item in the accounting equation is called an _____.

The amount in an account is referred to as the _____.

The name given to an account is known as the _____.

The process of planning, recording, analyzing, and interpreting financial information is called _____.

An equation showing the relationship among assets, liabilities, and owner's equity is the _____.

A planned process for providing financial information useful to management is an _____.

Anything of value that is owned is referred to as an _____.

The use of ethics in making business decisions is known as _____.

A formal written document that describes the nature of a business and how it will operate is a _____.

An account used to summarize the owner's equity in a business is called a _____.

A person or business to whom a liability is owed is known as a _____.

Financial rights to the assets of a business are called _____.

The difference between assets and liabilities is referred to as _____.

The principles of right and wrong that guide an individual in making decisions are known as _____.

A decrease in owner's equity resulting from the operation of a business is called an _____.

Financial reports that summarize the financial conditions and operations of a business are called _____.

The standards and rules that accountants follow while recording and reporting financial activities are known as _____.

An amount owed is referred to as a _____.

A formal report that shows what an individual owns, what an individual owes, and the difference between the two is a _____.

The amount remaining after the value of all liabilities is subtracted from the value of all assets is called _____.

The difference between personal assets and personal liabilities is known as _____.

A business owned by one person is called a _____.

An increase in owner's equity resulting from the operation of a business is referred to as _____.

A sale for which cash will be received at a later date is known as a _____.

A business that performs an activity for a fee is called a _____.

A business activity that changes assets, liabilities, or owner's equity is known as a _____.

Assets taken out of a business for the owner's personal use are called _____.

The accounting equation is most often stated as Assets + Liabilities = Owner's Equity. This statement is _____.

After each transaction, the accounting equation must remain in balance. This statement is _____.

A negative amount for net worth would reflect more debt than assets, something a creditor would favor. This statement is _____.

When two asset accounts are changed in a transaction, there must be an increase and a decrease. This statement is _____.

When items are bought and paid for at a future date, another way to state this is to say these items are bought on account. This statement is _____.

A transaction for the sale of goods or services results in a decrease in owner's equity. This statement is _____.

Keeping separate the financial records for a business and for its owner's personal belongings is an application of the Business Entity accounting concept. This statement is _____.

Payments for advertising, equipment repairs, utilities, and rent are liabilities. This statement is _____.

Withdrawals are assets taken out of a business for the owner's personal use. This statement is _____.

The most common type of withdrawal by an owner from a business is the withdrawal of cash. This statement is _____.

When an owner withdraws cash from the business, the transaction affects both assets and owner's equity. This statement is _____.

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