Accounting Systems: Fundamental Principles, Financial Records, and Business Entities

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Finance - Personal Finance

charlotte1oxhi Created by 10 mon ago

Cards in this deck(61)

What is the system that identifies, records, and communicates relevant information about a company's business activities?

What is the fundamental equation that represents the relationship between assets, liabilities, and equity?

What are the resources a business owns or controls that are expected to provide future benefit?

What is the analysis and report of an organization's accounting system, its records, and its reports using various tests?

Who are the individuals hired to review financial reports and information systems?

Who are the company employees that continuously evaluate the effectiveness of the company's internal control systems?

Who are independent of a company and are hired to assess and evaluate the fairness of financial statements?

What is the financial statement that reports assets, liabilities, and owner's equity on a specific date?

What part of accounting involves recording transactions and events, either manually or electronically?

What principle requires a business to be accounted for separately from its owner(s) and from any other entity?

What is the corporation's basic ownership share, also generically called capital stock?

What are the basic concepts that underlie the preparation and presentation of financial statements for external users?

What is a business that is a separate legal entity under state or federal laws with owners called shareholders or stockholders?

What is the notion that the benefit of a disclosure exceeds the cost of that disclosure?

What accounting principle prescribes financial statement information to be based on actual costs incurred in business transactions?

What is the notion that the benefit of a disclosure exceeds the cost of that disclosure?

What is a data visualization that includes charts, graphs, and other imaging organized for users to see important trends and relations?

What is the process of analyzing data to identify meaningful relations and trends, especially in accounting?

What is the graphical representation of data and information?

What are corporation's distributions of assets to its owners called?

What framework depicts how organizations act as responsible stewards of the environment, principled members of society, and accountable leaders?

What are the owner's claims to the assets of the business, equaling the residual interest in an entity's assets after deducting liabilities?

What are the codes of conduct by which actions are judged as right or wrong, fair or unfair, honest or dishonest?

What is the expanded version of the accounting equation that includes common stock, dividends, revenues, and expenses?

What principle prescribes expenses to be reported in the same period as the revenues that were earned as a result of the expenses?

What are the outflows or using up of assets as part of operations of a business to generate sales?

What are exchanges of economic value between one entity and another entity called?

Who are the persons using accounting information who are not directly involved in running the organization?

What is the area of accounting that focuses on reporting information to external users?

What is the independent group of full-time members responsible for setting accounting rules?

What principle prescribes financial statements (including notes) to report all relevant information about an entity's operations and financial condition?

What are the rules that specify acceptable accounting practices?

What principle prescribes financial statements to reflect the assumption that the business will continue operating?

What financial statement subtracts expenses from revenues to yield a net income or loss over a specified period of time?

What are all policies and procedures used to protect assets, ensure reliable accounting, promote efficient operations, and urge adherence to company policies?

What are activities within an organization that can affect the accounting equation?

Who are the persons using accounting information who are directly involved in managing the organization?

What group identifies preferred accounting practices and encourages global acceptance, issuing International Financial Reporting Standards (IFRS)?

What is the set of international accounting standards explaining how types of transactions and events are reported in financial statements?

What are creditors' claims on an organization's assets, involving a probable future payment of assets, products, or services?

What organization form combines select features of a corporation and a limited partnership, providing limited liability to its members?

What area of accounting is aimed mainly at serving the decision-making needs of internal users?

What principle prescribes expenses to be reported in the same period as the revenues that were earned as a result of the expenses?

What principle prescribes financial statement information, and its underlying transactions and events, be based on relevant measures of valuation?

Who are the owners of an LLC?

What principle assumes transactions and events can be expressed in money units?

What is the amount earned after subtracting all expenses necessary for and matched with sales for a period?

What is the excess of expenses over revenues for a period?

What are assets put into the business by the owner called?

What is an unincorporated association of two or more persons to pursue a business for profit as co-owners?

What is a business owned by one person that is not organized as a corporation?

What is the cumulative income minus cumulative losses and dividends?

What ratio reflects operating efficiency, defined as net income divided by average total assets for the period?

What principle prescribes that revenue is recognized when goods or services are delivered to customers?

What is the federal agency Congress has charged to set reporting rules for organizations that sell ownership shares to the public?

Who are the owners of a corporation?

What is the gross increase in equity from a company's business activities that earn income?

What is the equity of a corporation divided into ownership units?

What is a financial statement that lists cash inflows and outflows during a period, arranged by operating, investing, and financing?

What is the report of changes in retained earnings over a period, adjusted for increases, decreases, and any prior period adjustment?

What assumption states that an organization's activities can be divided into specific time periods such as months, quarters, or years?

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