What are the basic principles for financial reporting issued by the Financial Accounting Standards Board? Accounting Standards Codification International Financial Reporting Standards Financial Reporting Standards Generally Accepted Accounting Principles

Generally Accepted Accounting Principles

What are the accounting standards issued by the IASB that have been adopted by many countries outside of the United States? International Financial Reporting Standards (IFRS) Generally Accepted Accounting Principles (GAAP) Financial Reporting Standards (FRS) International Accounting Standards (IAS)

International Financial Reporting Standards (IFRS)

Comprehensive Accounting and Financial Concepts for Business

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Finance - Personal Finance

michael1tekrzp Created by 10 mon ago

Cards in this deck(59)

Who are the individuals or groups affected by the policies and activities of a business?

What is the process of measuring, summarizing, and communicating financial information to management?

Which area of accounting is concerned with preparing data for use by managers within the organization?

What field of accounting focuses on providing information for external decision makers?

What are the financial reports that summarize the financial condition and operations of a business called?

What are the basic principles for financial reporting issued by the Financial Accounting Standards Board?

What are the accounting standards issued by the IASB that have been adopted by many countries outside of the United States?

Which financial statement shows revenue and expenses?

What term is used to describe the income generated from normal business operations?

What is the term for the cost of assets consumed or services used in the process of generating revenues?

What is the total cost of the goods that a company has sold called?

What are the costs of operating a business, excluding the costs of goods sold?

What is the positive difference between sales and cost of goods sold called?

What is the positive difference between gross profit and operating expenses?

What is the process of determining the number of units a firm must sell to cover all costs?

What are the costs called that do not change as the quantity of goods sold changes?

What are the costs that vary with the quantity of output produced?

What is calculated as Selling Price Per Unit minus Variable Cost Per Unit?

How is the breakeven point in units calculated?

Which financial statement reports assets, liabilities, and owner's equity?

What are the resources from which a business expects to gain some future benefit?

What are the debts that a business owes to outside individuals or organizations?

What term describes your investment in your business?

What is an accounting period that is one year long called?

What is the equation Assets = Liabilities + Owner's Equity known as?

Which statement details changes in owner's equity for the reporting period?

What is the money owed by a customer to a company called?

What is the money owed by a company to a supplier called?

What is the term for the quantity of goods that a firm has on hand?

What is the system called where transactions are recorded when they occur, without waiting for cash to be paid or received?

What is the portion of the cost of a fixed asset that is recorded as an expense each year of its useful life?

What is a balance sheet that places each asset and each liability into a specific category called?

What term describes the ease with which an asset can be converted into cash?

What are assets that you intend to convert into cash within a year called?

What are assets that you intend to hold for more than a year called?

What are liabilities that you will pay off within one year called?

What are liabilities that don't become due for more than one year called?

Which statement tells you where cash came from and where it went?

What are cash flow activities that come from day-to-day operations of your main line of business called?

What are cash flows related to buying or selling long-term assets called?

What are cash flows resulting from obtaining or paying back funds used to finance your business called?

What is a financial statement showing income for more than one year called?

What is the analysis of an income statement treating the relationship of each item as a percentage of a base (usually sales)?

What is the technique for evaluating a company's financial performance called?

What ratios tell you how much of each sales dollar is left after certain costs are covered?

What ratios tell you how efficiently your assets are being managed?

What ratios tell you how effective management is at running the business and measure overall company performance?

What ratios help you assess a firm's financial strength?

What ratio measures a firm's efficiency in selling its inventory?

What ratio examines the relationship between a company's current assets and its current liabilities?

What ratio examines the riskiness of a company's capital structure (Total Liabilities / Total Equity)?

What term describes the relationship between funds acquired from creditors (debt) and funds invested by owners (equity)?

What ratio measures the number of times a firm's operating income can cover its interest expense?

What is the ability and willingness to distinguish right from wrong and to know when you're doing one or the other?

What is the law passed by Congress that requires the CEO and CFO to certify that their firm's financial statements are accurate?

Who are licensed professional accountants that serve the general public?

What is the process where a public accountant examines a company's financial statements and submits an opinion on their accuracy?

Who are accountants employed by large corporations, government agencies, and other organizations to prepare and analyze financial statements?

What is the title of a firm's chief accounting officer?

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