Glossary of ACC-153 Chapter 1
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- The information system that identifies, records, and communicates the economic events of an organization to interested users.
- Resources owned by a business
- Balance Sheet
- A financial satement the reports the assets, liabilities, and stockholders' equity at a specific date
- Basic Accounting Equation
- Assets = Liabilities + Owners Equity
(From now on, Owners Equity will be referred to as OE)
- A part of accounting the involves only recording of economic events
- A business organizaed as a separate legal entity under state corporation law having ownership divided into transferable shares of stock
- Cost Principle
- An accounting principle that states that assets should be recorded at their cost
- A distribution by a corporation to its stockholders on a pro rata bases. (Pro rata is Latin...Joke for me, the Latin guy)
- Econoimic Entity Assumption
- An assumption that requires that the activities of the entity be kept separate and distinct from the activities of its owners and all other economic entities.
- The standards of conduct by which one's actions are judges as right or wrong, honest or dishonest, fair or not fair.
- The cost of assets consumed or services used in the process of earning revenue.
- Financial accounting
- The field of acounting that provides economic and financial information for investors, creditors, and other external users.
- Financial Accounting Standards Board
- A private organization that establishes generally accepted accounting principles.
- Generally Accepted Accounting Principles
- Common standards that indicate how to report economic events
- Income Statement
- A financial statement that presents that revenues and expenses and resulting net income or net loss of a company for a specific period of time.
- Crediroship claims on total assets
- Managerial accoutning
- The field of accounting that provides economic and financial information for managers and other internal users
- Monetary united assumption
- An assumption stating that only transaction data that can be expressed in terms of money be included in the accounting records
- Net Income
- The amount by which revenues exceed expenses
- Net Loss
- The amount by which expenses exceed revenues
- An association of two or more persons to carry on as co-owners of a businesses for profit
- A business owned by one person
- Retained EarningsStatement
- A financial statement that summarizes that changes in retained earnings for a specific period of time
- The gross increase in stockholders' equity resulting from business activites entered into for the purpoe of earning income.`
- Securities and Exchange Commission
- A governmental agency that requires companies to file financial reports in accordance with generally accepted accounting principles
- Statement of Cash Flows
- A financial statement that provides information about that cash infolos (Receipts) and cash outflows (Payments) of an entity for a specific period of time.
- Stockholders' Equity
- The ownership claim of total assets of a corporation
- The economic events of the enterprise that are recorded by accountants.
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