It goes without saying that students are very busy people. They should read, write, and investigate a lot. There are moments when they are too exhausted to go for a walk or chat with the friends. Do you recognize yourself in our words? If yes, keep reading the article because we know how to save your time and effort.
Common knowledge is that study is an essential thing of the life. The major part of the youth we spend reading and learning something. In order to make that process easier, we сreate the flashcards. No, no, that is not the flash drive. Now we intend to inform you of the thing that will bring you pleasure.
That is the cards where you can find the brief information related to the different branch of science. Accounting flashcards can be used for many purposes: audit, business, financial or managerial reasons.
They contain definitions, explanations, and general facts. Moreover, they are written in a very simple way that allows you to realize their main essence.
They made huge progress in the development of computer technology, in test help, as well as exam help, as you can save a bunch of starting materials, teaching materials, movies, photos and other information. It can be done by the writing of the general phases on them. Such key statements are the type of hints.
It can also serve as your study guide. This is a huge plus when you have a large flashcard because you can rewrite everything you need (books, learning materials) from friends, and do not worry that you will forget something. The use of flashcards has become truly ubiquitous and all-encompassing in education. Let the education be easier with the flashcards.
Accounting process of identifying, measuring, and communicating financial information to help people make economic decisions Accounting Equation Assets = Liabilities + Equity American Institute of Certified Public Accountaints (AICPA) professional organization of CPAs in the USA Assets resource owned by the company that is expected to provide the company future Read more…
accounting information system that identifies, records, and communicates the economic events of an organization annual report report prepared by corporate management that presents financial information and an independent auditor’s report Assets Resources owned by a business Auditor’s report A report prepared by an independent outside auditor stating the auditor’s opinion Read more…
Accounting Information and measurement system that identifies, records, and communicates relevant information about a company’s business activities. Accounting Equation Equality involving a company’s assets, liabilities, and equity; Assets = Liabilities + Equity Assets Resources that a company owns or controls that are expected to provide current and future benefits to Read more…
Managerial Internal reporting and decision making Financial External reporting Financial Historical information Managerial Future Decision Making Managerial Emphasizes relevance Financial Emphasizes verifiability Financial Precision Managerial Timeliness Financial GAAP Managerial not required Financial Company wide reporting Managerial Segement reporting
mainly for external use financial mainly for internal use managerial helps external users make financial decisions financial helps managers make decisions, plan, direct, and control managerial driven by GAAP financial not driven by GAAP managerial looks at the previous year financial looks to the future managerial ONLY financial data financial Read more…
Adjusting Entries Entries that update account balances prior to preparing financial statements; a bookkeeping tool. Adjusting entries never affect cash account Assets Economic resources used to produce revenue which is expected to provide future benefit for the business Audit Detailed examination of some aspect of a company’s accounting records or Read more…
Primary users of the information are the internal users such as managers managerial Primary users of the information are the external users, such as creditors, stockholders, and government regulators Financial The purpose of the information is to help managers plan, direct, and control business operations and make business decisions Managerial Read more…
What does the Securities and Exchange Commission (SEC) do? It administers the US securities laws, most notably the Securities Act of 1933 and the Securities Exchange Act of 1934 as well as others. What is the main purpose of the Securities and Exchange Commission (SEC)? The main purpose of the Read more…
creditors persons or entities to whom a company owes money amount owed to creditors liabilities note payable liability to the bank bonds payable debt securities sold to investors that must be repaid at a particular date some years in the future common stock the total amount paid in by stockholders Read more…
Stockholders investors Creditor lenders (banks) – make money on loans by charging interest Dividends cash payments that stockholders hope to receive; a portion of what the company earned Internal Decision Makers managers – need info about the company’s business activities to manage the operating, investing, and financing activities of the Read more…
Perpetual inventory system keeps a running computerized record of merchandise inventory Purchase of merchandise inventory Merchandise inventory DB cash or accounts payable CD purchase return cash or accounts payable DB merchandise inventory CD payment of freight in merchandise inventory DB cash CD payment with in discount period accounts payable DB Read more…
Managerial accounting is directed towards: providing information and analysis to managers inside an organization. Activities performed by managerial accountant include: 1. Determining the cost of providing a service or making a product 2. Assist management in profit planning and formalizing the plans into budgets 3. Determine the behavior of costs Read more…
accounting equation Assists = liabilities + stockholders equity -referred to as fundamental model of business valuation revenues sales of goods or services to customers net income revenue-expenses financial statements a companies primary way of communicating to external users income statement a company’s timely report of expenses and revenues the two Read more…
Managers Responsibilities Planning, Directing, Controlling Planning sets goals and objectives ex. generate more sales>open a new store Directing overseeing day-to-day operations ex. use cost report to adjust material usage Controlling evaluate results and make adjustments Managerial accounting differs from financial accounting in that managerial accounting emphasizes data relevance over data Read more…
Accounting A system of analyzing, recording, and summarizing the results of a business’s operating, investing, and financing activities and then reporting them to decision makers. Accounts A standardized format that organizations use to accumulate the dollar effects of transactions on each financial statement item. Balance Sheet (Statement of Financial Position) Read more…
Income Statement Revenue-Expenses= Net Income. (For the period ended) Retained Earning Statement Beginning retained earning + Net Income – dividends = Ending retained income (For the period ended) Balance Sheet Assets= Liabilities+Owner’s Equity (as end of period) Cash Flow Statement Beginning cash +/- Operating +/- Investing +/- Financing = Ending Read more…
Creditor lender, money supplier Debitor person or organization who is in debt or under financial obligation to another Accounting a system that collects and processes financial information about an organization and reports that information to decision makers financial activities borrowing/paying back money to lenders and receiving additional funds from stockholders Read more…
Accounting Information and measurement system that identifies, records, and communicates relevant information about a company’s business activities. Accounting Equation Equality involving a company’s assets, liabilities, and equity; Assets = Liabilities + Equity Assets Resources that a company owns or controls that are expected to provide current and future benefits to Read more…
Accounting This word is defined by the “basics of business” Accounting does this Identify, measure, and communicate business transactions is accomplished in this field of business Financial Accounting This is for outside users 3 basic categories of a business plan 1. Invest 2. Finance 3. Operate these three things are Read more…
Which of the following is NOT an area in which accountants usually practice? Industrial Accounting Managerial accountants usually do which of the following? establish accounting policies Identify which of the following are considered OUTSIDE users of financial accounting information banks An example of an economic entity is a business. The Read more…