Exam (elaborations)
Accounting Exam 1 (rated 100% correct).
- Course
- Institution
Accounting Exam 1 (rated 100% correct).
[Show more]
Seller
Follow
Content preview
Accounting Exam 1 (rated 100% correct).Account Balance ANS - Difference between total debits and total credits (including the beginning
balance) for an account.
Accounting ANS - comprehensive system for collecting, analyzing, and communicating financial
information
Accounting Cycle ANS - for a given time period, the cycle of recording accounting data, adjusting the
accounts, preparing the financial statements, and closing the temporary accounts; when one accounting
cycle ends a new one begins
Accounting Event ANS - Economic occurrence that changes a company's assets, liabilities, or equity
Accounting Period ANS - Time span covered by the financial statements; normally one year, but may be
a quarter, month or some other time interval
Accrual ANS - Accounting recognition of revenue or expense in a period before cash is exchanged
Accrual Accounting ANS - Accounting system which recognizes revenues when earned and expenses
when incurred regardless of when the related cash is exchanged
Adverse Opinion ANS - Opinion issued by a certified public accountant that means one or more
departures from GAAP in a company's financial statements are so very material the auditors believe the
financial statements do not fairly represent the company's status
Adjusting Entry ANS - Entry that updates account balances prior to preparing financial statements; a
bookkeeping tool. Adjusting entries never affect the Cash account
Allocations ANS - Recognizing expenses by systematically assigning the cost of an asset to periods of
use
, American Institute of CPA's ANS - National association that serves the education and professional
interests of member of the public accounting profession; membership is voluntary
Annual Reports ANS - Document companies publish to provide information, including financial
statements, to stockholders
Asset Exchange Transaction ANS - A transaction that decreases one asset and increases another asset;
total asset remain unchanged.
Asset Source Transaction ANS - A transaction that increases both an asset and a claim on assets ; the
three types of asset source transactions are aquisitions from owners (equity), borrowing from creditors
(liabilities), or earnings from operations (revenues).
Asset Use Transaction ANS - A transaction that decreases both an asset and a claim on assets; 3 types
are distributions, liability payments, or expenses
Asset ANS - Economic resource used to produce revenue which is expected to provide future benefit to
the business
Audits ANS - the verifying of facts or procedures
Balance Sheet ANS - A financial statement that summarizes a company's assets, liabilities and
shareholders' equity at a specific point in time.
Books of original entry ANS - A journal in which a transaction is first recorded.
Book Value ANS - the asset's cost minus accumulated depreciation; carrying amount; net amount of a
plant asset
Claims ANS - Owners' and creditors' interests in a business's assets
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Professorkaylee. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67232 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now