Account Balance - Answer Difference between total debits and total credits (including the beginning balance) for an account.
Accounting - Answer comprehensive system for collecting, analyzing, and communicating financial information
Accounting Cycle - Answer for a given time period, ...
Accounting Exam 1 Study Guide Exam
Questions And Actual Answers.
Account Balance - Answer Difference between total debits and total credits (including the beginning
balance) for an account.
Accounting - Answer comprehensive system for collecting, analyzing, and communicating financial
information
Accounting Cycle - Answer 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 - Answer Economic occurrence that changes a company's assets, liabilities, or equity
Accounting Period - Answer Time span covered by the financial statements; normally one year, but may
be a quarter, month or some other time interval
Accrual - Answer Accounting recognition of revenue or expense in a period before cash is exchanged
Accrual Accounting - Answer Accounting system which recognizes revenues when earned and expenses
when incurred regardless of when the related cash is exchanged
Adverse Opinion - Answer 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 - Answer Entry that updates account balances prior to preparing financial statements; a
bookkeeping tool. Adjusting entries never affect the Cash account
, Allocations - Answer Recognizing expenses by systematically assigning the cost of an asset to periods of
use
American Institute of CPA's - Answer National association that serves the education and professional
interests of member of the public accounting profession; membership is voluntary
Annual Reports - Answer Document companies publish to provide information, including financial
statements, to stockholders
Asset Exchange Transaction - Answer A transaction that decreases one asset and increases another
asset; total asset remain unchanged.
Asset Source Transaction - Answer 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 - Answer A transaction that decreases both an asset and a claim on assets; 3
types are distributions, liability payments, or expenses
Asset - Answer Economic resource used to produce revenue which is expected to provide future
benefit to the business
Audits - Answer the verifying of facts or procedures
Balance Sheet - Answer A financial statement that summarizes a company's assets, liabilities and
shareholders' equity at a specific point in time.
Books of original entry - Answer A journal in which a transaction is first recorded.
Book Value - Answer the asset's cost minus accumulated depreciation; carrying amount; net amount of
a plant asset
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