Accounting Flashcards

UF MBA financial accounting exam 1 terms

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 operating procedures in order to […]

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Financial Accounting Exam 1 Answers

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 for the shares they purchase […]

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Accounting-managerial V.S. Financial Questions And Answers

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 and how profit will change […]

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Financial Accounting Analysis

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 sources of stockholders equity amounts […]

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Financial Accounting Ch. 1-3

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 as to the fairness of […]

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Financial Accounting (Ch 1-4)

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 or paying them dividends investing […]

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Principles of Financial Accounting Chapters 1-4 Vocabulary

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 the business. Audit Analysis and […]

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netflixer 1

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 form of a business organization […]

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Accounting 16 Questions And Answers

In order to be useful to managers, management accounting reports should possess all of the following characteristics EXCEPT: b. be prepared in accordance with generally accepted accounting principles What is the primary criterion for the preparation of managerial accounting reports? b. Meet the manager needs Which of the following is most associated with managerial accounting? […]

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Managerial Accounting Chapter 1

Managerial Accounting Focuses on providing internal mgmt. with information it needs to run the company efficiently and effectively (internal accounting) Controlling Comparing and evaluating actual results with planned results and taking corrective action Planning Setting goals & objectives and determining how to achieve them How do managerial accounting and financial accounting differ? (managerial) -internal users […]

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Financial Accounting Chapter 1-6

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) Reports the amount of assets, […]

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financial accounting textbook terms (chapter 3)

Time period assumption An assumption that accountants can divide the economic life of a business into artificial time periods Interim periods Monthly or quarterly accounting time periods typical length of accounting time periods a month, a quarter, or a year Fiscal year An accounting period that is one year in length Calendar year An accounting […]

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Accounting 241 Ch 1 HW Dallmus

Managerial Accounting Systems report on various segments or business units of the company When Managers evaluate the company’s performance compared to the plan, They are performing the controlling role of management Information on a company’s past performance is provided to External parties by financial accounting Managerial Accounting systems are chosen by Comparing the costs versus […]

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BUSN Chapter 8

Accounting A system for recognizing, organizing, analyzing, and reporting information about financial transactions that affcet an organization Who are the 6 key users of accounting information? 1. managers 2. stockholders 3. employees 4. creditors 5. suppliers 6. government agencies What other types of people may be using accounting information? The news media, competitors, and unions […]

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Financial Accounting I Final Exam

Accounting is an information measurement system that… Identifies, records and communicates information about business activities by interpreting info and designing info systems to allow business to make better decisions The Accounting Equation is… Assets=Liabilities + Owner’s Equity $100 = $10 + $90 Assets Everything a company owns Accounts Receivable Assets created by selling goods/services on […]

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Financial Accounting Test Questions

Accounting System that collects and processes (analyzes, measures, and records) financial information about an organization and reports that information to decision makers. Accounting entity Is the organization for with financial data are to be collected. The four basic statements: 1. Balance Sheet 2. Income Statement 3. Statement of Retained Earnings 4. Statement of Cash flows […]

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Financial Accounting Chapter 3 Test Questions

Time Period Assumption Presumes that an organization’s activities can be divided into specific time periods such as a month, a three-month quarter, a six month interval, or a year Annual Financial Statements Reports covering a one-year period Interim Financial Statements Reports covering one, three, or six month of activity Fiscal year Consists of any 12 […]

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Financial Accounting Vocabulary

Accounts Payable A liability backed by the general reputation and credit standing of the debtor. Accoutning The information system that measures business activities, processes that information into reports and financial statements,and communicates the results to decision makers. Accounting Equation The most basic tool of accounting: Assets = Liabilities + Owners’ Equity. Asset An economic resource […]

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Financial Accounting Chapters 1-4

Business Consists of all activities necessary to provide the members of an economic system with goods and services Sole Proprietorship Businesses owned and operated by one single owner Economic Entity Requires that a single indentifyable unit of organization be accounted for in all situations Partnership A business owned by two or more individuals Corporation An […]

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Day 11 (Managerial Accounting)

ALL DEFINITIONS AND STUFF IS FROM THE TEXTBOOK This should act as a citation so I don’t get screwed for copying from the textbook Managerial Accounting Type of accounting that focuses on providing internal management with information needed to run the company efficiently and effectively. The rule that drives managerial accounting: The value or benefit […]

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CH 1 – Financial Accounting

What is the function and primary focus of financial accounting? Financial accounting is concerned with providing relevant financial information about various kinds of organizations to different types of external users. The primary focus of financial accounting is on the financial information provided by profit-oriented companies to their present and potential investors and creditors. What is […]

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