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Accounting > Accounting 1-3 > Flashcards

Accounting 1-3 Flashcards

1
Q

GAAP

A

generally accepted accounting principals

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2
Q

IFRS

A

International Financial Reporting Standards (over 100 countries have adopted to this)

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3
Q

AcSB

A

Accounting standards board

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4
Q

CICA

A

Canadian Institute of Chartered Accountants

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5
Q

CA

A

Chartered Accountant

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6
Q

CPA

A

Chartered Professional Accountants

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7
Q

CGA

A

Certified General accountants

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8
Q

CMA

A

Certified Management accountants

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9
Q

what are the 5 activities an accountant does?

A
  1. Gathering financial information
  2. Preparing and collecting permanent records
  3. Rearranging, summarizing, and classifying financial information
  4. Preparing information reports and summaries
  5. Establishing control for honesty and accuracy
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10
Q

Types of businesses?

A
  1. Service business
  2. Merchandising business
  3. Manufacturing business
  4. Non-profit business
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11
Q

Forms of businesses

A
  1. Sole proprietorship
  2. Partnership
  3. Corporations
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12
Q

Categories of Accounting work

A
  1. Routine daily accounting activities
  2. Periodic accounting activities
  3. Miscellaneous accounting activities
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13
Q

Outer ring

A
  1. Transactions occur
  2. Transactions are recorded in Journal
  3. Transactions are put into general ledger account
  4. Trial balance/ Interim financial statement prepared
    (always ongoing)
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14
Q

Inner ring

A
  1. worksheet prepared
  2. Former Financial Statements Prepared
  3. Ledger is adjusted and closed
  4. Post closing trial balance prepared
    (repeats every fiscal period)
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15
Q

What is the accounting cycle

A

A reoccurring cycle that is carried out every fiscal period

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16
Q

Creditor

A

Someone you owe

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17
Q

Fundamental accounting equation

A

A= L+E

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18
Q

Debtor

A

Someone owes you

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19
Q

what did CICA do?

A

publish the handbook
created the CPA
designates the CA position

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20
Q

order of liquidity

A
  1. Cash
  2. A/R
  3. Supplies
  4. Land
  5. Building
  6. Equipment + Furniture
  7. Trucks
21
Q

The business entity concept

A

the business and the owner are separate entities

22
Q

The cost principle

A

information should be reported at the purchased rate

23
Q

the continuing concept

A

The business and the cost principle will continue to run unless said so

24
Q

The revaluation model

A

if a private business chooses to use IFRS, they may change their assets to the market value

25
Q

The objectivity principle

A

records must have visible evidence that they are accurate

26
Q

Source document

A

the best form of evidence

27
Q

what happens to a source document after it is recorded

A

it is kept on file for reference or evidence

28
Q

business transaction

A

a financial event that causes a change in financial position

29
Q

Classified balance sheet

A

used to gain more insight on a balance sheet (used by ASPE)

30
Q

Statement of financial position

A

same as Classified balance sheet but is only used if a private enterprise decides to choose IFRS

31
Q

4 steps to analyzing transactions

A
  1. Determine which accounts are being affected and make the change
  2. Check to see if the owner’s equity has changed
  3. Make sure two accounts are affected
  4. Make sure the equation balances
32
Q

Financial position

A

a status of a business based on assets, liabilities, and equity

33
Q

what is A2

A

a cell

34
Q

what is =B10+c17

A

a formula

35
Q

what is =sum(b10:b14)

A

a function

36
Q

Accounting clerk

A

usually called a bookkeeper. Associates with the routine activities. (e.g. transactions, payroll, banking, balancing the ledger)

37
Q

Accountant

A

more broader skillset, requires higher education. (e.g. prepares reports, interprets data, makes business decision)

38
Q

father of accounting?

A

Luca Pacioli

39
Q

What is Auditing

A

testing a firm’s records and procedures for accuracy

40
Q

whats the difference between Public accountants and professional accountants

A

public serves the public for a fee

41
Q

A professional accountant may choose?

A

Management or Institutional

42
Q

What is a management accounting

A

working for a large company (e.g. Mcdonalds, Bell)

43
Q

What is Institutional accounting

A

working for governments, banks, universities

44
Q

ASPE

A

Accounting standards for Private Enterprises (preferred over IFRS in private enterprises)

45
Q

IASB

A

International accounting standards board

46
Q

What did the IASB do

A

helped develop and approve of the IFRS

47
Q

what is the AcSB

A

The CICA committee combined to form a separate government body called the Accounting Standards Board (AcSB). They do their actions independently after consulting with likeminded boards such as the IASB

48
Q
A

Accounting (4 decks)

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