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Intro To Business And Technology > Accounting > Flashcards

Accounting Flashcards

1
Q

The action or process of keeping financial accounts

A

accounting

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2
Q

The steps involved in accounting for all of the business activities during an accounting period

A

accounting cycle

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3
Q

The most fundamental equation of double-entry bookkeeping system, it expresses the relationship between what is owned and what is owed by an entity

A

accounting equation

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4
Q

A resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide future benefit

A

assets

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5
Q

An obligation of an entity arising from past transactions or events

A

liability

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6
Q

owners’ interest in the assets of a business

A

owner’s equity

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7
Q

relating to or being assets that add to the long-term net worth of a corporation

A

capital

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8
Q

listed on the left-hand side or column of an account. It affects the balance in the account by adding to the balance

A

debit

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9
Q

listed on the right-hand side or column of an account. It affects the balance in the account by taking away from it

A

Credit

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10
Q

Income that a company receives from its normal business activities

A

revenue

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11
Q

costs that are matched with revenues

A

expenses

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12
Q

a financial statement that gives operating results for a specific period

A

income statement

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13
Q

a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time

A

balance sheet

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14
Q

a financial statement that shows the effect of net income and owner withdrawals on the owner’s interest in the business

A

statement of owner’s equity

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15
Q

financial statement that displays cash inflows and outflows for a period

A

cash flow statement

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16
Q

calculation of elements of the income statement as a percentage of net sales or elements of the balance sheet as a percentage of total assets

A

vertical analysis

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17
Q

calculation of the percentage of change between accounting periods for elements of the income statement or balance sheet

A

horizontal analysis

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18
Q

measures of a businesses ability to pay debts in the short term

A

liquidity ratios

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19
Q

measures a businesses ability to use assets to create a profit

A

profitability ratios

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20
Q

measures a business ability to pay debt in the long term

A

solvency ratios

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21
Q

First Step of the Accounting Cycle

A

Analyze Transactions

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22
Q

Second Step of the Accounting Cycle

A

Journalize Transactions

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23
Q

Third Step of the Accounting Cycle

A

Post Transactions

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24
Q

Fourth Step of the Accounting Cycle

A

Create a Trial Balance

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25
Q

Fifth Step of the Accounting Cycle

A

Gather Adjusting Entries

26
Q

Sixth Step of the Accounting Cycle

A

Prepare Financial Statements

27
Q

Seventh Step of the Accounting Cycle

A

Journalize and Post the Adjusting Entries and the Closing Entries

28
Q

Eighth Step of the Accounting Cycle

A

Prepare a Post-Closing Trial Balance

29
Q

First 4 steps of the accounting cycle (1-4)

A
  1. Analyze Transactions 2. Journalize Transactions 3. Post Transactions 4. Create a Trial Balance
30
Q

Last 4 steps of the accounting cycle (5-8)

A
  1. Gather Adjusting Entries 6. Prepare Financial Statements 7. Journalize and Post the Adjusting Entries and the Closing Entries 8. Prepare a Post-Closing Trial Balance
31
Q

Accounting Cycle (8 Steps)

A
  1. Analyze Transactions 2. Journalize Transactions 3. Post Transactions 4. Create a Trial Balance 5. Gather Adjusting Entries 6. Prepare Financial Statements 7. Journalize and Post the Adjusting Entries and the Closing Entries 8. Prepare a Post-Closing Trial Balance
32
Q

accounting

A

The action or process of keeping financial accounts

33
Q

accounting cycle

A

The steps involved in accounting for all of the business activities during an accounting period

34
Q

accounting equation

A

The most fundamental equation of double-entry bookkeeping system, it expresses the relationship between what is owned and what is owed by an entity

35
Q

assets

A

A resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide future benefit

36
Q

liability

A

An obligation of an entity arising from past transactions or events

37
Q

owner’s equity

A

owners’ interest in the assets of a business

38
Q

capital

A

relating to or being assets that add to the long-term net worth of a corporation

39
Q

debit

A

listed on the left-hand side or column of an account. It affects the balance in the account by adding to the balance

40
Q

Credit

A

listed on the right-hand side or column of an account. It affects the balance in the account by taking away from it

41
Q

revenue

A

Income that a company receives from its normal business activities

42
Q

expenses

A

costs that are matched with revenues

43
Q

income statement

A

a financial statement that gives operating results for a specific period

44
Q

balance sheet

A

a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time

45
Q

statement of owner’s equity

A

a financial statement that shows the effect of net income and owner withdrawals on the owner’s interest in the business

46
Q

cash flow statement

A

financial statement that displays cash inflows and outflows for a period

47
Q

vertical analysis

A

calculation of elements of the income statement as a percentage of net sales or elements of the balance sheet as a percentage of total assets

48
Q

horizontal analysis

A

calculation of the percentage of change between accounting periods for elements of the income statement or balance sheet

49
Q

liquidity ratios

A

measures of a businesses ability to pay debts in the short term

50
Q

profitability ratios

A

measures a businesses ability to use assets to create a profit

51
Q

solvency ratios

A

measures a business ability to pay debt in the long term

52
Q

Analyze Transactions

A

First Step of the Accounting Cycle

53
Q

Journalize Transactions

A

Second Step of the Accounting Cycle

54
Q

Post Transactions

A

Third Step of the Accounting Cycle

55
Q

Create a Trial Balance

A

Fourth Step of the Accounting Cycle

56
Q

Gather Adjusting Entries

A

Fifth Step of the Accounting Cycle

57
Q

Prepare Financial Statements

A

Sixth Step of the Accounting Cycle

58
Q

Journalize and Post the Adjusting Entries and the Closing Entries

A

Seventh Step of the Accounting Cycle

59
Q

Prepare a Post-Closing Trial Balance

A

Eighth Step of the Accounting Cycle

60
Q
  1. Analyze Transactions 2. Journalize Transactions 3. Post Transactions 4. Create a Trial Balance
A

First 4 steps of the accounting cycle (1-4)

61
Q
  1. Gather Adjusting Entries 6. Prepare Financial Statements 7. Journalize and Post the Adjusting Entries and the Closing Entries 8. Prepare a Post-Closing Trial Balance
A

Last 4 steps of the accounting cycle (5-8)

62
Q
  1. Analyze Transactions 2. Journalize Transactions 3. Post Transactions 4. Create a Trial Balance 5. Gather Adjusting Entries 6. Prepare Financial Statements 7. Journalize and Post the Adjusting Entries and the Closing Entries 8. Prepare a Post-Closing Trial Balance
A

Accounting Cycle (8 Steps)

Intro To Business And Technology (5 decks)

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