Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Intro to Business > accounting > Flashcards

accounting Flashcards

1
Q

What is appreciation?

A
  • general increase in value of property that occurs over time
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

an amount of money spent

A

expenditure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are some examples of liquid assets?

A
  • cash in checking account
  • cash in savings account
  • stocks owned
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

type of expense that changes each month

A

variable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

decrease in value of property as it becomes old

A

depreciation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are some accountants responsibilities?

A
  • prepare and interpret financial reports
  • follow budgets
  • make business decisions
  • maintain and review the business records of an individual or organization
  • prepare budgets for individuals and businesses
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

money you owe for something

A

liability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is a liability?

A
  • money you owe for something
  • buy now, pay later
  • loans/notes or accounts payable
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is depreciation?

A
  • the decrease in value of property
  • decreases as the item becomes old and gradually wears out
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Describe a bookkeeper

A
  • entry level job
  • perform only one or two tasks
  • average starting salary $33000 to $36000
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Preparing forms and reports for taxes or other financial purposes is referred to as _______

A

bookkeeping

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What are some examples of liabilities?

A
  • car loan
  • mortgage
  • supplies purchased on credit to run a company
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

type of expense that occurs once in awhile

A

periodic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Describe a Certified Public Accountant

A
  • aka CPA
  • have to take a national test to become CPA
  • average starting salary $41000 to $43000
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are some examples of items that appreciate?

A
  • house
  • land
  • antiques
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

money you have available to spend as a result of working or from other income

A

cash inflow

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are the 3 types of business expenses?

A
  • fixed expense
  • variable expense
  • periodic expense
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Why is accounting a good career?

A
  • considered hottest career
  • has job stability (means you can get an accounting job anywhere - everyone needs accountants)
  • has high salaries
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What are some examples of variable expenses?

A
  • electric bill
  • gas bill
  • phone bill
  • food
  • clothing
  • waitress employees
  • cashier pay
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

amounts of money spent

A

cash outflow

21
Q

costs of operating a business

A

expense

22
Q

Where are some places you could work as an accountant?

A
  • for your favorite musician
  • target
  • doctor’s office
  • red cross
  • toys r us
  • country club
  • restaurant
  • cerner
  • apple
  • for your own accounting business
23
Q

What are some examples of items that depreciate?

A
  • cars
  • electronics
  • computers
  • ball machine
24
Q

What are some examples of periodic expenses?

A
  • car repairs
  • Christmas bonus
  • spring court maintenance
  • birthday presents
  • car registration
  • school taxes
  • building repairs
25
Q

What is financial accounting?

A
  • reporting information to external users (people not involved in day to day business operations) like investors
  • used for external use (outside use)
  • ex. an annual report is prepared for current or potential investors
26
Q

What are some examples of cash outflow?

A
  • food
  • clothing
  • transportation
  • living expenses
  • haircuts
  • tennis lessons
  • Christmas decorations
27
Q

What is a liquid asset?

A
  • an asset that is easily converted to cash
28
Q

revenue

A

all income a business receives over a period of time

29
Q

Describe accounting?

A
  • is used in all companies, in all industries and for nonprofit and for profit companies
  • helps maximize the company’s value
30
Q

expense

A

costs of operating a business

31
Q

What are some examples of assets?

A
  • house
  • barbie collection
  • car
  • jewelry
  • motorcycles
32
Q

What is cash outflow?

A
  • amount of money spent
33
Q

What two things must a business accomplish to survive?

A
  • operate at a profit (make more money then it spends)
  • attract individuals skilled enough to run the business
34
Q

type of expense that occurs on a regular basis

A

fixed

35
Q

general increase in value of property

A

appreciation

36
Q

something you own of value

A

asset

37
Q

Hearing Aid Associates spent $50 on ink, $25 on food, and $75 on hearing aids. Susan bought aids for $1100, Ned bought aids for $900 and Lisa bought aids for $1500.

What is the company’s cash inflow?

What is the company’s cash outflow?

What is the company’s net income?

A
  • Cash inflow - $3500
  • Cash outflow - $150
  • Net Income - $3350 (the amount of money company made - Add up all the money coming in minus the expenses )
38
Q

an asset that is easily converted to cash

A

liquid asset

39
Q

What is a periodic expense?

A
  • an expense that occurs once in awhile (periodically)
  • need to set money aside so you have it when the bill is due
40
Q

What is cash inflow?

A
  • money you have available to spend as a result of working or from other income
  • other income includes interest, investment, child support, alimony, social security
41
Q

What is an expenditure?

A
  • an amount of money spent, as a whole or on a particular thing
  • goal is to make sure money coming in = money going out
42
Q

What is a fixed expense?

A

costs that occur on a regular basis

43
Q

What is a variable expense?

A
  • an expense that changes (varies) with each month
  • may not be easy to estimate
44
Q

What is an asset?

A
  • something you own of value
  • ‘one man’s trash is another man’s treasure’
45
Q

all income a business receives over a period of time

A

revenue

46
Q

What is management accounting?

A
  • reports info to managers of a company to assist them in decision making
  • is for internal use (inside use)
  • ex. give an income report (shows all money brought into company) to the owner
47
Q

What are some examples of fixed expenses?

A
  • rent
  • mortgage
  • insurance premiums
  • salary employees
  • tax payments
  • cable
  • newspaper subscription
  • magazine subscription
  • loan payment
48
Q

What is fiscal year?

A
  • aka financial year or budget year
  • period used for calculating annual (yearly) financial statements in business or other organizations
  • does not always begin in january and end in december
  • runs over any 12 month period
  • can be october thru september, august thru july, etc

Intro to Business (41 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions