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Accounting > Accounting Flash Cards chapter 2 homework > Flashcards

Accounting Flash Cards chapter 2 homework

1
Q

Accounts Payable

A

current Liabilities

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2
Q

Accounts receivable

A

current Assets

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3
Q

Accumulated Depreciation

A

Property, plant, equipment

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4
Q

Buildings

A

property,plant, equipment

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5
Q

cash

A

current Assets

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6
Q

Goodwill

A

Intangible Assets

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7
Q

income tax payable

A

current liability

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8
Q

investment in long term boards

A

long-term investments

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9
Q

land

A

property, plant, equipment

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10
Q

inventory

A

current assets

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11
Q

patent

A

intangible assets

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12
Q

supplies

A

current assets

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13
Q

Items not easily quantified in dollar terms are not reported in the financial statements

A

Monetary Unit Assumption

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14
Q

Accounting information must be complete, neutral, and free from error

A

Faithful Representation

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15
Q

Personal Transactions are not mixed with the company’s transactions

A

Economic Entity Assumption

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16
Q

The cost to provide information should be weighed against the benefit that users will gain from having the information available

A

Cost constraint

17
Q

The company’s use of the same accounting principles from year to year

A

consistency

18
Q

Assets are recorded and reported at original purchase price

A

Historical cost principle

19
Q

Accounting information should help users predict future events, and should confirm or correct prior expectations

A

Relevance

20
Q

The life of a business can be divided into artificial segments of time

A

Periodicity Assumption

21
Q

The reporting of all information that wold make a difference to financial statement users

A

Full disclosure principle

22
Q

The judgement concerning whether and items size makes it likely to influence a decision maker

A

Materiality

23
Q

Assumes a business will remain in operation for the foreseeable future

A

Going concern Assumption

24
Q

Different companies use the same accounting principles

A

comparability

25
Q

Working Capital Formula

A

Working Capital=current assets + current liabilities

26
Q

Current Ratio Formula

A

Current Ratio=current assets/current liabilities

27
Q

Debt to asset formula

A

Debt to asset=total liabilities / total assets

28
Q

Assets Formula

A

Assets=liabilities + stockholders equity

29
Q

interest payable

A

current liability

30
Q

stock investments (to be sold in seven months)

A

current asset

31
Q

mortgage payable

A

long term liability

32
Q

prepaid rent

A

current asset

Accounting (8 decks)

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