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Financial Accounting - ACCT9101 > Chapter 1 - College Accounting: A Practical Approach > Flashcards

Chapter 1 - College Accounting: A Practical Approach Flashcards

1
Q

What is a sole proprietorship?

A

One owner

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2
Q

What is a partnership?

A

At least two owners

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3
Q

What is a corporation?

A

Owned by shareholders

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4
Q

What is a No-For-Profit?

A

No owners - for the benefit of society

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5
Q

What are some examples of external stakeholders?

A

Lenders
Shareholders
Government
Customers
Investors
Communtiy

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6
Q

What are some examples of internal stakeholders?

A

Officers
Controllers
Managers
Internal Auditors
Sales Staff

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7
Q

What are some examples of duties that a Financial Accountant handles?

A

Statement preparation and analysis
Auditing
Regulatory Issues
Planning

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8
Q

What are some examples of duties that a Managerial Accountant handles?

A

Cost accounting
Budgeting
Internal Auditing
Management Consulting
General Accounting

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9
Q

What are some duties that the Tax Accountant handles?

A

Tax preparation
Tax planning
Tax regulatory compliance
Tax consulting

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10
Q

What are some of the duties of other accounting related professionals nals?

A

Analysts
Appraisers
Underwriters in Insurance e
Planners
Traders
Managers of Accounting
Consultants

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11
Q

What is the general accounting designation?

A

CPA

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12
Q

What does CPA stand for?

A

Chartered Professional Accountant

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13
Q

What is a CA?

A

Chartered Accountant

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14
Q

What is a CMA

A

Certified Management Accountant

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15
Q

What is a CGA?

A

Certified General Accountant

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16
Q

What are the 6 main accounting standards?

A

Analyzing
Recording
Classifying
Summarizing
Reporting
Interpreting

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17
Q

What accounting Standard is the following:

“Looking at what happened and how it affected the business”

A

Analyzing

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18
Q

What accounting standard is the following?

“Putting the information into an accounting system”

A

Recording

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19
Q

What accounting standard is the following?

“To group all the same activities together”

A

Classifying

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20
Q

What accounting standard is the following?

“Creating totals based on a category or date”

A

Summarizing

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21
Q

What accounting standard is the following?

“Issue reports that tell the result of the accounting functions”

A

Reporting

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22
Q

What accounting standard does the following fall under?

“Examining reports and providing feedback to users”

A

Interpreting

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23
Q

What does “GAAP” stand for?

A

Generally Accepted Accounting Principles

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24
Q

What are the guidelines set forth that must be followed in the accounting process that ensures everyone is preparing and interpreting reports the same way called?

A

GAAP

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25
Q

What does IFRS stand for?

A

International Financial Reporting Standards

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26
Q

When is IFRS used?

A

When your company has shares listed on stock exchanges

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27
Q

What is the word used to describe the moral principles that guide conduct of individuals in the industry?

A

Ethics

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28
Q

What is the following called:

Assets = Liabilities + Owners Equity

A

Accounting equation

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29
Q

Items of value owned by a company are called…

A

Assets

30
Q

Obligations made by a company are called…

A

Liabilities

31
Q

An owners investment into their company is called…

A

Capital

32
Q

Is capital always cash?

A

NO

33
Q

Who’s portion of the assets are the liabilities?

A

Creditors

34
Q

Who owns the Owners Equity portion of the assets?

A

Owners

35
Q

What are equities?

A

Financial claims against the assets

36
Q

Can the accounting equation be stated in different ways?

A

YES

37
Q

When the make up of assets is changed but the total assets stays the same, this is called?

A

Shift in assets

38
Q

What report is the breakdown of the accounting equation?

A

Balance Sheet

39
Q

What 3 bits of information are listed in the header and what order do they come in?

A

Company Name
Report Name
Date

40
Q

What does a single line mean on the reports?

A

Subtotalling

41
Q

What does a double line on a report mean?

A

Total

42
Q

What should always be aligned on reports to avoid errors?

A

Numbers

43
Q

Can a balance sheet tell you if the company will turn a profit?

A

NO

44
Q

On a balance sheet, where do you put the $?

A

Top lines and totals

45
Q

What do we call the amount earned when a 0service is rendered or a sale is made?

A

Revenue

46
Q

What does revenue increase?

A

Owners Equity

47
Q

When do you record revenue?

A

When is is earned (not necessarily when paid)

48
Q

Define an expense

A

Costs faced to run the business

49
Q

How is the owners equity effected when an expense is incurred?

A

Decreases owners equity

50
Q

Define Net Income

A

When revenue is greater than expenses

51
Q

If expenses are greater than revenue, what is this considered?

A

Net Loss

52
Q

What are withdrawals?

A

Assets the owner(s) withdraw for personal use

53
Q

How is owners equity effected when a withdrawal occurs?

A

Decreases owners equity

54
Q

What is the difference between the accounting equation and the expended accounting equation?

A

Expended lists the actual accounts that are under each classification

55
Q

What order do the financial statements come in?

A
  1. Income Statement
  2. Statement of Owners Equity
  3. Balance Sheet
56
Q

Which report will show the net loss or net income?

A

Income statement

57
Q

Which financial report shows a period of time?

A

Income Statement

58
Q

Which financial statement shows a moment of time?

A

Balance Sheet d

59
Q

Where are the $ signs place on an income report?

A

Top of the column and totals

60
Q

Are withdrawals on the income statement?

A

NO

61
Q

What is the inside column of an income statement used for?

A

Subtotalling

62
Q

What accounts are shown on the income statement?

A

Revenue & Expenses

63
Q

What changes are reflected on the Statement of Owners Equity?

A

Changes to the owners capital

64
Q

What increases owners capital?

A

Owners investment & Net income

65
Q

What decreases owners capital?

A

Withdrawals and net loss

66
Q

What are external users?

A

People not directly involved in running the organization?

67
Q

Who are internal users?

A

People directly involved in running the business

68
Q

What type of accountant is usually on staff?

A

Managerial accountant

69
Q

What accounts are a subdivision of owners equity?

A

Revenue
Expenses
Withdrawals
Capital

70
Q

Does net income / loss show the amounts listed on account?

A

YES

Financial Accounting - ACCT9101 (6 decks)

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