Brainscape's Knowledge GenomeTM

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


See full index

Chapter 1 - Intro Financial Acct > Chapter 1 - Intro > Flashcards

Chapter 1 - Intro Flashcards

1
Q

What is generally Accepted Accounting principles

A

Standardized, format of accounting business financial transactions

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

When is Revenue Recognized

A

Once transaction is completed

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

How does the matching concept more accurately determine the net income of a business

A

Note sure

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

What are the qualities that accounting information is expected to have? What are the limitation on the disclosure of useful accounting information?

A

Detail? - Limitation from possible vague classification of a particular line item in the balance sheet

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

What are assets

A

Something of value

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

To what terms liability and equity refer

A

value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Identify the 3 forms of business organization

A

Priopriotorship, Partnership, Corporation

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

What is the general purpose of financial statement? Name 4 financial statements

A

Balance Sheet, Statemetnt of Cash flow

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is the business entity concept of accounting? Why is it important?

A

Value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is the general purpose of financial statements? Name the four financial statements

A

Value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Each financial statement has a title that consists of the name of the financial statement, the name of the business, and a date line. How is the date line on each of the four financial statements the same or different?

A

Value

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

What is the purpose of an income statement? A balance sheet? How are they related?

A

Value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Define the terms revenue and expense

A

Value

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

What is net income? What information does it convey?

A

Value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is the purpose of a statement of changes in equity? A statement of cash flows?

A

Value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are the three primary components of the balance sheet?

A

Value

17
Q

Why are financial statements prepared at regular intervals? Who are the users of these statements?

A

Value

18
Q

What is the accounting equation?

A

Value

19
Q

Explain double-entry accounting.

A

Value

20
Q

What is a year-end? How does the timing of year-end financial statements differ from that of interim financial statements?

A

Value

21
Q

How does a fiscal year differ from a calendar year?

A

Value

22
Q

What are the three primary components of the balance sheet?

A

Value

23
Q

What is the difference between internal and external users of accounting information?

A

Value

24
Q

What is the difference between managerial and financial accounting?

A

Value

25
Q

What is a PAE? A PE?

A

Value

26
Q

What does the term limited liability mean?

A

Value

27
Q

Identify and explain the six qualitative characteristics of GAAP.

A

Value

28
Q

Explain how retained earnings and dividends are related.

A

Value

29
Q

How are assets financed?

A

Value

Chapter 1 - Intro Financial Acct (1 decks)

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