CHART OF ACCOUNTS Flashcards
A financial organizational tool that provides a complete listing of every accounts
Chart of Accounts
Color Black in SAP Chart
Active Account
An ___ is a unique record for each type of asset, liability, equity, revenue, and expenses.
Account
The ___accounts reflect the monitory value of the company (stock, assets, debt.)
Balance Sheet
Color Blue in SAP Chart
Title
Chart of Accounts of SAP can be viewed and managed through ___
Financials
___ account has to be cleared at the end of each fiscal year. R
Income Statement
Color GREEN in SAP Chart
Control Account
Only big companies use chart of accounts
False
What module where we can see subsidiary ledgers?
Business Partners
Cash on Hand
Balance Sheet
Sales
Income Statement
Repairs/Maintenance
Income Statement
Accounts Payable
Balance Sheet
Accounts Receivable
Balance Sheet
Service Vehicle
Balance Sheet
Owner’s Withdrawal
Temporary/Nominal
Balance Sheet
Service Revenue
Income Statement
Interest Income
Income Statement
Taxes and Licenses
Income Statement
Joe, a business owner, the EXPENSES SHOULD NOT BE REFLECTED IN FINANCIAL STATEMENTS of his business.
Economic Entity /Separate Entity Principle
___ is the concept that a business will remain operation for the FORESEEABLE FUTURE
Going Concern Principle
__ is the concept of transaction that BUSINESS SHOULD BE KEPT SEPARATE FROM ITS OWNER’s other busineses
Economic Entity
Separate Entity Principle
__ is a concept that business SHOULD ONLY RECORD TRANSACTIONS that can be stated in TERMS OF UNIT OF CURRENCY
Monetary Unit Principle
__ is the concept that you should include in or alongside the financial statements of a business all of the information that may impact the reader’s understanding of those financial statements.
Full Disclosure Principle
Assets = ___ + ____
Liability + Equity
The ___ display at the top of the screen.
Menu Bar
The ___ is a collection of icon buttons
Toolbar
Navigation in SAP Business One is done using
Module Menu/Bar
The users of SAP Business One are defined in
User Set-up Window
Accessing SAP is done using
Web-Browser
Business management software
ERP
Also known as Internal Cloud
Single organization
Private Cloud
External Cloud
Third Party Servers
Public Cloud
Key feature of cloud computing where resources can be access everywhere
Location Independence
Place where SAP was founded in 1972
Walldorf
Baden-Wurttemberg
Germany
A systematic process of identifying, recording, measuring, classifying, verifying, summarizing
Accounting
The Father of Accounting
Luca Pacioli
Organization that uses economic resources or inputs to provide goods or services to customers
Business Entity
The fundamental concept underlying present day bookkeeping and accounting.
Double Entry Bookkeeping
Transactions should be recorded in the accounting periods when they actually occur, rather than in the periods when there are cash flows associated with them.
Accrual Principle
According to this concept, REVENUE and EXPENSES exhibiting cause and effect relationship should be recognize in the same accounting period.
Matching Principle
The business is separate from the owners, managers, employees operating the business
Economic Entity
Separate Entity Principle
A type of business organizations that sells industry or labor as a main source of income
Service Business
It is the desire to exercise care and caution when dealing with uncertainties in making estimates or measument
Prudence
A company prepares financial report EVERY YEAR for the benefit of its stockholders
Time Period Principle
Basic Accounting Principle that Credit sales are recorded by a company as revenues even though no cash is received.
Accrual Principle
Basic Accounting Principle that is also known as CONSERVATISM
Prudence
This is the concept that you should record a transaction in the accounting records if not doing so might have altered the decision making process of someone reading the company’s financial statements.
Materiality Principle
allow you to set up income and expense accounts, such as rental or sales income, salaries, advertising expenses, and material costs.
Computerized Accounting System
reflect the changes in the company value, such as: sell stock –
cost of goods sold, increase revenues.
Profit and Loss Accounts
