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Contabilidad > Examen 1 > Flashcards

Examen 1 Flashcards

1
Q

To include the personal; assets and transactions of a business’s owner inthe records and reports of the business would be in conflict with the:

A

Business entity assumption

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2
Q

Information and measurement system that identifies, records, and communicates an organization’s business activities.

A

Accounting

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3
Q

Communicates data to help people make better decisions.

A

Accounting

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4
Q

Lenders

A

External Users

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5
Q

Regulators

A

External Users

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6
Q

Purchasing managers

A

Internal Users

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7
Q

Production managers

A

Internal users

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8
Q

Nonmanagerial employees

A

External users

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9
Q

External auditors

A

External users

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10
Q

Marketing managers

A

Internal users

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11
Q

Human resource managers

A

Internal users

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12
Q

Opportunities in Accounting

A

Financial, Managerial, Taxation, Accounting-related

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13
Q

Public accounting

A

Auditing, taxation, and advisory services

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14
Q

Financial

A

Preparation, Analysis, External auditing, Regulatory, Consulting, Planning, Criminal Investigation

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15
Q

Managerial

A

General accounting, cost accounting, budgeting, internal auditing, consulting, controller, treasurer, strategy

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16
Q

Taxation

A

Preparation, planning, regulatory, investigations, consulting,enforcement, legal services, estate plans

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17
Q

Uses software and can be used to complete repetitive tasks such as entering invoices and transaction data.

A

Artificial Intelligence

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18
Q

What are accountants needed for?

A

Helping develop advanced AI systems and analyze reports and graphics

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19
Q

What is Data Analytics?

A

A process of analyzing data to identify meaningful relations and trends

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20
Q

Data VIsualization

A

Graphical presentation of data to help individuals make informed business decisions

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21
Q

What is the goal of accounting?

A

To provide useful information for deisions.

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22
Q

Ethics

A

Beliefs that distinguish right from wrong. They are the accepted standards of good and bad behavior.

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23
Q

Fraud Triangle

A

Opportunity, Rationalization, Pressure

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24
Q

Opportunity

A

Envisions a way to commit fraud with low risk of getting caught

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25
Q

Rationalization

A

Fails to see the criminal nature of the fraud or justifies the action

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26
Q

Pressure

A

Must have some pressure to commit fraud, like unpaid bills

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27
Q

GAAP

A

Concepts and rules that govern financial accountign

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28
Q

Financial Accounting Standards Board

A

Sets GAAP

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29
Q

Objectives

A

Provide useful information to investors, creditors, and others

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30
Q

Qualitative characteristics

A

Information has relevance and faithful representation

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31
Q

Elements

A

Defines items in financial statements

32
Q

Recognition and measurement

A

Criteria for an item to be recognized as an element and how to measure it

33
Q

General principles

A

Assumptions, concepts and guidelines for preparing financial statementd

34
Q

Specific principles

A

Detailed rules used in reporting business transactions and events

35
Q

Measurement Principle (Cost Principle)

A

Accounting information is based on actual cost. Actual cost is considered objective

36
Q

Revenue Recognition Principle

A
  1. Recognize revenue when goods or services are provided to customers and 2. at an amount expected to be received from the customer
37
Q

Expense Recognition Principle (Matching Principle()

A

A company records its expenses incurred to generate the revenue reported.

38
Q

Full Disclosure Principle

A

A company reports the details behind fancial statements that would impact users’ decisions in the notes tothe financial statements.

39
Q

Going-Concern Assumption

A

The business is presumed to continue operationg instead of being closed or sold

40
Q

Monetary Unit Assumption

A

Transactions and events are expressed in monetary, or money, units

41
Q

Time Period Assumption

A

The life of a company can be divided into time periods, such as months and years.

42
Q

Business Entity Assumption

A

A business is accounted for seperately from other business entities, including its owner.

43
Q

Cost-benefit constraint

A

Only information with benefits of disclosure greater than the cost need be disclosed

44
Q

Materiality constraint

A

Only information that would interest the decisions of a reasonable person need be disclosed.

45
Q

Accounting Equation

A

Assets = Liabilities + Equity / Assets = Liabilites + Capital - Withdrawals + Revenue - Expenses

46
Q

Net Income

A

Revenues - Expenses

47
Q

Liability = Credit, Purchase = Debit, Capital/Equity = Credit, Receival = Debit Cash, Pay = Cash Credit, Revenue = Credit,

A

invest = Cash Debit, Capital Credit, In advance = Unearned, Credit, Acc. Receivable = Debit, On Credit = Accounts Payable

48
Q

Val invests 3 cash in Stroberis

A

Cash 3
Capital 3

49
Q

Estroberis purchases supplies paying 2 cash

A

Debit Cash 2
Supplies 2

50
Q

Estroberis purchased supplies of 7100 on credit

A

Debit Cash 7100

51
Q

Estroberis provided consulting services to a customer and received 4200 cash immediately

A

Cash 4200 debit
Credit Consulting Revenue 4200 (Cash received for the services provided, and revenue needs to be recognized

52
Q

Estroberis paid rent of 1k and salaries of 700 to employees

A

Debit Rent 1000 expense
Debit Salaries 700 expense
Cash Credit

Acc receiv asset ^
Consulting revenue ^
Rental revenue ^

53
Q

Client in transaction 8 pays 1900 for consulting services

A

Cash asset ^
Acc Receiv v

54
Q

Income statement

A

Revenue
- Expenses
______________
Net Income
Describes a company’s revenues and expenses and computes net income or loss over a period of time

55
Q

Statement of owner’s equity

A

Capital
+ Owner investments
+ Net income
- Withdrawals
___________________
End, Capital
Explains changes in owner’s equity from owner investments, net income (or loss), and any withdrawals over a period of time

56
Q

Balance Sheet

A

Assets = Liabilities + Equity
Describes a company’s financial position at a point in time

57
Q

Statement of cash flows

A

+/- Operating CF
+- Investing CF
+- Financing CF
—————————
Change in cash
Identifies cash inflows and cash outflows over a period of time

58
Q

Income Statement

A

Revenues like consulting revenue, rental revenue, then total revenues, expenses with rent expenses, salaries expenses then total expenses and then the total net income

59
Q

Statement of Owners Equity

A

C. Taylor, Capital December 1, 2o21
+ Investments by owner, net income
- Withdrawals by owner, then finazlly the total owner capital

60
Q

Balance Sheet

A

Assets Liabilities
Cash Accounts payable
Supplies Total liabilities
Equipment Equity
Total assets Capital + Total liabilities

61
Q

Return on assets (ROA)

A

Stated in ratio form as net income divided by the average total assets invested
Return on assets = Net Income/ Average total assets

62
Q

What are business transactions and events

A

The starting points of financial tatements. The process from transactions to financial statements is a follows
Identify transaction and event from source documents
Analyze transaction and event using the accounting equation Record relevant trransactions and events in a journal
Post journal information to ledger accounts

63
Q

First step inn processing a fianncial transaction

A

Gathering Information

64
Q

Source Documents

A

Identify and describe transactions entering the accounting system

65
Q

Examples of source documents

A

Bills from suppliers, sales receipts, checks, purchase orders, payroll records, bank statemebts

66
Q

Record of increases and decreases in a specific asset, liability, equity, revenue, or expense

A

Account

67
Q

Record of all acounts and their balanaces

A

General Ledger

68
Q

Asset Accounts

A

Cash, Accounts Receivable, Notes Receivable, Inventory, Prepaid Accounts, Supplies, Equipment, Buildings, Land

69
Q

Liability Accounts

A

Accounts Payable, Notes Payable, Accrued Liabilities, Unearned Income

70
Q

Equity Accounts

A

Owner, Capital, Owner Withdrawals, Revenues, Expenses

71
Q

Equity formula

A

Capital - Withdrawals + Revenues - Expenses

72
Q

Ledger

A

Collection of all accounts and their balances for an accounting system.

73
Q

Stages of preparing a trial balance

A
  1. List account titles and its amount in the trial balance
  2. Comput the total of debit ba;ances and the total of credit balances
  3. Verify (prove) total debit balances equal total credit balances
74
Q

Lists all ledger accounts and their balances at a point in time. If the bools are in balance, the total debits will equal the total credits

A

Trial balance

75
Q

Financial Statements

A

Income statement - Revs + Exps, Statement of owners equity - Equity, net income owner investments. Balance sheet - Financial positions, assets liabilities, and equity. State,ent of cash flows - lists the cash inflows and outflows.

76
Q

Debt Ratio

A

Liabilities / Assets. The higher this number is, there is a greater possibility that a company will not be able to pay its debt

Contabilidad (1 decks)

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