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MBA Accounting > Final > Flashcards

Final Flashcards

1
Q

The preservation of a systematic, quantitative record of an activity.

A

Bookkeeping

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2
Q

A system that provides quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions.

A

Accounting

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3
Q

Accounting systems designed for internal use.

A

Managerial Accounting

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4
Q

Accounting information provided to, and used by, external users.

A

Financial Accounting

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5
Q

The general purpose information used by financial accounting that includes the balance sheet, income statement, and statement of cash flows.

A

Financial Statements

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6
Q

A listing of an organization’s assets, liabilities, and owner’s equity at a certain point in time.

A

Balance Sheet

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7
Q

Reports the amount of net income earned by a company during a specific period.

A

Income statement

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8
Q

The excess of a company’s revenues over its expenses.

A

Net Income

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9
Q

Reports the amount of cash collected and paid out by a company in the following types of activities: operating, investing, and financing.

A

Statement of Cash Flows

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10
Q

A private body established in 1973 and supported by the joint efforts of the US business community, financial analysts, and practicing accountants.

A

Financial Accounting Standards Board (FASB)

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11
Q

An independent federal government agency responsible for protecting investors, maintaining the fair and orderly functioning of the US securities market, and facilitating capital formation.

A

Securities and Exchange Commission (SEC)

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12
Q

The set of principles and practices that a corporation uses to regulate the relationship between the shareholders and the managers hired by the board of directors.

A

Corporate Governance

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13
Q

A person that has taken a minimum number of college-level accounting classes, has passed the CPA exam, and has met other requirements set by their state.

A

Certified Public Accountant (CPA)

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14
Q

Created by the Sarbanes-Oxley Act, it is a private, non-profit organization that serves as an arm of the SEC in registering, inspecting, and disciplining the auditors of all publicly-traded companies.

A

Public Company Accounting Oversight Board (PCAOB)

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15
Q

An independent group of experts that set accounting standards for preparing, auditing, or using financial reports, and in accounting education.

A

International Accounting Standards Board (IASB)

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16
Q

Issued by the IASB, they bring consistency to accounting standards and practices, regardless of the country of origin.

A

International Financial Reporting Standards

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17
Q

Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.

A

Asset

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18
Q

Probable future sacrifices of economic benefits arising from present obligations as a result of past actions or events.

A

Liabilities

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19
Q

The residual interest in the assets of an entity that remain after deducting liabilities.

A

Owner’s Equity

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20
Q

The value of assets given in exchange for stock in the entity.

A

Paid-In Capital

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21
Q

Represent the portion of stockholder’s equity that has not been paid to the owners as dividends.

A

Retained Earnings

22
Q

The stock that a company repurchases; it is shown as a subtraction in the stockholder’s equity section of the balance sheet.

A

Treasury Stock

23
Q

Income that stems from increased assets due to market prices or exchange rates.

A

Accumulated Other Comprehensive Income

24
Q

A balance sheet that distinguishes between current and long-term assets and/or liabilities.

A

Classified Balance Sheet

25
Q

The idea that personal finances are kept separate from business finances.

A

The Entity Concept

26
Q

An accounting technique that values an asset for balance sheet purposes at the price paid for the asset at the time of its acquisition.

A

Historical Cost Convention

27
Q

The amount of assets created through the performance of business operations.

A

Revenue

28
Q

The amount of assets consumed from the performance of business operations.

A

Expense

29
Q

Refers to the money that is made on activities outside of the normal business operations of a company.

A

Gains

30
Q

Refers to the money that is lost on activities outside of the normal business operations of a company.

A

Losses

31
Q

Tells the owner of a stock how much one share of their stock is worth.

A

Earnings-per-Share

32
Q

The concept that a business should report the financial results of its activities over a standard time period, such as monthly, quarterly, or annually.

A

Time Period Concept

33
Q

A GAAP that determines the specific conditions in which revenue is recognized or accounted for.

A

Revenue Recognition

34
Q

Activities involved in producing and selling goods and services and thus compromise the day-to-day business of a company.

A

Operating Activities

35
Q

Activities that include the purchase and sale of land, buildings, and equipment.

A

Investing Activities

36
Q

Activities whereby cash is obtained from, or repaid to, owners and creditors.

A

Financing Activities

37
Q

An independent examination of the financial statements prepared by an organization.

A

External Audit

38
Q

Cash and other assets that are expected to be converted to cash within one year.

A

Current Assets

39
Q

Current assets composed of publicly traded stocks and bonds that are to be sold within one year.

A

Investment Securities

40
Q

Assets that have no physical or tangible characteristics that include agreements, contracts, patents, or trademarks.

A

Intangible Asset

41
Q

The difference between assets and liabilities in a corporation.

A

Stockholder’s Equity

42
Q

A financial instrument, such as an option or future, that derives its value from the movement of a price, exchange rate, or an interest rate associated with some other item.

A

Derivative

43
Q

Arises when a corporation has subsidiaries that are not 100-percent owned by an organization.

A

Non-Controlling Interest

44
Q

The process of assigning a dollar amount to an item once it has been determined that the item should be recognized on financial statements.

A

Valuation

45
Q

The process of determining how an economic event impacts financial statements.

A

Transaction Analysis

46
Q

A contract made on the promise of an exchange in the future, such as salary.

A

Executory Contract

47
Q

What two items are revealed on the balance sheet?

A

Ownership and Debt

48
Q

What are the five steps, in order, of the decision cycle?

A 
Prepare Financial Statements 
Analyze Financial Statements 
Gather Information 
Make Decision
Implement Decision
49
Q

Which two values affect the measurement of net income?

A

Operating Expenses and Ordinary Gains and Losses

50
Q

Which two items are included in a multi-step income statement?

A

Gross Profit and Income from Operations

MBA Accounting (1 decks)

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