Wykład 1 Flashcards

Question

The (general) ledger

Answer 1

a. Individual Assets b. Individual Liabilities c. Individual equity

Answer 2

Chart of account

Answer 3

Prepaid insurance – prepaid expenses

Answer 4

Accumulated depriciation – equipment

Answer 5

Intangible assets

Answer 6

Unearned service revenue-

Answer 7

Rachunkowość memoriałowa - revenue or expenses are recorded when a transaction occurs vs. when payment is received or made.

Answer 8

Accrued revenues Accrued expenses

Answer 9

i. accrued revenues- revenues for services performed but noy yet recorded at the statement date We will issue an invoice (bill the client) evry 50 hours (100 euro per hour) ii. In November we worked 40 hours (billable hours/billables- do more to charge the clients) for the client – revenue which we done but it hasn’t been recorded yet (because an invoice will be sent only after 50 hours but revenue is still made)

Answer 10

Trial balance (list of all accounts which are then balanced )

Answer 11

used to create financial statements (changes in valuation etc)

Answer 12

Going concern - it’s the concept; zasada kontynuacji działalności, unlles we know that something will happen and the company will no longer exist, we assume it will continue to operate

Answer 13

Adjusting entries

Answer 14

Kapitał właścicielski

Answer 15

Investors Creditors

Answer 16

Finance Management HR Marketing

Answer 17

i. Determines International Financial Reporting Standards (IFRS) IASS - until 2002 IFRS - since 2003

Answer 18

i. Determines generally accepted accounting principles (GAAP)

Answer 19

Historical Value - easy and common Fair Value (market value) - rearly used

Answer 20

Relevance Faithful representation

Answer 21

Monetary unit assumption Economic entity assumption: requires that the activities of the entity be kept separate and distinct from the activities of its owner and all other economic entities.

Answer 22

b. Employees – can be assets if they can be presented as money in BS. For instance – football clubs present their players in their BS.

Answer 23

Financial positon of the entity changed + source document

Answer 24

+investemnts + revenues -expenses - distribution to owners (drawing/ dividends) +/- other comprehensive income

Answer 25

+ revenues - expenses +/- other comprehensive income

Answer 26

all revenue, expense, dividends – they are closed every year and next year the new one is opened

Answer 27

assets, liabilities, equity -> they are not closed

Answer 28

wynik finansowy – it goes (if profit) to retained earnings

Answer 29

additional-paid-in-capital -> par value * number of share capital

Answer 30

agio lub kapitał zapasowy ze sprzedaży akcji powyżej ceny

Answer 31

Par value 50$ -> 47$ Market value – the difference must be paid to investors because the lost their money (3$)

Answer 32

Zobowiązania i rezerwy na zobowiązania A) Payable - i know how much, to whom and when - zobowiązania B) Provision - not certain - rezerwy na zobowiązania

Answer 33

a. Depreciation – building b. Depletes – oil reserves

Answer 34

Wartość firmy

Answer 35

Long term for instance deposit in bank to pay back for your bonds

Answer 36

Zabezpieczenie

Answer 37

a. Currency (in wallet) – demand deposits (go to ATM and get money) b. Cash equivalents – three months or less c. Restriction or commitments

Answer 38

when you buy buck your shares

Answer 39

umorzone/cancelled