Brainscape's Knowledge GenomeTM

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


See full index

international accounting standards > Wykład 1 > Flashcards

Wykład 1 Flashcards

You may prefer our related Brainscape-certified flashcards:
CPA flashcards
1
Q

Bookkeeping

A

Identyfing + recording

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

Accounting

A

Identyfing + recording+ much more

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

Operacja gospodarcza

A

Transaction

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

Koszt

A

Cost

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

Koszt uzyskania przychodu

A

Expense

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

Wartość rynkowa

A

Fair Value (market value)

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

RZAT

A

Propety, plant and equipment

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

Aktywa

A

Assets

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

Pasywa

A

Liabilities + owner’s equity

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

Rezerwa

A

Provision

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

Zyski z lat ubiegłych

A

Retained earnings

Revenue-expenses-owner’s drawing/dividend

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

Zapasy

A

Inventories
Goods for sale
Raw materials
work in progress

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

Zapasy (tylko biurowe)

A

Supplies

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

wynagrodzenia

A

Fees, wages, salary

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

media

A

Utilities

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

Financial statement

A

Comprehensive) Income statement - RZIS
b. Statement of financial position - BILANS
c. Statement of cash flows - RPP
d. Statement of changes in equity – ZMIANY W KAPITALE WŁASNYM
e. Notes - NOTY

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Zysk całkowity

A

Comprehensive income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Recording process (3 steps)

A

Analyze a transaction

Enter the transaction in the journal

Transfer the journal information to the ledger accounts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Dziennik

A

Journal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Journalizing (3 facts)

A

Complete effects

Chronological record

Prevent or locate errors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Simple and compound entries

A

Simple entry – one debit and one credit account

Compound entry – requires three or more accounts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Księga główna

A

Ledger

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Analityka

A

Subsidiary ledger

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Notes payable

A

signed promis to payback – bank loan for instance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

The (general) ledger

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Plan kont

A

Chart of account

27
Q

Rozliczenia międzyokresowe czynne

A

Prepaid insurance – prepaid expenses

28
Q

Od początku życia wyposażenia

A

Accumulated depriciation – equipment

29
Q

WNiP

A

Intangible assets

30
Q

rozliczenia międzyokresowe przychodów

A

Unearned service revenue-

31
Q

Accrual Accounting (Accrual - rozliczenie międzyokresowe)

A

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

32
Q

Poniesiony/ zaciągnięty

A

incurred

33
Q

Types of accruals

A

Accrued revenues

Accrued expenses

34
Q

Accrued revenues

A

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)

35
Q

Zestawienie sald

A

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

36
Q

Adjusted trial balance

A

used to create financial statements (changes in valuation etc)

37
Q

zasada kontynuacji działalności

A

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

38
Q

Korekty

A

Adjusting entries

39
Q

Owners equity

A

Kapitał właścicielski

40
Q

External users and their needs

A

Investors
Creditors

41
Q

Internal users and their needs

A

Finance
Management
HR
Marketing

42
Q

a. International Accounting Standards Board (IASB)

A

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

43
Q

b. Financial Accounting Standards Board (FASB)

A

i. Determines generally accepted accounting principles (GAAP)

44
Q

IFRS (2 values)

A

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

45
Q

Selection
(which to follow)

A

Relevance
Faithful representation

46
Q
  1. Assumptions
A

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.

47
Q

Can employees be assets?

A

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

48
Q

Transaction (how to identify transaction)

A

Financial positon of the entity changed + source document

49
Q

Owners equity

A

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

+/- other comprehensive income

50
Q

Comprehensive income

A

+ revenues - expenses +/- other comprehensive income

51
Q

Temporary accounts

A

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

52
Q

Permanent accounts

A

assets, liabilities, equity -> they are not closed

53
Q

Income summary

A

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

54
Q

Share premium (equation)

A

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

55
Q

Share premium (translation)

A

agio lub kapitał zapasowy ze sprzedaży akcji powyżej ceny

56
Q

Why is PAR VALUE so low

A

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

57
Q

Liabilities

A

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

58
Q

Property

A

a. Depreciation – building
b. Depletes – oil reserves

59
Q

Goodwill

A

Wartość firmy

60
Q

Sinking fund

A

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

61
Q

Collateral

A

Zabezpieczenie

62
Q

Cash and equivalents

A

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

63
Q

Treasury shares

A

when you buy buck your shares

64
Q

Retired

A

umorzone/cancelled

international accounting standards (2 decks)

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