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Examen 1 Flashcards

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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
Rationalization
Fails to see the criminal nature of the fraud or justifies the action
26
Pressure
Must have some pressure to commit fraud, like unpaid bills
27
GAAP
Concepts and rules that govern financial accountign
28
Financial Accounting Standards Board
Sets GAAP
29
Objectives
Provide useful information to investors, creditors, and others
30
Qualitative characteristics
Information has relevance and faithful representation
31
Elements
Defines items in financial statements
32
Recognition and measurement
Criteria for an item to be recognized as an element and how to measure it
33
General principles
Assumptions, concepts and guidelines for preparing financial statementd
34
Specific principles
Detailed rules used in reporting business transactions and events
35
Measurement Principle (Cost Principle)
Accounting information is based on actual cost. Actual cost is considered objective
36
Revenue Recognition Principle
1. Recognize revenue when goods or services are provided to customers and 2. at an amount expected to be received from the customer
37
Expense Recognition Principle (Matching Principle()
A company records its expenses incurred to generate the revenue reported.
38
Full Disclosure Principle
A company reports the details behind fancial statements that would impact users' decisions in the notes tothe financial statements.
39
Going-Concern Assumption
The business is presumed to continue operationg instead of being closed or sold
40
Monetary Unit Assumption
Transactions and events are expressed in monetary, or money, units
41
Time Period Assumption
The life of a company can be divided into time periods, such as months and years.
42
Business Entity Assumption
A business is accounted for seperately from other business entities, including its owner.
43
Cost-benefit constraint
Only information with benefits of disclosure greater than the cost need be disclosed
44
Materiality constraint
Only information that would interest the decisions of a reasonable person need be disclosed.
45
Accounting Equation
Assets = Liabilities + Equity / Assets = Liabilites + Capital - Withdrawals + Revenue - Expenses
46
Net Income
Revenues - Expenses
47
Liability = Credit, Purchase = Debit, Capital/Equity = Credit, Receival = Debit Cash, Pay = Cash Credit, Revenue = Credit,
invest = Cash Debit, Capital Credit, In advance = Unearned, Credit, Acc. Receivable = Debit, On Credit = Accounts Payable
48
Val invests 3 cash in Stroberis
Cash 3 Capital 3
49
Estroberis purchases supplies paying 2 cash
Debit Cash 2 Supplies 2
50
Estroberis purchased supplies of 7100 on credit
Debit Cash 7100
51
Estroberis provided consulting services to a customer and received 4200 cash immediately
Cash 4200 debit Credit Consulting Revenue 4200 (Cash received for the services provided, and revenue needs to be recognized
52
Estroberis paid rent of 1k and salaries of 700 to employees
Debit Rent 1000 expense Debit Salaries 700 expense Cash Credit Acc receiv asset ^ Consulting revenue ^ Rental revenue ^
53
Client in transaction 8 pays 1900 for consulting services
Cash asset ^ Acc Receiv v
54
Income statement
Revenue - Expenses ______________ Net Income Describes a company's revenues and expenses and computes net income or loss over a period of time
55
Statement of owner's equity
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
Balance Sheet
Assets = Liabilities + Equity Describes a company's financial position at a point in time
57
Statement of cash flows
+/- Operating CF +- Investing CF +- Financing CF --------------------------- Change in cash Identifies cash inflows and cash outflows over a period of time
58
Income Statement
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
Statement of Owners Equity
C. Taylor, Capital December 1, 2o21 + Investments by owner, net income - Withdrawals by owner, then finazlly the total owner capital
60
Balance Sheet
Assets Liabilities Cash Accounts payable Supplies Total liabilities Equipment Equity Total assets Capital + Total liabilities
61
Return on assets (ROA)
Stated in ratio form as net income divided by the average total assets invested Return on assets = Net Income/ Average total assets
62
What are business transactions and events
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
First step inn processing a fianncial transaction
Gathering Information
64
Source Documents
Identify and describe transactions entering the accounting system
65
Examples of source documents
Bills from suppliers, sales receipts, checks, purchase orders, payroll records, bank statemebts
66
Record of increases and decreases in a specific asset, liability, equity, revenue, or expense
Account
67
Record of all acounts and their balanaces
General Ledger
68
Asset Accounts
Cash, Accounts Receivable, Notes Receivable, Inventory, Prepaid Accounts, Supplies, Equipment, Buildings, Land
69
Liability Accounts
Accounts Payable, Notes Payable, Accrued Liabilities, Unearned Income
70
Equity Accounts
Owner, Capital, Owner Withdrawals, Revenues, Expenses
71
Equity formula
Capital - Withdrawals + Revenues - Expenses
72
Ledger
Collection of all accounts and their balances for an accounting system.
73
Stages of preparing a trial balance
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
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
Trial balance
75
Financial Statements
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
Debt Ratio
Liabilities / Assets. The higher this number is, there is a greater possibility that a company will not be able to pay its debt

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