7/12/14 Financial Accounting Chapter 1 Flashcards - ProProfs

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Home Take Flashcards Set 57 Financial Accounting Chapter 1
Financial Accounting Chapter 1
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Financial Accounting Weygandt Chapter 1 Flashcards

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Created Sep 7, 2010
by megmabe2

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1 Accounting
The information system that identifies, records,
and communicates the economic events of
an...
2 Assets Resources a business owns.
3 Balance Sheet
Financial statement that reports the assets,
liabilities, and owner's equity at a specific...
4
Accounting Equation

Assets = Liabilities + Stockholder's Equity
5 Bookkeeping
A part of accounting that involves only the
recording of economic events
6 Common Stock
The total amount paid in by stockholders for
the shares they purchase.
7 Corporation
A separate legal entity, organized under
corporate law, having ownership divided into
transferable...
8 Cost Principle
An accounting principle that states that
companies should record assets at their cost.
9 Dividend
A distribution by a corporation to its
stockholders on a pro rata or equal basis.
10 Economic Entity Assumption
Requires that the activities of an entity be kept
separate and distinct from the activities...
11 Ethics
The standards of conduct by which one's
actions are judged right or wrong, honest or
dishonest,...
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12 Exenses The cost of assets consumed or services used
in the process of earning revenue.
13 Fair Value Principle
An accounting principle that states that
companies should record their assets at fair...
14 Faithful representation
Numbers and descriptions of financial
information match what really existed or
happened.
15 Financial Accounting
The field of accounting that provides economic
and financial information for investors,
creditors,...
16 FASB
Financial Accounting Standards Board. A
private organization that establishes generally
accepted...
17 Income Statement
A financial statement that presents the
revenues and expenses and resulting net
income or net...
18 IASB
International Accounting Standards Board. An
accounting standard-setting body that issues
standards...
19 Liabilities Creditor claims on total assets.
20 Monetary Unit Assumption
An assumption stating that companies include
in the accounting records only transaction
data...
21 Net Income
The amount by which revenues exceed
expenses.
22 Net Loss
The amount by which expenses exceed
revenues.
23 Partnership
A business owned by two or more persons
associated as partners.
24 Proprietorship A business owned by one person.
25 PCAOB
Public Company Accounting Oversight Board
(Peekaboo)
It determines auditing standards...
26 Relevance
It means that financial information is capable of
making a difference in a decision.
27 Retained Earnings Statement
A financial statement that summarizes the
changes in retained earnings for a specific...
28 Revenues
The gross increase in stockholder's equity
resulting from business activities entered into...
29 Sarbanes-Oxley Act of 2002 (SOX)
Law passed by Congress in 2002 intended to
reduce unethical corporate behavior.
30 SEC
Securities and Exchange Commission. A
governmental agency that requires companies
to file financial...
31 Statement of Cash Flows
A financial statement that summarizes
information about the cash inflows (receipts)
and cash...
32 Stockholder's Equity
The ownership claim on a corporation's total
assets.
33 Transactions
The economic events of a business that are
recorded by accountants.
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