Principles of Accounting 1
Principles of Accounting 1
Accounting
Business
Certified Public Accountants (CPA)
Ethics
Financial Accounting
General Purpose Financial Statements
Managerial or Management Accounting
Manufacturing Businesses
Retail Businesses
Profit
Public Company Accounting Oversight Board
Sarbanes-Oxley Act (SOX)
Service Businesses
Public Accounting
Private Accounting
Question 2 Business Entity Assumption
Corporation
Financial Accounting Standards Board (FASB)
Generally Accepted Accounting Principles (GAAP_
International Accounting Standards Board (IASB)
Limited Liability Company (LLC)
Partnership
Proprietorship
Securities and Exchange Commission (SEC)
Cost Principle
Question 3Monetary Unit Assumption
Time Period Assumption
Fiscal Year
Natural Business Year
Accounting Standards
Accounting Principles and Assumptions
Measurement Principle
determines the amount that will be recorded and reported
Arm’s Length Transaction
Going Concern Assumption
Revenue
Revenue Recognition Principle
determines when revenue is recorded in the accounting records.
Expenses
Expense Recognition Principle
Question 4Accounting Equation
Assets
Liabilities
Owner’s Equity
The owner’s right to the assets of the business.
Stockholder’s Equity
The owners’ equity in a corporation.
Question 5Accounts Payable
Accounts Receivable
Business Transaction
Fees Earned
Interest Revenue
Prepaid Expenses
Rent Revenue
Sales
Common stock
Retained Earnings
Dividends
Question 6Balance Sheet
Financial Statements
Income Statement
Net Income/Net Profit/Earnings
Net Loss
Report Form
Statement of Cash Flows
Statement of Stockholders’ Equity
Retained Earnings Statement
when a company has few (if any) common stock transactions
ACC105 Principles of Accounting 1
Module 2 Quiz
Credit
Debit
Expenses
Ledger
Liabilities
Stockholders’ Equity
Stockholders’ right to the assets of the business.
Revenues
T Account
Common stock
An account representing the ownership rights of investors in a corporation
Retained Earnings
Dividends
Question 2Double-Entry Accounting System
Journal
Journal Entry
The form of recording a transaction in a journal.
Journalizing
Normal Balance of an Account
Rules of debit and credit
Two-Column Journal
Question 3Accounts Receivable
Four-Column Account
Posting
Unearned Revenue
Question 4Correcting Journal Entry
Horizontal Analysis
Slide
Transposition
Trial Balance
Unadjusted Trial Balance
Quiz
ACC105 Principles of Accounting 1
Module 3 Quiz
Question 1Accrual
Accrual Basis of Accounting
Adjusting Entries
Adjusting Process
Cash Basis of Accounting
Deferral
Expense Recognition Principle
Matching Principle
A concept of accounting in which expenses are matched with the revenue generated during a period by those expenses.
Prepaid Expense
Revenue Recognition Principle
Unearned Revenue
Question 2Accumulated Depreciation
Adjusted Trial Balance
Book Value of the Asset
Contra Accounts
Depreciate
Depreciation
Depreciation Expense
Fixed Assets
Vertical Analysis
ACC105 Principles of Accounting 1
Module 4 Quiz
Question 1Accrual
Accrual Basis of Accounting
Adjusting Entries
Adjusting Process
Cash Basis of Accounting
Deferral
Expense Recognition Principle
Matching Principle
A concept of accounting in which expenses are matched with the revenue generated during a period by those expenses.
Prepaid Expense
Revenue Recognition Principle
Unearned Revenue
Question 2Accumulated Depreciation
Adjusted Trial Balance
Book Value of the Asset
Contra Accounts
Depreciate
Depreciation
Depreciation Expense
Fixed Assets
Vertical Analysis
ACC105 Principles of Accounting 1
Module 5 Quiz
Question 1Asset turnover
Cost of merchandise sold
Gross profit
Merchandise inventory
Operating cycle
Sales
Inventory Shrinkage/Shortage
Question 2Cash refund
Credit memorandum
Credit period
Credit terms
Customer allowance
O. Returns to the seller by the customer or reductions from the initial selling price due to defective or damaged merchandise or goods that did not meet the customer’s expectations.
Customer disounts
Customer refunds payable
Debit memorandum
Estimated returns inventory
FOB (free on board) destination
FOB (free on board) shipping point
Invoice
Periodic inventory system
Perpetual inventory system
Physical inventory
Purchases discounts
Purchases returns and allowances
Sales discounts
Trade discounts
Wholesalers
Question 3Net method
Subsidiary ledger
General ledger
Controlling account
Accounts receivable subsidiary ledger
Accounts payable subsidiary ledger
Inventory subsidiary ledger
Special journals
Question 4Administrative expenses
Income from operations
Multi-step income statement
Other expense
Other revenue
Selling expense
Single step income statement
ACC105 Principles of Accounting 1
Module 6 Quiz
Question 1Purchase order
Physical inventory
Receiving report
Subsidiary inventory ledger
Question 2First in, first out (FIFO)
Last in, first out (LIFO)
A. A method of inventory costing based on the assumption that the most recent merchandise inventory costs should be charged against revenue.
Weighted average inventory
Specific identification inventory cost flow method
Question 3
Lower-of-cost-or-market (LCM) method
Net realizable value
Consigned inventory
Consignor
Consignee
ACC105 Principles of Accounting 1
Module 7 Quiz
Question 1
Control environment
Elements of internal control
Employee fraud
Internal control
Sarbanes-Oxley Act
Question 2
Cash
Cash short and over account
Electronic funds transfer (EFT)
Voucher
Voucher system
Question 3
Bank reconciliation
Bank statement
Cash equivalents
Compensating balance
Petty cash fund
Special-purpose funds
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