Principles of Accounting 1 Accounting

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

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