Accounting is the art of recording, classifying, and summarizing in a significant manner and in terms of money, transaction, and events which are in part at least of financial character and interpreting the results thereof

AICPA

Accounting is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decision

FRSC

Accounting is the process of identifying, measuring, and communicating economic information to permit informed judgment and decision by users of the information

AAA

Preparing financial and other management reports

Classifying events as accountable or non-accountable transactions

Assigning amounts to financial transactions

Preparing journal entries and posting to the ledger

Conducting regular shareholders' meeting to present results of operations

Assets (3)

Current assets

Fixed assets

Intangible assets

Liabilities (2)

Current liabilities

Non-current liabilities

Owner's equity

It does not deal with non-monetary and non-financial information

Accounting is recognized and characterized as a storehouse of informations

Accounting is a tool to achieve specific objectives

In doing accounting, you must follow definite steps

Accounting has a specific technique and it requires skills and expertise

It is the process of identifying, recording, and communicating economic events of an organization to interested users

It refers to recording business and event in a systematic chronological manner

It is the financial position of the business that shows the assets, liabilities, and owner's equity

What is supposes to "balance" on the balance sheet

These refer to the property or rights on property owned by the business

These consists of cash and other assets that are expected to turn to cash within one year of the date of the balance sheet

These are obligations of a company that are payable within one year

These are referred as long term liabilities and the obligations will be due within one year

These assets cannot be easily and readily converted to cash and their assets are for long-term use in the business

This is the residual interest in the assets of the enterprise after deducting all its liabilities

These are the amounts paid by the investors when the original shares of corporation wer issued

These comprise the total net profit or loss retained in the business after distribution to the owners in the form of dividend

It is a corporation's own stock that has been repurchased from the stockholders

It is the amounts owed to the company for services and products sold but not yet paid

These are the cost of goods that have been purchased or manufactured and have not yet been sold

Amount of principal due on the format written promise to pay

A formal loan that involves a lien on real state until the loan is repaid

A formal loan that involves a lien on real state until the loan is repaid

A formal loan that involves a lien on real state until the loan is repaid

Amount owed to employees for hours worked but not yet paid

A fixed income statement/instrument that represents a loan made by an investor to a borrower (typically corporate or governmental)

It is when clients/customers, issue promissory notes in exchange of goods/services received, and as evidence of their obligation to pay the business

Certificates of deposit, bonds, notes that will mature in less than one year

It gives its owners the right to the exclusion of others from making, using, selling, and importing invention for a limited period of time, usually twenty years

It is a legal privilege given to the owner to publish and sell musical, literary, and artistic work during the creators' life plus 70 years

It is a protection for intellectual property such as logos, slogans, and other brands

It is a loan that requires a series of payment

It is an amount owed to suppliers who provided goods and services to the company but did not require immediate payment in cash

It is an amount owed to government taxes

This is the interest incurred in the current period but not yet paid

It is a cost to acquire for machinery and equipment for use in the business

It is an obligation for company amounts need to someone

These are those assets which have no physical identity or presence

It is the money that is bought by the owner of the company in running the business

The 3 elements of accounting equation

The word "accounting" comes from the french word "_______" meaning to count or score