entrep

60問 • 1年前

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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

American institute of certified public accountant

AICPA

American institute of certified public accountant

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

Financial reporting standards council

FRSC

Financial reporting standards council

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

American accounting association

AAA

American accounting association

Preparing financial and other management reports

Communicating

Classifying events as accountable or non-accountable transactions

Identifying

Assigning amounts to financial transactions

Recording

Preparing journal entries and posting to the ledger

Recording

Conducting regular shareholders' meeting to present results of operations

Communicating

Assets (3)

Current assets, Fixed assets, Intangible assets

Current assets

Cash, Notes receivable, Short-term investments, Accounts receivable, Inventory, Supplies

Fixed assets

Land, Buildings, Vehicle, Furnitures and fixtures, Equipment

Intangible assets

Patent, Bond, Copyright, Trademark

Liabilities (2)

Current liabilities, Non-current liabilities

Current liabilities

Short-term loans payable, Notes payable, Accounts payable, Wages payable, Interest payable, Taxes payable, Unearned rent

Non-current liabilities

Mortgage loan payable, Installment loan payable

Owner's equity

Paid-in capital, Retained earnings, Treasury stock

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

Accounting deals with financial information and transaction

Accounting is recognized and characterized as a storehouse of informations

Accounting is an information system

Accounting is a tool to achieve specific objectives

Accounting is a means not an end

In doing accounting, you must follow definite steps

Accounting is a process

Accounting has a specific technique and it requires skills and expertise

Accounting as an art

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

Accounting

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

Bookkeeping

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

Accounting equation

What is supposes to "balance" on the balance sheet

Assets = liabilities + owner's equity

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

Assets

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

Current assets

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

Current liabilities

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

Non-current liabilities

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

Fixed assets

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

Owner's equity

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

Paid-in capital

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

Retained earnings

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

Treasury stock

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

Accounts receivable

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

Inventory

Amount of principal due on the format written promise to pay

Notes payable

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

Mortgage loan payable

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

Mortgage loan payable

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

Mortgage loan payable

Amount owed to employees for hours worked but not yet paid

Wages payable

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

Bond

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

Notes receivable

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

Short-term investments

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

Patent

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

Trademark

It is a loan that requires a series of payment

Installment loan payable

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

Accounts payable

It is an amount owed to government taxes

Taxes payable

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

Interest payable

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

Equipment

It is an obligation for company amounts need to someone

Liabilities

These are those assets which have no physical identity or presence

Intangible assets

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

Owner's equity

The 3 elements of accounting equation

Assets, Liabilities, Owner's equity

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

Compter

Constellations

tokkijijii · 88問 · 2年前

Constellations