![]() LEFT ARROW - move card to the Don't know pile.You can also use your keyboard to move the cards as follows: If you've accidentally put the card in the wrong box, just click on the card to take it out of the box. When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again. ![]() If you knew the answer, click the green Know box. Look at the large card and try to recall what is on the other side. Use these flashcards to help memorize information. Profit from specific transactions that are recorded on financial statements. Increase in a person's overall wealth over time. Provides information for internal management at either a product or division level including budgets, salaries, price determination, etc. Provides information on entity as a whole, often for external parties. Enables year to year comparison and comparison to other firms. Report financial results to a company in a comparable ways using the USGAAP and IFRS in order to provide clear and fair presentations. International Financial Reporting Standards United States Generally Accepted Accounting Principles ![]() Handles money, responsible for cash flow and the issuing of stocks and bonds.Ĭontrols budgets and financial/managerial reporting. Managing an organization'f funds to ensure they are being properly used to achieve the objectives. Recording, classifying, and summarizing of economic events for the purpose of providing financial information used in decision making. ![]() Therefore, the managers have a moral and social responsibility to achieve the goals of the shareholders. Like a partnership structurally, but with the protection of assets. Little legal setup, life parallels that of the owner and there is no protection of personal assets. Not a separate legal entity: ran by one person. Usually very few stockholders and trading. Separate legal entity in which shares are sold to the public and actively traded in the market Separate Legal Business Entity, Independent from other businessesĮxamine financial statements to assure they are lawful and accurate Money Put Towards a buisiness whether it be personal or invested Something we are financially responsible for ex: money, building, fixtures, inventory. (acronym)Ħ) The assumption that the purchasing power of the dollar is constant is the _ unit assumption.ħ) A qualitative characteristic associated with verifiability and "you can depend on it".Ĩ) The cost principle is often referred to as the _ cost principle.ĩ) As a result of this principle, assets are recorded at the amount spent to acquire them rather than the amount that will be received when they are sold.ġ0) Accrual accounting is associated with this principle.Something we physically own in order to make money in a business. Often this involves companies that are regulated by the federal government, such as banks, utilities, investment firms, and insurance companies.Ĥ) The matching principle requires that expenses be matched with the related _ reported on the income statement.ĥ) Conservatism is often associated with this rule for inventory valuation. The ARBs remain a source of accounting principles unless superseded by the APB or FASB.ģ) _ practices or peculiarities allow for modifications of accounting principles. Out of this came the FASB Statements of Financial Accounting Concepts.Ģ) Accounting Research _ were issued between 19. Sample Accounting Principles Questionsġ) The Conceptual _ was a discussion memorandum issued by the FASB in the 1970s. If you have any difficulty answering the questions, learn more about this topic by reading our mini-lectures covering introductory to Accounting Principles. Reinforce your accounting and bookkeeping knowledge with these free crossword puzzles with answers. Financial statements that are distributed outside of a company are to be prepared in accordance with generally accepted accounting principles.
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