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Universities » South Texas College (STC) » ACCT - Accounting (ACCT) » 2401 - Prin. of Fin. Acctg-HYBRI.. » Flash Cards

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Class:ACCT 2401 - Prin. of Fin. Acctg-HYBRID
Subject:Accounting (ACCT)
University:South Texas College
Term:Spring 2011
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Accounting Accounting is the information system that measures business activity, processes the data and reports and communicates the results to decision makers.

Accounting is "The Language of Business."
Managerial Accounting Managerial Accounting is the branch of accounting that focuses on information for internal decision makers of a business.
Creditors Creditors are those whom a business owes money.
(IFRS) International Financial Reporting Standards IFRS is not applied to all companies; few and certain companies


The IFRS is less specific that GAAP (Generally Accepted Accounting Principles)
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Liabilities Liabilities tend to have the word "Payable"in their titles
 
Balance Sheet An entity's assets, liabilities, and stockholder's equity as of a specific date. Also called the "statement of financial position."
Account An account is the detailed record of all the changes that have occurred in a particular asset, liability, or owners' equity. (stockholder's equity) during a period. The basic summary device of accounting.
Trial Balance A trial balance is a list of all the ledger account with their balances at a point in time.
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Journal A journal is the chronological accounting record of an entity's transactions.
Debit/ Credit The left side of a T- account is called the debit side, and the right side is called the credit side.
Which account types have a normal balance of a debit? Assets, Expenses, and Dividends have a normal balance of a debit
Which account types have a normal balance of a credit Liabilities, Common Stock, Retained earnings, and Revenues have a normal balance of a credit
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Which side of (D/C) is entered first into a journal when recording a transaction DEBIT
Posting Posting is done when copying amounts from the journal to the ledger
First place where transactions are first recorded in an accounting system The Journal is the first place where transactions are first recorded in an accounting system.
When transactions are recorded in the accrual way of doing accounting When transactions are recorded in the accrual way of doing accounting they are recorded as they occur.
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Revenue is recognized in the cash basis way of doing accounting when.. When cash is received, revenue is recognized in the cash basis way of accounting.
Expenses are recognized in the cash basis way of doing accounting when... When cash is paid out, expenses are recognized in the cash basis way of doing accounting. 
What type of accounting does GAAP require? GAAP requires accrual accounting
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 AccountingAccounting is the information system that measures business activity, processes the data and reports and communicates the results to decision makers.

Accounting is "The Language of Business."
 Managerial AccountingManagerial Accounting is the branch of accounting that focuses on information for internal decision makers of a business.

 CreditorsCreditors are those whom a business owes money.
 (IFRS) International Financial Reporting StandardsIFRS is not applied to all companies; few and certain companies


The IFRS is less specific that GAAP (Generally Accepted Accounting Principles)
 LiabilitiesLiabilities tend to have the word "Payable"in their titles
 
 Balance SheetAn entity's assets, liabilities, and stockholder's equity as of a specific date. Also called the "statement of financial position."
 AccountAn account is the detailed record of all the changes that have occurred in a particular asset, liability, or owners' equity. (stockholder's equity) during a period. The basic summary device of accounting.

 Trial BalanceA trial balance is a list of all the ledger account with their balances at a point in time.
 JournalA journal is the chronological accounting record of an entity's transactions.
 Debit/ CreditThe left side of a T- account is called the debit side, and the right side is called the credit side.

 Which account types have a normal balance of a debit?Assets, Expenses, and Dividends have a normal balance of a debit
 Which account types have a normal balance of a creditLiabilities, Common Stock, Retained earnings, and Revenues have a normal balance of a credit

 Which side of (D/C) is entered first into a journal when recording a transactionDEBIT
 PostingPosting is done when copying amounts from the journal to the ledger
 First place where transactions are first recorded in an accounting systemThe Journal is the first place where transactions are first recorded in an accounting system.
 When transactions are recorded in the accrual way of doing accountingWhen transactions are recorded in the accrual way of doing accounting they are recorded as they occur.
 Revenue is recognized in the cash basis way of doing accounting when..When cash is received, revenue is recognized in the cash basis way of accounting.
 Expenses are recognized in the cash basis way of doing accounting when...When cash is paid out, expenses are recognized in the cash basis way of doing accounting. 
 What type of accounting does GAAP require?GAAP requires accrual accounting
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