5076835-ACC-310F-Exam-1-Flashcards
Learn more ACC 310F Exam 1 STUDY Flashcards Learn Write Spell Test PLAY Match Gravity Created by akim9812 Terms in this set (32) Accounting The process of identifying,ACC 310F Exam 1 Flashcards | Quizlet Search Create Log in Sign up Log in Sign up Oh no! It looks like your browser needs an update. To ensure the best experience,Arreola-Risa AcademicMediaPremium $12.99 STUDY GUIDE Acct 9812 exam 1 72 Terms elena_gutbrod9 Financial Modeling Course 57 Terms ankita_pai1 Financial Accounting Unit 1 58
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About Company Press Careers Advertise Privacy Ad and Cookie 9812 Quizlet Inc.,and management's discussion and analysis of financial and operating factors
that affected the firm together with the report of the external auditor's examination of the financial statements. Auditing The process of examining the financial statements of an entity by an independent third party Bookkeeping Procedures that are used to keep track of financial transactions and accumulate the results of an entity's financial activities Cash flow Cash receipts or disbursements of an entity Certified management accountant Professional designation earned by passing a broad,short term debt Non-current liabilities Liabilities that will be paid
after 1 year Long-term debt Paid-in-capital What the owner's have put into the company Retained earnings The cumulative earnings of the company less any dividends paid to owners Revenue Generated when we sell things to customers What the customers pay for our goods and/or services Expenses The consumption of resources to generate operational activity Net income The net of revenue of less expenses Retained earnings formula Beginning retained earnings + net income - dividends = ending retained earnings Ending retained earnings
formula Ending R/E = Beg. R/E + Net income - Dividends Gross margin formula Revenue - Cost of goods sold Adjusting entries: unearned revenues Cash is received before revenue is earned Decreases a liability and increases a revenue Adjusting entries: accrued revenues Cash is received after revenue is earned Increases an asset and increases a revenue Adjusting entries: prepaid expenses Cash is paid before the expense is incurred Decreases the asset and increases an expense Adjusting entries: accrued expenses Cash is
paid after the expense is incurred Increases an expense and increases a liability YOU MIGHT ALSO LIKE... Introduction to Business | Gaspar,in addition to passing a four part comprehensive exam Controller Chief accounting officer for an organization Cost accounting A subset of managerial accounting Balance Sheet Report financial position at a particular time (at the end of the month,inventory,two part examination and meeting certain experience requirements Certified public accountant Professional designation earned by fulfilling certain education and experience requirements,potential investors,measuring,employees,various government
agencies Financial accounting Accounting that focuses on reporting an entity's financial position at a point in time and/or its results of operations and cash flows for a period of time Accrual accounting Accounting that recognizes revenues and expenses as they occur even though the cash receipt for the revenue may occur before or after the event that causes revenue or expense recognition Annual report A document distributed to shareholders and other interested parties that contains the financial statements,notes to the financial
statements,quarter,year) Comprised of revenues and expenses Current assets Assets that will be converted to cash in 1 year Cash,investments? Non-Current assets Assets that will be converted to cash after 1 year Current liabilities Liabilities that will be paid within one year Accounts payable,and communicating economic information about an organization for the purpose of making decisions Entity Another term for organization Who utilizes accounting information Management,liabilities and equity Basic accounting equation Assets = Liabilities + Owner's Equity Income statement Report financial position during a particular period of time (for the month,Kolari