08 Oct Principles of Accounting 1 Accounting
Principles of Accounting 1
Accounting
Business
Certified Public Accountants (CPA)
Ethics
Financial Accounting
General Purpose Financial Statements
Managerial or Management Accounting
Manufacturing Businesses
Retail Businesses
Profit
Public Company Accounting Oversight Board
Sarbanes-Oxley Act (SOX)
Service Businesses
Public Accounting
Private Accounting
Question 2 Business Entity Assumption
Corporation
Financial Accounting Standards Board (FASB)
Generally Accepted Accounting Principles (GAAP_
International Accounting Standards Board (IASB)
Limited Liability Company (LLC)
Partnership
Proprietorship
Securities and Exchange Commission (SEC)
Cost Principle
Question 3Monetary Unit Assumption
Time Period Assumption
Fiscal Year
Natural Business Year
Accounting Standards
Accounting Principles and Assumptions
Measurement Principle
determines the amount that will be recorded and reported
Arm’s Length Transaction
Going Concern Assumption
Revenue
Revenue Recognition Principle
determines when revenue is recorded in the accounting records.
Expenses
Expense Recognition Principle
Question 4Accounting Equation
Assets
Liabilities
Owner’s Equity
The owner’s right to the assets of the business.
Stockholder’s Equity
The owners’ equity in a corporation.
Question 5Accounts Payable
Accounts Receivable
Business Transaction
Fees Earned
Interest Revenue
Prepaid Expenses
Rent Revenue
Sales
Common stock
Retained Earnings
Dividends
Question 6Balance Sheet
Financial Statements
Income Statement
Net Income/Net Profit/Earnings
Net Loss
Report Form
Statement of Cash Flows
Statement of Stockholders’ Equity
Retained Earnings Statement
when a company has few (if any) common stock transactions
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