Careers
Career revolving criminal justice in the form of financial information. Can be used an expert in the court of law.
forensic accounting
common set of accounting rules and standards that dictate how financial statements are prepared commonly used in the United States of America.
G.A.A.P.
Revenue account classification for sale of goods and services
Sales
Suzy buys a company vehicle for $60,000 cash
Debit vehicle $60,000 Credit cash $60,000
The ___________ states that a company's total assets are equal to the sum of its liabilities and its shareholders' equity.
Accounting Equation
________ is the process of examining an organization’s (or individual’s) financial records to determine if they are accurate and in accordance with any applicable rules (including accepted accounting standards), regulations, and laws.
Auditing
most assets are to be recorded on the balance sheet at their ___________ (original purchase price) even if they have significantly increased in value over time.
Historical Cost Principle
An equity account classification for sole proprietorships and partnerships.
Capital
Trevor owns a cell phone repair company and makes a sale on account for $80
Debit A/R $80 Credit Sales $80
The term ________ refers to an accounting method used to allocate the cost of a tangible or physical asset over its useful life. _________ represents how much of an asset's value has been used.
Depreciation
The _________ holds the top financial position in an organization. They are responsible for tracking cash flow and financial planning and analyzing the company's financial strengths and weaknesses and proposing strategic directions.
Chief Financial Officer
The concept that a business will remain in operation for the foreseeable future
going concern principle
________ is the amount of profit a company has left over after paying all its direct costs, indirect costs, income taxes and its dividends to shareholders. This is an equity account
Retained Earnings
Rodgers takes out $100 out of his personal bank account and inputs it into a newly opened business checking account for his new company Touchdown Mobile Car Wash Service
Debit Cash $100 Credit Rodgers, Capital $100
The _________ is the process of accepting, recording, sorting, and crediting payments made and received within a business during a particular accounting period.
accounting cycle
Chief Technology Officer
According to the ________ principle, a company must provide every person who is used to reading this material with all required information regarding its financial statements and other pertinent information.
Full Disclosure Principle
_________ is an intangible asset that is associated with the purchase of one company by another. It represents value that can give the acquiring company a competitive advantage. The value of a company’s name, brand reputation, loyal customer base, solid customer service, good employee relations, and proprietary technology represent aspects of ________. This value is why one company may pay a premium for another.
Goodwill
Inventory checklist. $1,000 worth of supplies existed before the check. $750 worth of supplies exists after the inventory check. What is the journal entry?
Debit Supplies Expense $250 Credit Supplies $250
__________ is a financial accounting method that allows a company to record revenue before receiving payment for goods or services sold and record expenses as they are incurred. In other words, the revenue earned and expenses incurred are entered into the company's journal regardless of when money exchanges hands.
Accrual Accounting
__________ are accounting and finance professionals who oversee the fiscal activity of public agencies, nonprofit organizations, or businesses.
Comptrollers
According to the _________ principle, a company's revenues should be calculated based on when the service or product is deemed to have been supplied to the client, not when the money is actually received.
Revenue Recognition Principle
__________ are a form of income that shareholders of corporations receive for each share of stock that they hold.
Dividends
Bookkeeper error. A bookkeeper wants to erase a journal entry he made on Dec. 26th. His journal entry was Debit A/P $500 Credit Cash $500. He can not erase this. What journal entry can he do?
Debit Cash $500 Credit A/P $500
A _____________ is a process performed by a company to ensure that its records (check register, general ledger account, balance sheet, etc.) are correct.
Bank Reconciliation