GAAPs
A concept of accounting that limits the economic data in the accounting system to data related directly to the activities of the business.
What is Business Entity Concept?
The liability created by a purchase on account.
What is an account payable?
The resources owned by a business.
What are Assets?
A list of the assets, liabilities, and owner’s equity as of a specific date, usually at the close of the last day of a month or a year.
What is a Balance Sheet?
This is where Homeless Accountants Live.
What is a tax shelter?
A concept of accounting that determines the amount initially entered into the accounting records for purchases.
What is the Cost Concept?
A claim against the customer created by selling merchandise or services on credit.
What is an Account Receivable?
The owners’ equity in a corporation.
What is Stockholders' Equity?
A summary of the revenue and expenses for a specific period of time, such as a month or a year.
What is an Income Statement?
The Father of Accounting.
Who is Luca Pacioli?
A concept of accounting requiring that economic data be recorded in dollars.
What is the Unit of Measure Concept?
An economic event or condition that directly changes an entity’s financial condition or directly affects its results of operations.
What is a Business Transaction?
An agency of the U.S. government that has authority over the accounting and financial disclosures for companies whose shares of ownership (stock) are traded and sold to the public.
What is the Securities and Exchange Commission (SEC)?
A summary of the cash receipts and cash payments for a specific period of time, such as a month or a year.
What is a Statement of Cash Flows?
He was eventually caught by accountants. He was thought to be a crime lord and murderer, but he was brought in on tax evasion charges.
Who is Al Capone?
The authoritative body in the United States that has the primary responsibility for developing accounting principles.
Financial Accounting Standards Board (FASB)
Revenue from providing services.
What is Fees Earned?
The branch of accounting that is concerned with recording transactions using generally accepted accounting principles (GAAP) for a business or other economic unit and with a periodic preparation of various statements from such records.
What is Financial Accounting?
A summary of the changes in owner’s equity that have occurred during a specific period of time, such as a month or a year.
What is a Statement of Owner's Equity?
An accountant says this when boarding a train?
What is Mind the "GAAP"?
A concept of accounting that requires accounting records and the data reported in financial statements to be based on objective evidence.
What is Objectivity Concept?
Items such as supplies that will be used in the business in the future.
What are Prepaid Expenses?
An act passed by Congress to restore public confidence and trust in the financial statements of companies.
What is the Sarbanes-Oxley Act (SOX)?
A concept of accounting in which expenses are matched with the revenue generated during a period by those expenses.
What is the Matching Concept?
This word is the only English word to contain three sets of double letters back-to-back!
What is Bookkeeping?