Generally Accepted Accounting- GAAP
Balance Sheet
Accounting Terms
100
Keep personal assets personal and business assets business
What is The Business Entity Concept
100
asset- the things people own liability- the things people owe
What is an asset? What is a Liability?
100
" The process of gathering and preparing financial information about a business or other organisation in a form that provides accurate and useful records. Enables decisions to be made.
What is accounting
200
Set of rules or standards that have become common practice.
What is the exact definition of GAAP?
200
-Cash on hand -Bank -house and lot (answers may vary) -Miscellaneous equipment -Household furniture - Loan to Phil Silivia
For example, list the order the assets will fall, in this situation. - House and lot -Cash on hand -Loan to Phil Silvia -Bank -miscellaneous equipment & Household furniture
200
Comes on activities to meet certain needs within society and not for profit.
What is a non profit organisation?
300
The CDN institute chartered accountant. Sets standards with loose leaf paper making it easy to stay up to date.
What does CICA stand for, and what do they do?
300
Beginning of the balance sheet, and end of the balance sheet
Where do the dollar signs fall?
300
A special form of business that is owned by shareholders. Same as limited company.
What is a corporation?
400
You are being fair and realistic which determines value. Examples will value.
What is the principle of conservatism? Give an example
400
Name of the company "balance sheet" label Date
What information falls onto the first 3 lines, and which order do they belong?
400
An employee who ensures transactions are properly recorded and that supporting documents are present and correct. Carries are routine calculations and banking transactions.
What is a accounting clerk?
500
1) Getting the concern concept 2) Business will assume to keep going from going indefinably unless stated otherwise.
What is two examples of the GAAP- The continuing concern concept?
500
Assets= Liabilities + Owners Equity
What is the equation of accounting
500
A professional person who develops and maintains the accounting systems, interprets the data an prepares reports; supervises the work of accounting employees and participates in management decisions.
What is a accountant?
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