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Accounting Terms
Business Ownership
Regulatory Environment
The Accounting Cycle
Financial Statements
100
Anyone who can be affected by an organization's actions
What is a stakeholder?
100
A business that is separate and apart from any other business or person
What is a corporation?
100
Misrepresenting the truth, cheating, or deceiving others on purpose
What is fraud?
100
The amount of money that comes into and goes out of a company
What is cash flow?
100
This statement lists all assets, liabilities and owner's equity
What is the Balance Sheet?
200
The established system of keeping track of economic resources such as money, building, equipment, and products
What is accounting?
200
A business that is owned by one person
What is a sole proprietorship?
200
The government agency that collects taxes and enforces tax laws
What is the Internal Revenue Service?
200
The list of accounts unique to a specific company based on its business
What is the chart of accounts?
200
This statement shows that additions and withdrawals in the owner's equity accounts
What is the Statement of Changes in Owner's Equity?
300
The money and things that a company owns
What are assets?
300
This type of business makes products to sell
What is a manufacturing company?
300
A government enforced contribution of money typically based on some measure of value
What is a tax?
300
A record of financial transactions listed chronologically in a log
What is the journal?
300
This lists the balances of all accounts after the transactions have been posted to the general ledger
What is the trial balance?
400
The fact that every transaction affects at least two accounts and the total effect impacts the debits the same amount as credits
What is double-entry accounting?
400
A company that sells a service rather than a product to their customers
What is a service company?
400
A private nonprofit board that establishes specific rules and regulations for recording economic events in your accounting system
What is the Financial Accounting Standards Board (FASB)?
400
The left-hand column of accounting journals and ledgers
What is debit?
400
This statement lists all revenues and expenses
What is the Income Statement?
500
What is the income statement equation?
What is Revenue - Expenses = Net Income or Net Loss?
500
A business that is owned by two or more people
What is a partnership?
500
Guidelines that accountants consistently use to prepare financial statements, making multiple statements comparable to one another
What are Generally Accepted Accounting Principles (GAAP)?
500
The money owed to a company for services rendered or goods purchased by customers on credit
What are accounts receivable?
500
These are entries that zero out the revenue, expense and drawing accounts at the end of an accounting period
What are closing entries?