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Accounting Terminology
The Accounting Cycle
Standard Setting Process
Characteristics of Accounting
Principles/Assumptions of Accounting
100
This system means that every entry must have at least one debit and one credit.
What is a double-entry accounting system
100
This is a list of all GL accounts and their balances
What is an Unadjusted Trial Balance
100
These are principles to follow when collecting and presenting info externally
What is GAAP
100
This means statements can be compared within a single company from one period to another
What is consistency
100
This assumption that a company won't go out of business is used when investing
What is going concern assumption
200
Accounts Payable is a type of this account
What is a real account
200
This means that cash comes later
What is an accrual
200
This organization is responsible for enforcing GAAP
What is the SEC
200
This means that information reported is unbiased or impartial
What is neutrality
200
When Amazon transfers its international revenue to dollars, this assumption is relevant
What is monetary unit assumption
300
This is the formula for Retained Earnings
What is Net Income - Dividends
300
These are entries that update the unrecorded revenues and expenses due to the passage of time
What is and adjusting entry
300
FASB uses this to consider new standards
What is Due Process
300
If two auditors count the inventory of a company and result in the same total, it is an example of this
What is verifiability
300
When a company decides how to measure its assets, this principle comes into play
What is measurement principle
400
D.E.A.D. is an acronym for this
What is Debits increase Expenses, Assets, and Dividends
400
Prepaid rent is an example of this
What is deferral/prepaid expense
400
This is a restructuring of accounting an reporting standards designed to simplify user access
What is a FASB codification
400
If a company does well in a year and its reports are easy to analyze, it has a high level of this
What is understandability
400
If a corporation is going through a legal battle, it would need to be reported due to this principle
What is full disclosure
500
Accumulated Depreciation is deducted from this account, which means it is this type of account
What is PP&E and contra account
500
This journal entry is used to record accrued interest on a note payable
What is debit to interest expense and credit to interest payable
500
This group's purpose is to reach a consensus on how to account for unusual financial transactions
What is the Emerging Issues Task Force
500
A company error comes out to greater than 5% of net income. Therefore, it is this.
What is material
500
This happens when a performance obligation is satisfied
What is revenue recognition