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Terminology
A=L+OE
Miscellaneous
Terminology 2
Terminology 3
100
The principles, rules, and guidelines followed when preparing and presenting accounting information.
What is Accounting Standards?
100
Cash;$985, Accounts Receivable;$320, Accounts Payable;$305, Bank Loan;$200, J.Patel Capital;$1,105.
What are Total Assets $1,305, Liabilities $500, Liabilities and Owners Equity $1,305?
100
Accounts Payable $4,000 + Bank Loan $16,500.
What are the total liabilities of $20,500?
100
To provide financial information for decision making.
What is the purpose of accounting?
100
The account that shows the total amount owed to creditors for the purchase of good or services by the business.
What is Accounts Payable?
200
A non-profit organization similar to a bank that is operated by the employees of a company or organization.
What is Credit Union?
200
Cash;$4,000, Accounts Receivable;$425, Land;$125, Accounts Payable;$545, Bank Loan;$2,555, P.Nater;$1,450.
What are Total Assets $4,550, Liabilities $3,100, Liabilities and Owners Equity $4,550?
200
Total liabilities $14,900 - R.Pyne Capital $9,200.
What are the total liabilities of Owners Equity?
200
The order in which current assets are listed on the balance sheet and those assets can be converted into cash.
What is Liquidity Order?
200
Claims against assets.
What is Equities?
300
The period of time covered by the financial statement(s); also know as "Fiscal Period".
What is Accounting Period?
300
Cash;$3,745, Accounts Receivable;$385, Equipment;$325, Office Supplies;$215, Accounts Payable;$645, Bank Loan;$560, W.Burns Capital;$3,465.
What are Total assets $4,670, Liabilities $1,205, Liabilities and Owners Equity $4,670?
300
$500 increase in cash, $500 decrease in Accounts Receivable.
What is received $500 from debtor?
300
Assets must be shown on the balance sheet using the cost of their acquistion or construction.
What is Cost Principle?
300
The account that shows the total amount due from debtors, usually within 30 days.
What is Accounts Receivable?
400
An exchange of thing of value.
What is Business Transaction?
400
Cash;$2,365, Accounts Receivable;$225, Equipment;$205, Furniture;$115, Accounts Payable;$345, Bank Loan;$655, L.Patterson:$1,910.
What are total assets $2,910, Liabilities $1,000, Liabilities and Owners Equity $2,910?
400
The financial status of a person or company represented by assets, liabilities, and net worth of personal equity.
What is meant by financial Position?
400
Governs the order in which the liabilties are listed on the balance sheet, which is the order where debts are to be repaid with the soonest repayment listed first.
What is the Maturity Date?
400
Preparing and recording information in the accounting records.
What is Bookkeeping?
500
A business that is listed on a stock exchange and is accountable to the public.
What is Public Business?
500
Cash;$2,780, Accounts Receivable;$3,315, Office Supplies;$1,580, Accounts Payable;$1,135, Bank Loan;$2,885, O.Furman Capital;$3,655.
What are total assets of $7,675, Liabilities $4,020, Liabilities and Owners Equity $7,675?
500
Owners, Management, Bankers, Creditors, Investors, and the Government.
What are the Users of Accounting Information?
500
Uses the current fair market value of the assets for the financial reports and is applied by publically traded companies that use IFRS.
What is the Fair Value Principle - International Financial Reporting Standards?
500
Requires that each business be considered a separate entity, and that financial data for each business be kept separate from the owner's personal financial data
What is Business Entity Principle?