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Financial Accounting & Accounting Standards
Conceptual Framework for Financial Reporting
The Accounting Information System
Income Statement and Related Information
Balance Sheet and Statement of Cash Flows
100
It is an accounting process that culminates in the preparation of financial reports for use by both internal and external parties?
What is financial accounting?
100
It deals with theoretical and conceptual issues and provides an underlying structure for current and future accounting and reporting standards.
What is conceptual framework?
100
Is the source or cause of changes in assets, liabilities, and equity.
What is an event?
100
A section reporting federal and state taxes levied on income from continuing operations.
What is income tax?
100
Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions/
What is assets?
200
The process of providing financial statement information to external users.
What is financial reporting?
200
Means that economic activity can be identified with a particular unit of accountability.
What is economic entity assumption?
200
Are independent intermediaries who help ensure that management has appropriately applied GAAP in preparing the company's financial statements.
What is auditors?
200
Material gains or losses resulting from the disposition of a component of the business.
What is discontinued operations?
200
Probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events.
What is liabilities?
300
The mechanisms that foster the allocation of resources efficiently.
What is capital markets?
300
The money that is the common denominator of economic activity and provide an appropriate basis for accounting measurement and analysis.
What is monetary unit assumption?
300
Is a list of accounts and their balances at a given time.
What is a trial balance?
300
Allocation of income to non controlling shareholders.
What is non controlling interest
300
Residual interest in the assets of an entity that remains after deducting its liabilities.
What is equity?
400
It provides for new cash by the issuance of stocks and bonds by the corporation.
What is initial market transactions?
400
When a company can divid its economic activities into artificial time periods
What is a periodicity assumption?
400
An external even involving a transfer or exchange between two or more entities.
What is a transaction?
400
A measure of performance over the reporting period.
What is earnings per share?
400
Debt securities bought and held primarily for sale in the near term to generate income on short-term price differences.
What is trading?
500
It is the current private sector body that has been delegated the task of setting accounting standards.
What is financial accounting standards board (FASB)?
500
Companies follow the general practice of providing information that is of sufficient importance to influence the judgement and decisions of an informed user.
What is full disclosure principle?
500
The process of transferring the essential facts and figures from the book of original entry to the ledger accounts.
What is posting?
500
Outflows or other using-up of assets or incurrences of liabilities during a period from delivering or producing goods, rendering series, or carrying out other activities that constitute the entity's ongoing major or central operations.
What is expenses?
500
Obligations that a company does not reasonably expect to liquidate within the normal operating cycle.
What is long-term liabilities?