Terms in this set (88)
Account record of increases and decreases in a specific asset, liability, or
stockholders equity item
Accounting info system that identifies, records, and communicates the economic events
of an organization to interested users
Accural-Basis Accounting companies record transactions that change a companies financial
statements in the periods of time where the events occurred
Accurals adjusting entries for either accused revenues or accused expenses
Accured Expenses expenses incurred but not yet paid in cash or recorded
Accured Revenues revenues for service performed but not yet received in cash or recorded
Adjusted Trial Balance list of accounts and their balances after the company has made all
adjustments
, Adjusting Entries made at end of an accounting period to ensure that companies follow the
revenue recognition and expense recognition principle
Assets resource a business owns
Auditing examination of financial statements by a certified public accountant in order
to express an opinion as to how accurately the financial statements present
the company results and financial position
Balance Sheet financial statement that reports the assets, liabilities, and stock holders
equity at a specific date
Basic Accounting Equation Assets = Liabilites+Stockholder's Equity
Bookkeeping part of accounting that involves only the economic recording of events
Book Value difference between the cost of a depreciable asset and its related
accumulated depreciation
Account record of increases and decreases in a specific asset, liability, or
stockholders equity item
Accounting info system that identifies, records, and communicates the economic events
of an organization to interested users
Accural-Basis Accounting companies record transactions that change a companies financial
statements in the periods of time where the events occurred
Accurals adjusting entries for either accused revenues or accused expenses
Accured Expenses expenses incurred but not yet paid in cash or recorded
Accured Revenues revenues for service performed but not yet received in cash or recorded
Adjusted Trial Balance list of accounts and their balances after the company has made all
adjustments
, Adjusting Entries made at end of an accounting period to ensure that companies follow the
revenue recognition and expense recognition principle
Assets resource a business owns
Auditing examination of financial statements by a certified public accountant in order
to express an opinion as to how accurately the financial statements present
the company results and financial position
Balance Sheet financial statement that reports the assets, liabilities, and stock holders
equity at a specific date
Basic Accounting Equation Assets = Liabilites+Stockholder's Equity
Bookkeeping part of accounting that involves only the economic recording of events
Book Value difference between the cost of a depreciable asset and its related
accumulated depreciation
