Accounting 101 Basic Accounting Study
Accounting
Guide 101
Financial
BasicConcepts
Accounting
and
Study
Accounting
Principles.pdf
Guide 101
Financial
BasicConcepts
Accounting
and
Study
Principles.pdf
Guide Financial Concepts and Principles.pdf
Accounting 101
Basic Accounting
Study Guide
Financial Concepts
and Principles
Accounting 101 Basic Accounting Study
Accounting
Guide 101
Financial
BasicConcepts
Accounting
and
Study
Accounting
Principles.pdf
Guide 101
Financial
BasicConcepts
Accounting
and
Study
Principles.pdf
Guide Financial Concepts and Principles.pdf
,Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf
Accountant A person who keeps the financial history of the transactions of an
economic unit in written form. (p. 4)
Accounting The process of analyzing, classifying, recording, summarizing, and
interpreting business transactions in financial or monetary terms. (p. 3)
Economic unit Includes both business enterprises and not-for-profit entities. (p. 3)
Ethics A philosophy or code or system of morality that is, how we conduct
ourselves from day to day in a variety of situations requiring a
decision, usually of a right or wrong nature. (p. 8)
(FASB) Financial Accounting Standards Board The organization, created in 1973 by the SEC, that created GAAP. (p.
SEC-FASB-GAAP 4)
(GAAP) Generally Accepted Accounting The rules or guidelines used for carrying out the accounting process.
Principles (p. 4)
(IASB) International Accounting Standards Board The International organization that provides Standards or rules for
international financial reporting. (p. 4)
Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf
,Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf
(IFRS) International Financial Reporting Standards The rules or guidelines that guide International Financial Reporting.
(p.g 4)
Paraprofessional accountants People who are qualified in accounting to assume the duties of a
general bookkeeper as well as some of the duties of a professional
accountant under that accountant's supervision. (p. 7)
Sarbanes-Oxley Act A U.S. federal law enacted as a response to a number of major
corporate and accounting scandals that establishes a wide range of
rules related to the audit environment and internal controls. (p. 9)
(SEC) Securities and Exchange Commission The agency responsible for regulating public companies traded on a
U.S. Stock Exchange. (p. 4)
Transaction An event directly affecting an economic entity that can be expressed
in terms of money and that must be recorded in the accounting
records. (p. 3)
Owner's Equity Owner's right to or investment in the business. (p. 13)
Assets Cash, properties or things of value owned by an economic unit or
business entity. (p. 13)
Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf
, Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf
Business entity A business enterprise, separate and distinct from the persons who
supply the assets it uses. (p. 13)
Creditor One to whom money is owed. (p. 14)
Capital The owner's investment, or equity, in an enterprise.
(p. 13)
Chart of Accounts The official list of accounts tailor-made for the business. (p. 22)
Liabilities Debts or amounts owed to creditors. (p. 14)
Revenues Amounts earned by a business (fees for services, income from sales,
rent income, interest earned for lending money).
Expenses The costs that relate to earning revenue (the costs of doing business);
examples are wages, rent, interest, and advertising. They may be paid
in cash immediately or at a future time (AP) (p.21)
Account numbers The numbers assigned to accounts according to the chart of
accounts. (p. 22)
Accounts The categories under the Assets, Liabilities, and Owner's Equity
headings. (p.16)
Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf
Accounting
Guide 101
Financial
BasicConcepts
Accounting
and
Study
Accounting
Principles.pdf
Guide 101
Financial
BasicConcepts
Accounting
and
Study
Principles.pdf
Guide Financial Concepts and Principles.pdf
Accounting 101
Basic Accounting
Study Guide
Financial Concepts
and Principles
Accounting 101 Basic Accounting Study
Accounting
Guide 101
Financial
BasicConcepts
Accounting
and
Study
Accounting
Principles.pdf
Guide 101
Financial
BasicConcepts
Accounting
and
Study
Principles.pdf
Guide Financial Concepts and Principles.pdf
,Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf
Accountant A person who keeps the financial history of the transactions of an
economic unit in written form. (p. 4)
Accounting The process of analyzing, classifying, recording, summarizing, and
interpreting business transactions in financial or monetary terms. (p. 3)
Economic unit Includes both business enterprises and not-for-profit entities. (p. 3)
Ethics A philosophy or code or system of morality that is, how we conduct
ourselves from day to day in a variety of situations requiring a
decision, usually of a right or wrong nature. (p. 8)
(FASB) Financial Accounting Standards Board The organization, created in 1973 by the SEC, that created GAAP. (p.
SEC-FASB-GAAP 4)
(GAAP) Generally Accepted Accounting The rules or guidelines used for carrying out the accounting process.
Principles (p. 4)
(IASB) International Accounting Standards Board The International organization that provides Standards or rules for
international financial reporting. (p. 4)
Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf
,Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf
(IFRS) International Financial Reporting Standards The rules or guidelines that guide International Financial Reporting.
(p.g 4)
Paraprofessional accountants People who are qualified in accounting to assume the duties of a
general bookkeeper as well as some of the duties of a professional
accountant under that accountant's supervision. (p. 7)
Sarbanes-Oxley Act A U.S. federal law enacted as a response to a number of major
corporate and accounting scandals that establishes a wide range of
rules related to the audit environment and internal controls. (p. 9)
(SEC) Securities and Exchange Commission The agency responsible for regulating public companies traded on a
U.S. Stock Exchange. (p. 4)
Transaction An event directly affecting an economic entity that can be expressed
in terms of money and that must be recorded in the accounting
records. (p. 3)
Owner's Equity Owner's right to or investment in the business. (p. 13)
Assets Cash, properties or things of value owned by an economic unit or
business entity. (p. 13)
Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf
, Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf
Business entity A business enterprise, separate and distinct from the persons who
supply the assets it uses. (p. 13)
Creditor One to whom money is owed. (p. 14)
Capital The owner's investment, or equity, in an enterprise.
(p. 13)
Chart of Accounts The official list of accounts tailor-made for the business. (p. 22)
Liabilities Debts or amounts owed to creditors. (p. 14)
Revenues Amounts earned by a business (fees for services, income from sales,
rent income, interest earned for lending money).
Expenses The costs that relate to earning revenue (the costs of doing business);
examples are wages, rent, interest, and advertising. They may be paid
in cash immediately or at a future time (AP) (p.21)
Account numbers The numbers assigned to accounts according to the chart of
accounts. (p. 22)
Accounts The categories under the Assets, Liabilities, and Owner's Equity
headings. (p.16)
Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf Accounting 101- Basic Accounting.pdf
