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Exam 1

ACC 117

TermDefinition
Users of accounting information owners, managers, creditors, government agencies
owners company's profitability and current financial condition
managers detailed measures of business performance
creditors company's profitability, debt outstanding, and assets that could be used to secure debt
government agencies company's profitability, cash flows, and overall financial condition
accounting process analyzing, recording, classifying, summarizing, reporting, and interpreting
analyzing look at events that have taken place and thinking about how they affect the business
recording entering financial about events into the accounting system
classifying sorting and grouping similar items together rather than merely keeping a simple, diary-like record of numerous events
summarizing aggregation of many similar events to provide information that is easy to understand
reporting telling the results
interpreting deciding the meaning and importance of the information in various reports
GAAP procedures and guidelines developed by the Financial Accounting Standards Board to be followed in the accounting and reporting process
Types of ownership stuctures sole proprietorship, partnership, corporation
sole propietorship one owner, assumes all risks, makes all decisions
partnership two or more owners, share risks, may disagree on how to run business
corporation stockholders, limited risk, have little influence on business decisions
service business business that provides a service Ex: travel agency, computer consultant, physician
merchandising business business that buys a product to sell Ex: department store, pharmacy, grocery store
manufacturing business business that makes a product to sell Ex: automobile manufacturer, furniture maker, toy factory
business entity individual, association, organization, that engages in economic activities and controls specific economic resources
fiscal year an accounting period of 12 months' duration
basic accounting elements assets, liabilities, owners equity
assets items that are owned by a business and will provide future benefits Ex: accounts receivable
liabilities represent something owed to another business entity Ex: account payable
owners equity amount by which the business assets exceed the business liabilities Ex: capital
accounting equation assets= liabilities + owners equity
basic phases of accounting input, processing, output
input business transactions
processing recognizing the effect of these transactions
output financial statements
Created by: anichols23
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