stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
ACCOUNTING TOPIC 1 Flashcards | StudBud
Explore
/
ACCOUNTING TOPIC 1
ACCOUNTING TOPIC 1
40 terms
·
StudBud Administration
·
212 plays
Imported from external platform
Flashcards
40 cards
F
Practice quiz
P
Host live
L
Questions
40
Answers
1
Other external cause
Product sale
Wage payment
Exchange rate
Broken machine
2
Board of directors run the corporation
Partnership
Government
Sole Proprietorship
Corporation
3
Accounting
The intentional preparation of misleading financial statements
Process of recording financial transactions
Having enough cash available to pay debts when they are due
Collects and processes financial information of an economic entity
4
Why do management team need financial reports?
To deliver goods and services before being paid
To regulates the issuance, purchase and sale of shares
To assess the performance of companies
To ensure that the company meets its goals of profitability and liquidity
5
Taxes
Nonmonetary assets
None
Monetary assets
Other assets
6
US dollars
Liquidity
Business transaction
Money measure
Separate entity
7
Third-party economic resources
Assets
Shares
Liabilities
Owner´s equity
8
Partnership
Business transaction
Money measure
Liquidity
Separate entity
9
Prepayment
Monetary liabilities
Nonmonetary liabilities
10
Taxes
Nonmonetary liabilities
Monetary liabilities
11
Owner's economic resources
Liabilities
Owner´s equity
Assets
Shares
12
Is an example of an economic event that economically affect an entity
Pay a supplier
Sell a good
All of them
Buy raw material
13
What type of financial information does TAX AUTHORITIES need?
Expenses reports
Specific reports
GAAP financial statements
Adjusted financial statements
14
Bank account
None
Other assets
Nonmonetary assets
Monetary assets
15
What type of financial information does INVESTORS need?
Specific reports
Expenses reports
Adjusted financial statements
GAAP financial statements
16
Both way transaction
Broken machine
Product sale
Wage payment
Exchange rate
17
¿When does an accounting transaction is recognized?
When there is a voluntary agreement between both parties
When the economic event has been paid
18
Liquidity
The intentional preparation of misleading financial statements
Collects and processes financial information of an economic entity
Having enough cash available to pay debts when they are due
Process of recording financial transactions
19
One way transaction
Broken machine
Exchange rate
Wage payment
Product sale
20
Inventory
Other assets
Monetary assets
None
Nonmonetary assets
21
Fraudulent reporting
Collects and processes financial information of an economic entity
Having enough cash available to pay debts when they are due
Process of recording financial transactions
The intentional preparation of misleading financial statements
22
Why do regulatory agencies need financial reports?
To ensure that the company meets its goals of profitability and liquidity
To regulates the issuance, purchase and sale of shares
To assess the performance of companies
To deliver goods and Services before being paid
23
If assets = 50,000 and liabilities = 30,000
Owner's equity = 80,000
Owner's equity = 20,000
24
Accounting equation
Liabilities = Assets + Owner's equity
Assets = Liabilities + Owner's equity
Assets + Liabilities = Owner's equity
None
25
Definition of liquidity
To be able to pay debts
Liquid state of money
Money in a glass
Money flows
26
Profits are share according to a prearranged formula
Government
Corporation
Partnership
Sole Proprietorship
27
Sales of products
Separate entity
Business transaction
Money measure
Liquidity
28
Why do investors need financial reports?
To regulates the issuance, purchase and sale of shares
To assess the performance of companies
To deliver goods and services before being paid
To ensure that the company meets its goals of profitability and liquidity
29
What type of financial information does GOVENRMENTAL ACCOUNTINGS need?
GAAP financial statements
Specific reports
Expenses reports
Adjusted financial statements
30
What type of financial information does MANAGERS need?
Expenses reports
Adjusted financial statements
Specific reports
GAAP financial statements
31
Patents
Nonmonetary assets
Monetary assets
Other assets
None
32
Why do creditors need financial reports?
To regulates the issuance, purchase and sale of shares
To deliver goods and Services before being paid
To ensure that the company meets its goals of profitability and liquidity
To assess the performance of companies
33
Accounting is a link between...
decision makers & government
business activities & decision makers
general manager & board of directors
management & customers
34
Business owned by one person
Government
Sole Proprietorship
Partnership
Corporation
35
Example of an indirect financial interest who needs financial information
regulatory agencies
investor
sales
creditor
36
Other internal cause
Product sale
Wage payment
Exchange rate
Broken machine
37
Example of a direct financial interest who needs financial information
tax authority
production
regulatory agencies
creditor
38
Bookkeeping
Process of recording financial transactions
The intentional preparation of misleading financial statements
Collects and processes financial information of an economic entity
Having enough cash available to pay debts when they are due
39
Example of a manager as decision maker who needs financial information
investor
production
tax authority
creditor
40
If assets = 70,000 and Owner's equity = 10,000
Liabilities = 60,000
Liabilities = 80,000
