Bus 10 CH 18

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Author:
Asianrice
ID:
11357
Filename:
Bus 10 CH 18
Updated:
2010-03-20 12:56:48
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Chapter 18
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Description:
Chapter 18 Exam 5
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  1. ACCOUNTING
    THE RECORDING, CLASSIFYING, SUMMARIZING AND INTERPRETING OF FINANCIAL EVENTS AND TRANSACTIONS TO PROVIDE MANAGEMENT AND OTHER INTERESTED PARTIES THE INFORMATION THEY NEED TO MAKE A GOOD DECISIONS
  2. MANAGERIAL ACCOUNTING
    ACCOUNTING USED TO PROVIDE INFORMATION AND ANALYSES TO MANAGER WITHIN THE ORGANIZATION TO ASSIST THEM IN DECISION MAKING
  3. CERTIDIED MANAGEMENT ACCOUNTANT (CMA)
    A PROFESSIONAL ACCOUNTANT WHO HAS MET CERTAIN EDUCATIONAL AND EXPERIENCE REQUAREMENTS, PASS A QUALIFYING EXAM IN THE FIELD AND BEEN CERTIFIED BY THE INSTITUTE OF CERTIFIED MANAGEMENT ACCOUNTANTS
  4. FINANCIAL ACCOUNTING
    ACCOUNTING INFO AND ANALYSES PREPARED FOR PEOPLE OUTSIDE THE ORGANIZATION
  5. ANNUAL REPORT
    A YEARLY STATEMENT OF THE FINANCIAL CONDITION, PROGRESS, AND EXPECTATIONS OF AN ORGANIZATION
  6. PRIVATE ACCOUNTANTS
    ACCOUNTANTS WHO WORK FOR A SINGLE FIRM, GOVERNMENT AGENCY OR NONPROFIT ORGANIZATION
  7. PUBLIC ACCOUNTANT
    AN ACCOUNTANT WHO PROVIDES HIS OR HER ACCOUNTING SERVICES TO INDIVIDUALS OR BUSINESSES ON A FEE BASIS
  8. CERTIFIED PUBLIC ACCOUNTANT
    AN ACCOUNTANT WHO PASSES A SERIES OF EXAMINATIONS ESTABLISHED BY THE AMERICAN INSTITUTE OF CERIFIED PUBLIC ACCOUNTANTS
  9. AUDITING
    THE JOB OF REVIEWING AND EVALUATING THE RECORDS USED TO PREPARE A COMPANY'S FINANCIAL STATEMENTS
  10. INDEPENDENT AUDIT
    AN EVALUATION AND UNBIASED OPINION ABOUT THE ACCURACY OF A COMPANY'S FINANCIAL STATEMENTS
  11. CERTIFIED INTERNAL AUDITOR
    AN ACCOUNTANT WHO HAS A BACHELOR'S DEGREE AND TWO YEARS OF EXPERIENCE IN INTERNAL AUDITING AND WHO HAS PASS AN EXAM
  12. TAX ACCOUNTANT
    AN ACCOUNTANT TRAINED IN TAX LAW AND RESPONSIBLE FOR PREPARING TAX RETURNS OR DEVELOPING TAX STRATEGIES
  13. GOVERNMENT AND NOT- FOR PROFIT ACCOUNTING
    ACCOUNTING SYSTEM FOR ORGANIZATION WHO PURPOSE IS NOT GENERATING A PROFIT BUT SERVING RATEPAYERS,TAXPAYERS, AND OTHER ACCORDING TO A DULY APPROVED BUDGET
  14. BOOKKEEPING
    THE RECORDING OF BUSINESS TRANSCACTIONS
  15. JOURNAL
    THE RECORDING BOOK OR COMPUTER PROGRAM WHERE ACCOUNTING DATA ARE FIRST ENTERED
  16. DOUBLE ENTRY BOOKKEEPING
    THE CONCEPT OF WRITING EVERY BUSINESS TRANSACTION IN TWO PLACES
  17. LEDGER
    A SPECIALIZED ACCOUNTING BOOK OR COMPUTER PRGRAM IN WHICH INFO FROM ACCOUNTING JOUNALS IS ACCUMULATED INTO SPECIFIC CATEGORIES AND POSTED SO THAT MANAGERS CAN FIND ALL THE INFO ABOUT ONE ACCOUNT IN THE SAME PLACE
  18. ACCOUNTING CYCLE
    A SIX STEP PROCEDURE THAT RESULT IN THE PREPARATION AND ANALYSIS OF THE MAJOR FINANCIAL STATEMENTS
  19. TRIAL BALANCE
    A SUMMARY OF ALL THE DATA IN THE ACCOUNT LEDGERS TO SHOW WHETHER THE FIGURES TO SHOW WHETHER THE FIGURES ARE CORRECT AND BALANCED
  20. FINANCIAL STATEMENT
    A SUMMARY OF ALL THE TRANSACTION THAT HAVE OCCURRED OVER A PARTICULAR PERIOD
  21. FUNDAMENTAL ACCOUNTING EQUATION
    ASSETS=LIABILITIES + OWNERS EQUITY; FOR BALANCE SHEET
  22. BALANCE SHEET
    THE FINANCIAL STATEMENT THAT REPORTS A FIRM'S FINANCIAL CONDITION AT A SPECIFIC TIME
  23. ASSETS
    ECONOMIC RESOURCES OWNED BY A FIRM
  24. LIQUIDITY
    HOW FAST AN ASSET CAN BE CONVERTED INTO CASH
  25. CURRENT ASSETS
    ITEMS THAT CAN OR WILL BE CONVERTED INTO CASH WITHIN ONE YEAR
  26. FIXED ASSETS
    ASSETS THAT ARE RELATIVELY PERMANENT, SUCH AS LAND,BUILDINGS AND EQUIPMENT
  27. INTANGIBLE ASSETS
    LONG TERM ASSETS THAT HAVE NO REALL PHYSICAL FORM BUT DO HAVE VALUE EX: COPYRIGHTS, TRADEMARK,PATENTS
  28. LIABILITIES
    WHAT A BUSINESS OWES TO OTHERS (DEBTS)
  29. OWNER EQUITY
    THE AMOUNT OF THE BUSINESS THAT BELONGS TO THE OWNERS MINUS ANY LIABILTIES OWED BY THE BUSINESS
  30. RETAINED EARNINGS
    THE ACCUMULATED EARNING FROM A FIRM'S PROFITABLE OPERATION THAT WERE KEPTI IN THE BUSINESS AND NOT PAIDED OUT TO STOCKHOLDERS IN DIVIDENDS
  31. INCOME STATEMENT
    THE FINANCIAL STATEMENT THAT SHOWS A FIRM PROFIT AFTER COST, EXPENSES AND TAXTES
  32. NET INCOME OR NET LOSS
    REVENUE LEFT OVER AFTER ALL COSTS AND EXPENSES, INCLUDING TAXES, ARE PAIDED
  33. REVENUE
    THE VALUE OF WHAT IS RECEIVED FOR GOODS SOLD, SERVICES RENDERED AND OTHER FINANCIAL SOURCES
  34. COST OF GOODS SOLD (OR COST OF GOODS MANUFACTURED)
    THE MEASURE OF THE COST OF MERCHANDISE SOLD OR COST OF RAW MATERIAL AND SUPPLIES USED FOR PRODUCING ITEMS FOR RESALE
  35. GROSS PROFIT ( GROSS MARGIN)
    HOW MUCH A FIRM EARNED BY BUYING (OR MAKING) AND SELLING MARCHANDISES
  36. OPERATING EXPENSES
    COSTS INVOLVED IN OPERATING A BUSINESS, SUCH AS RENT, UTILITIES, AND SALARIES
  37. STATEMENT OF CASH FLOWS
    FINANCIAL STATEMENT THAT REPORTS CASH RECEIPTS AND DISBURSEMENTS RELATED TO A FIRM'S THREE MAJOR ACTIVITIES; OPERATIONS, INVESTMENTS AND FINANCING
  38. CASH FLOWS
    THE DIFFERENCE BETWEEN CASH COMING IN AND CASH GOING OUT OF A BUSINESS
  39. DEPRECIATION
    THE SYSTEMATIC WRITE-OFF OF THE COST OF A TRANGIBLE ASSET OVER ITS ESTIMATED USEFUL LIFE
  40. FIRST IN, FIRST OUT (FIFO)
    AN ACCOUNTING METHOD FOR CALCULATING COST OF INVENTORY; IT ASUSUMERS THAT THE FIRST GOODS TO COME IN ARE THE FIRST TO GO OUT
  41. LAST IN FIRST OUT (LIFO)
    AN ACCOUNTING METHOD FOR CALCULATING COST OF INVENTORY; IT ASSUMES THAT THE LAST GOODS TO COME IN ARE THE FIRST TO GO OUT
  42. RATIO ANALYSIS
    THE SSESSMENT OF A FIRM'S FINANCIAL CONDITION AND PERFORMANCE THROUGH CALCULATIONS AND INTERPRETATIONS OF FINANCIAL RATIO DEVELOPED FROM THE FIRM'S FINANCIAL STATEMENTS
  43. CURRENT RATIO
    CURRENT ASSETS / CURRENT LIABILITIES
  44. ACID TEST RATIO
    CASH + ACCOUNTS RECEIVABLE + MARKETING SECURITIES / CURRENT LIABILITIES
  45. DEBT TO OWNERS' EQUITY
    TOTAL LIABILITIES / OWNERS EQUITY
  46. BASIC EARNING PER SHARE
    NET INCOME AFTER TAXES / NUMBER OF COMMON STOCK SHARES OUTSTANDING
  47. RETURN ON SALES
    NET INCOME / NET SALES
  48. RETURN ON EQUITY
    NET INCOME AFTER TAX / TOTAL OWNERS' EQUITY
  49. INVENTORY TURNOVER
    COST OF GOODS SOLD/ AVERAGE INVENTORY

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