Mortuary Managent I

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Author:
csaenz22
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197155
Filename:
Mortuary Managent I
Updated:
2013-02-01 18:44:24
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info to study for MMI
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  1. Accounting
    Is the language of business it provides information to the decision maker
  2. Accounting is the process that...
    • Analyzes
    •       it did or didn't have an impact
    •       (yes or no) if yes, go to #2
    • Records
    •       all transactions
    • Classifies
    •       determine what cataagory
    • Summarizes
    •        all like thing swill be added together
    •        less will be
    • Reports
    •        Tangible reports
    • Interprets
    •        The findings
  3. GAAP
    Generally Accepted Accounting Principles

    A set of procedures ad guidelines were developed to make sure that everyone prepares and interprets them the same way
  4. Accounting Entity
    only record trans that apply to the entry
  5. Business Structure
    Sole Proprietorship: single, one owener

    Partnership: agreements between 2 people or more

    Corporation: business owned by stockholders

    it is possible to lose everything plus personal individual From Business
  6. Classifying a business according to what the business does to earn money
    Service Company: Provides a Service

    Merchandise Company: Resale something

    Manufacturing Company: Makes & Sells to open
  7. Accounting
    it is the process
  8. Assets
    Cash, land , supplies, office equipment, buildings and other properties of value owned by a firm

    Everything a company owes by Title & listed @ purchase price
  9. Equities
    The rights of Financial Claim to the assets

    Everything the Company OWNS is equity
  10. Liabilities
    an obligation to pay that comes due in the future
  11. A=E
    Assets = Equity

    if paying cash = has to be same on both sides
  12. A+L+E
    • Assets = Liabilities + Equity
    • Equity comes after assets is paid

    • ie:
    • 100,000 = 10,000 + 90,000

    50,000 = 5,000 + 45,000
  13. Financial Statements
    Is done Monthly (heading & body Same)

    • Balance Sheets:  BS
    • Statement of owner's equity:  SOE
    • Income Statement: IS
  14. Balance Sheet
    tells u the balance of the account

    Heading: the company's name, the name of the statement, the period of time the statement covers (date)

    Body: assets, liabilities, owners equity
  15. Owners Equity
    Financial Position of owner

    Heading:the name of the company, the name of the statement, the date

    Body: the statement of owners equity summarizes the effects of revenue, expenses & withdrawals on beginning capital.
  16. Income Statement
    Income of the Company

    Heading: the name of the company, the name of the statement, the date

    Body:  Revenue, Expenses, Net Income

    *when revenue totals more than expenses, the results is net income.

    *When expenses total more than revenue, the results is net loss.
  17. Accounting Equation
    A=L+C-W+R-E

    assets-=liabilities+capital-withdrawals+revenue-expenses
  18. Financial Statements w/ Accounting Equation
    BS:  A=L+C-W

    IS: R-E

    SOE: C-W+R-E
  19. The T account
    •                    Title
    • __________________________
    •    Debit          |       Credit
    • + or -            |     + or -


                         
  20. Expanded Accounting Equation (+/-)
    • A    +/-
    • L     -/+
    • C    -/+
    • W    +/-
    • R    -/+
    • E    +/-
  21. Charts of Accounts
    • Assets                 100
    • Liabilities              200
    • Capital                 300
    • Withdrawals         350
    • Revenue              400
    • Expenses             500
  22. Ledger
    Book: combo of all the accounts
  23. Transaction Analysis
    @ least 2 accounts will be affected

    • 1. Determine which accounts are affected (ie, cash, supplies)
    • 2. Determine which categories the accounts belong to. (account equation)
    • 3. Determine whether the accounts increase or decrease.
    • 4.What do the rules of debits and credits say?  (total debit = total credit)
    • 5. What does the T account look like?
  24. Compound Entry
    a transaction that involves more than one credit or more than one debit ...

    double entry format
  25. Account Cycle
    normal procedures that are performed over a period of time.
  26. Account period
    the accounting cycle takes place in a period of time called the accounting period.

    1 month activities = most of the time
  27. Journalizing: 5 steps
    • Step 1: Transaction Happened
    • Step 2: All the business's transactions are recorded in the journal or general journal.
    • Once the transaction had been made the journal entry is made and his process is call Journalizing
    • Step 3: Posting to the ledger
    • Step 4: Preparing the Trial balance
    • Step 5: Corrections
  28. Journalizing the Transaction
    in chronological order

    • 1. Debit is recorded first
    • 2. Credit recorded indented 1/2 in and below the debit
    • 3. Explanation recorded indented 1 in and below the credit
    • 4. one line space follows the explanation
    • 5. Debits must equal Credits
  29. Assets (100-199)
    • 111  Cash
    • 112  Accounts Receivable
    • 114  Office Supplies
    • 115  Prepaid Rent
    • 121  Work Processing Equipment
    • 122  Accumulated Depreciation, Work Processing Equipment
  30. Liabilities (200-299)
    • 211  Accounts Payable
    • 212 Salaries Payable
  31. Owner's Equity (300-399)
    • 311  Captial
    • 312  Withdrawals
  32. Revenue (400-499)
    411  Word processing Fees
  33. Expenses (500-599)
    • 511  Office Salaries Expense
    • 512  Advertising Expense
    • 513  Telephone Expense
    • 514  Office Supplies Expense
    • 515  Rent expense
    • 516 Depreciation Expense, word processing equipment

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