ACCT 201

Home > Flashcards > Print Preview

The flashcards below were created by user jaheruth2412 on FreezingBlue Flashcards. What would you like to do?

  1. Sole Proprietorships
    Business owned by one person
  2. Partnership
    Business owned by 2 or more persons associated as partners
  3. Corporations
    A business organized as a separate legal entity owned by stockholders.
  4. Internal Users
    Managers who plan, run, and organize a business. (Marketing Managers, Producing Supervisors, Finance Directors, Company Officers)
  5. External Users
    Use accounting information to buy, hold or sell stock. (Investors, Creditors)
  6. Income Statement
    • Reports revenues, expenses and in turn net income (gain/loss)
    • For Month Ended
  7. Retained Earnings Statement
    • Shows amounts and causes for changes in retained earnings
    • For Month Ended
  8. Balance Sheet
    • Reports assets and claims to assets. A=L+SE
    • Specific Date (October 31, 2013)
  9. Statement of Cash Flows
    • Provides financial information about cash receipts and cash payments. (Operating, investing, financing activities)
    • For Month Ended
  10. Define how the Income Statement, Retained Earnings Statement, Balance Sheet, and Statement of Cash Flows are interrelated.
  11. Asset
    Resource owned by a business
  12. Liability
    Amounts owed to creditors in the form of debts and other obligations.
  13. Stockholders Equity
    • Owner's claim to assets.
    • Common Stock, Ret Earn
  14. Basic Accounting Equation
    Assets = Liabilities + Stockholder's Equity
  15. Generally Accepted Accounting Principles (GAAP)
    United States system of accounting principles.
  16. GAAP Assumption: Accounting Entity
    Assumes that the business is separate from its owners or other businesses.
  17. GAAP Assumption: Going Concern
    • Assumes the business will be in operation indefinitely. Validates methods of asset capitalization, depreciation, and amortization.
    • Not Applicable if: liquidation is certain
  18. GAAP Assumptions: Monetary Unit Principle
    Assumes a stable currency is going to be the unit of record.
  19. GAAP Assumptions: Time Period Principle
    Economic activities of an enterprise can be divided into artificial time periods.

Card Set Information

ACCT 201
2013-12-19 03:47:10
ACCT201 UWEC Fall2013

ACCT 201 Final
Show Answers:

What would you like to do?

Home > Flashcards > Print Preview