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73 Matching questions

  1. Balance Sheet Relations
  2. Codification project
  3. U.S. SEC Registrant
  4. Natural business year
  5. Shareholder's equity
  6. When is a firm's fiscal year differ from a calandar year?
  7. Governing Board
  8. Current Liabilities
  9. Noncurrent Assets
  10. Realization
  11. FASB
  12. Net Loss
  13. Retained earnings
  14. Audit opinion
  15. Recognition
  16. Shareholder Equity
  17. Accounting period convention, reporting period
  18. Materiality
  19. Dividends
  20. Retained Earnings
  21. Managment's Discussion and Analysis (MD&A)
  22. Current amount
  23. Statemenet of Shareholds' Equity
  24. Cash Flow Relations
  25. In what sense are a firm's accounts receivable a source of financing for that firm's customers?
  26. Monetary amount
  27. Expenses
  28. SEC
  29. Matching convention
  30. Fiscal year
  31. Accrual Basis of Accounting
  32. Convergence
  33. Financial reporting process
  34. IFRS
  35. Financing
  36. Statement of Cash Flows
  37. Liabilities
  38. Who Prepares a firm's financial statements?
  39. Current Assets
  40. Current Amount
  41. Conceptual framework
  42. Shareholds, stockholders
  43. Reporting items on firm's balance sheet:

    Historical amounts or Current amounts
  44. FASB - Conceptual Framework
  45. Investing activities
  46. Sarbanes-Oxley Act
  47. Noncurrent Liabiliites and
    Shareholders Equity
  48. Income Statement
  49. Statements of Financial Accounting Standards
  50. Opertating activities
  51. Annual report to shareholders
  52. Cash Basis of Accounting
  53. Net Income
  54. IASB
  55. Retained Earnings Relations
  56. Historical amount
  57. Balance Sheet
  58. Assets
  59. Two successive balance sheets for:

    Income Statement

    Statement of Cash Flows
  60. Long-term creditors
  61. Goals contrasted with strategies
  62. Creditors
  63. PCAOB
  64. Capital expenditures
  65. GAAP
  66. Comparability
  67. Publicly traded
  68. Ballance Sheet
    Looks at resources from two angles
  69. Financial Reporting Process involves:
  70. financial statments
  71. Revenues
  72. Historical Amount
  73. Managers
  1. a Calandar year ends on December 31.

    Fiscal year ends on a date that is determined by the firm, based on its buisness model.
  2. b 1. Objectives of financial reporting
    2. Qualitative charateristics of accounting information
    - Relevance
    - Reliability
    - Comparability
    3. Elements of financial statements
    4. Recognition and measurement principles
  3. c + Cash at Beginning
    + Cash Flow from Operations
    + Cash Flow from Investing
    + Cash Flow from Financing
    =
    +Cash at End
  4. d Assets
    Cash
    Accounts Receivable
    Inventories
    Other Current Assets
    Total Current Assets
    Property, Plant and Equiopment
    Other Noncurrent Assets
    Total Assets

    Liabilities and Shareholder Equity
    Accounts Payable
    Current Long Term Debt
    Other Current Liabilities
    Total Current Liabilities
    Long Term Debt
    Other Noncurrent Liabilities
    Total Liabilities
    Common Stock
    Retained Earnings
    Total Shareholders' Equity
    Total Liabilities and Shareholders Equity
  5. e Pronouncements by the FASB issued is a compilation of US GAAP
  6. f cash and ssets that firm expects to turn into chs within one year
  7. g (statement of profit and loss)
    terms of Net Income, Earnings and Profit are interchangeable

    Provides information on profitability

    Reports amounts for a period of time (the reporting period)
  8. h Firm recognizes revenue when a good is sold or renders services and recognizes expenses in the period when the firm recognizes the revenues that the costs helped produce.

    Attempts to match expenses with associated revenues.

    Better performance mesurement because it accurately reflects the expenses more closesly match reported revenues.

    Most used for:
    - merchandising and manufacturing activities
  9. i The concept of recognizing cost expirations in the same accounting period during which the firm recognizes relted revenues; combining or simultaneously recognizing the revenues and expenses that jointly result fro the same transactions.
  10. j Public Company Accounting Oversight Board
  11. k measure the outlfow of assets used in generating revenues

    means that an asset decreases or a liability increases
  12. l oblicgations a firm expects to pay within one year
  13. m A firm incorporated based in the US that lists and trades its securitdies in the US.
  14. n Board of Directors
  15. o optaining resources from:
    - owners and providing them with a return on and a return of thier investment

    - creditors and repaying amounts borrowed
  16. p Teh concept that should disclose seperately only those events that are relatively importatnt for the business.
  17. q Net income over the life of a corporation less all dividients.

    Owner's equity less contributed capital.
  18. r expenses for a period exceed revenues
  19. s Assets the firm currently holds
    Assets = Liabilities + Shareholder's equity

    Claims of creitors and owners who provided funds
    Investing = Financing
    Resources = Sources of Resources
    Resources = Claims on Resources
  20. t Accounts recievable represent amounts owed by customers for goods and services they have already recieved.

    Customer has the benefit of the goods before it pays cash.
  21. u Managers and governing boards of reporting entities select from accounting principles provided by standard setters and regulatory bodies and prepare financial statments, which independent external auditors attest to, to enable users of financial statments to make informed decisions.
  22. v current value as of the balance sheet date
  23. w measusre the inflows of assets from selling goods / services to customers
  24. x International Financial Reporting Standards
  25. y The time period between consecutive balance sheets; the time period for which the firm prepares financial statements that measure flows, such as the income statement and the statement of chas flows.
  26. z The qualitative characteristic of accounting information that firms record like transactions and events similarly.
  27. aa A distribution of assets generatred from earnings to owners of a corporation.
  28. ab One who owns a share
  29. ac Measuring unit
  30. ad - Managers and govering boards of reporting entities
    - Accounting standard setters and reg. bodies
    - Independent external auditors
    - Users of financial statements
  31. ae Net Income = revenues - expenses
  32. af Report prepared once a year for shareholders:
    - balance sheet
    - income sttement
    - statement of cash flows
    - audito's report
    - comments from managment
  33. ag Teh accounting practice of delayin the reconition of gains and losses from changes in teh market price of assets until the firm sells the assets.
  34. ah Provide funds that the firm must repqy, typ. with interest, in specific amounts at specific dates.
  35. ai 1. Balance sheet - firm's financial position
    2. Income statement - firm's profitiability
    3. Statment of cash flows - firm's cash-generating activity
    4. Statement of retained earnings - shareholder's equity
    5. Notes
  36. aj displays componants of shareholders' equity; including common shares and retainned earnings
  37. ak Represents the Net Assets (= total assets - total liabilities)
  38. al + Retained Earnings
    + Net Income
    - Dividends Declared
    =
    +Retained Earnings
  39. am + Current Assets
    + Noncurrent Assets
    =
    + Current Liabilities
    + Noncurrent Liabilities
    + Share-holders Equity`
  40. an The auditor's report containing an attestation or lack thereof
  41. ao To enter a transaction in the accounts; contract with realize
  42. ap acquisition costs of assets or amount of funds orginally obtained from creditors or owners
  43. aq International Accounting Standards Board
  44. ar Income statment - connects two successive balance sheets through effect on retained erarnings Net Income that is not paid to shareholders as dividends increased retained earnings.

    Statement of Cash Flow - connects two successive balance sheets because it explains the change in cash from operationg, financing, and investing activities.
  45. as (outlay) An expenditure to acquire long-term assets.
  46. at Period of 12 consecutive months chosen by a buisiness as the accounting period for annual reports, not necessaritly a natural buisness year or calendar year.
  47. au FASB major pronouncements form - have a title and number
  48. av A 12-month period chosen as the reporting period so that the end of the period coincides with a low point in activitiy or inventories.
  49. aw typically held and used for several years (land, buildigns, euipment, patents, long-term investments in securities)
  50. ax Historical amounts - reflect the the amount at which items entered the firm's balance sheet; the aquisition cost of inventory.

    Current amounts - reflect values at the balance sheet date; so they reflect current economic conditions.

    Historical is amount paid to obtain the inventory and current is the amount for what it can be sold for today.
  51. ay A discussion of managment's views of the company's performance; required by the SEC to be included in annual report to shareholders.

    Items commented: liquidity, operations, segments and effects of inflation.
  52. az Goal = an ending position

    Strategy = process of getting from the current position to the goal
  53. ba description of firms whose securities trade in active markets or the securities themselves
  54. bb Economic resources to provide future economic benifits to a firm (buildings and equipmenet)
  55. bc Proprietorshiop or owners' equity of a corporation
  56. bd Creditors claims for funds; ussally because goods or services have been provided

    Firm has previously recieved benifits for which it must pay a specified amount on a specified date
  57. be sources of funds where supplier of funds does not expect to recive them all back within the next year.
  58. bf Generally Accepted Accounting Principles
  59. bg Management, under the oversight of the firm's govering board.
  60. bh Firm measure performance from selling goods / services as it recieves cash from customers

    Performance measurement does not include cash reciepts from financing activities.

    Most used for:
    - computing personal income
    - firms with medium-term assets / no long-term
    - professional services who have no investments in inventories
  61. bi Securities and Exchange Commission
  62. bj reports informtion about cash generated from operating, investing, and financing activities during specified time periods

    explains change in chas between the beginning and end of the period; and seperately diplays changes in catagories

    Sections:
    - operating
    - investing
    - financing
  63. bk All transactions and events that are neither financing activities nor investing activities
  64. bl Aquisition cost; orginal cost; a sunk cost
  65. bm Amounts of funds owners have provided and thier claims on the assets of a firm
  66. bn A coherent system of interrelated objectives and fundamentals, promulgated by the FASB primarily though its SFAC publications; intended to lead to consistent standars for financial accounting and reporting.
  67. bo Valuation or basis using fair values or market values as of the balance sheet date.
  68. bp The intention of the FASB to eleminate difference betwen US GAAP and IFRS
  69. bq Acquiring and selling securities or productive assets expected to produe revenue over several periods.
  70. br (2002) Law in wake of Enron, WorldCom and other scandals.

    Stiffens the requirments for corporate governance, including accoutin issues.

    Standards for audit committees of public companies, the certifications managments must sign, and standards of internal control that companies must meet.
  71. bs Financial Accounting Standards Board

    Private-sector body comprising of five voting members

    due-process prodedures as contemplates a reporting issue
  72. bt repayment from borrower over a periord that exceeds a year
  73. bu Buisness executives with decision making authority, who are ganets of the shareholders, and are responsible for safeguarding and propertly using the firm's resources.