1. Accounting A system of providing "quantitative information, primarily financial in nature, about economic entities that is intend- ed to be useful in making economic decisions." 2. Accounting Equation 3. Accounts Payable 4. Accounts Re- ceivable 5. Accrual Ac- counting 6. Ac...
1 accounting a system of providing quantitative information
primarily financial in nature
about economic entities that is intend ed to be useful in making economic decisions 2 acc
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WGU C213 Accounting
WGU C213 Accounting
WGU C213 Accounting
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WGU C213 Accounting
Study online at
https://quizlet.com/_4pfkor
1. Accounting A system of providing "quantitative information,
primarily financial in nature, about economic
entities that is intend- ed to be useful in making
economic decisions."
3. Accounts The flip side of accounts receivable—when one
Payable company sells on credit, creating for itself an
account receivable, the company on the other
side of the transaction is buying on credit,
creating an account payable.
4. Accounts Re-
ceivable Amounts owed to a business by its credit
customers and are usually collected in cash
within 10 to 60 days.
5. Accrual Ac-
counting
The process that accountants use in adjusting
raw trans- action data into refined measures of a
6. Accumulated firm's economic performance.
De- preciation
1/
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Reflects the wear depreciation,
of these items since they were
and tear, or originally purchased.
7.
2/
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Accumulated The grouped together and reported changes
Other which com- panies experience increases and
Comprehensive decreases in equity each year because of the
Income movement of market prices or exchange rates
8. Activity-based A method of attributing overhead costs to
Costing (ABC) products based on measurable factors that relate
to activities that create overhead costs.
9. Additional Invested by stockholders that exceeds the par
Paid-in Capital value of the issued shares.
10. American Insti- The professional organization of certified public
tute of Certified accoun- tants in the United States.
Public Accoun-
tants (AICPA)
11. Asset Probable future economic benefit obtained or
controlled
by a particular entity as a result of past
transactions or events.
12. Asset Mix The proportion of total assets in each asset
category, is
determined to a large degree by the industry in
which the company operates.
13. Asset Turnover Sales divided by assets and is interpreted as the
number of dollars in sales generated by each
dollar of assets.
14. Assets The firm's economic resources, formally defined
as "prob- able future economic benefits obtained
or controlled by a particular entity as a result of
past transactions or events
15. Assets-to-equity Assets divided by equity and is interpreted as the
Ratio number of dollars of assets acquired for each
dollar invested by stockholders.
3/
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Audit Committee Members of a company's board of directors who
are
responsible for dealing with the external and
internal au- ditors.
4/
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