Accounting study guide

Accounting Equation:

• Beginning Capital + Investments ± Net Income (Loss) - Withdrawals.

• Assets = Liabilities + Stockholders Equity

• Revenue - Expenses

•  Initial capt. Investment + net income - withdrawals

Net Income Equation:

• Beginning Capital + Investments ± Net Income (Loss) - Withdrawals

•  Liabilities + Stockholders Equity

• Revenue - Expenses

•  Initial capt. Investment + net income - withdrawals

Change in capitol:

• Revenue - Expense

• Beginning Capital + Investments ± Net Income (Loss) - Withdrawals.

•  Liabilities + Stockholders Equity

• Initial capt. Investment + net income - withdrawals

business transaction:

• Published changes to accounting standards that are the source of updates to the Accounting Standards Codification.

• The authoritative body that has the primary responsibility for developing accounting principles.

• An electronic database maintained by the Financial Accounting Standards Board (FASB) that contains all of the accounting standards that make up the generally accepted accounting principles (GAAP).

• an economic event or condition that directly changes an entity’s financial condition or its results of operations.

generally accepted accounting principles (GAAP):

• Generally accepted guidelines for the preparation of financial statements.

• The authoritative body that has the primary responsibility for developing accounting principles.

• An agency of the U.S. government that has authority over the accounting and financial disclosures for companies whose shares of ownership (stock) are traded and sold to the public.

• An electronic database maintained by the Financial Accounting Standards Board (FASB) that contains all of the accounting standards that make up the generally accepted accounting principles (GAAP).

Financial Accounting Standards Board (FASB)

• The authoritative body that has the primary responsibility for developing accounting principles.

• The journal entries that bring the accounts up to date at the end of the accounting period.

• Published changes to accounting standards that are the source of updates to the Accounting Standards Codification.

• An organization that issues International Financial Reporting Standards for many countries outside the United States.

Accounting Standards Updates

• A summary of the revenue and expenses for a specific period of time, such as a month or a year.

• An agency of the U.S. government that has authority over the accounting and financial disclosures for companies whose shares of ownership (stock) are traded and sold to the public.

• Published changes to accounting standards that are the source of updates to the Accounting Standards Codification.

• an economic event or condition that directly changes an entity’s financial condition or its results of operations.

Accounting Standards Codification

• A summary of the revenue and expenses for a specific period of time, such as a month or a year.

• The authoritative body that has the primary responsibility for developing accounting principles.

• A list of the assets, liabilities, and owner’s equity as of a specific date, usually at the close of the last day of a month or a year.

• An electronic database maintained by the Financial Accounting Standards Board (FASB) that contains all of the accounting standards that make up the generally accepted accounting principles (GAAP).

Securities and Exchange Commission (SEC)

• The authoritative body that has the primary responsibility for developing accounting principles.

• An agency of the U.S. government that has authority over the accounting and financial disclosures for companies whose shares of ownership (stock) are traded and sold to the public.

• An electronic database maintained by the Financial Accounting Standards Board (FASB) that contains all of the accounting standards that make up the generally accepted accounting principles (GAAP).

• An organization that issues International Financial Reporting Standards for many countries outside the United States.

International Accounting Standards Board (IASB)

• The authoritative body that has the primary responsibility for developing accounting principles.

• An agency of the U.S. government that has authority over the accounting and financial disclosures for companies whose shares of ownership (stock) are traded and sold to the public.

• An organization that issues International Financial Reporting Standards for many countries outside the United States.

• Generally accepted guidelines for the preparation of financial statements.