StudyXY
RegisterLog in

ACCT 2121 CHAPTER 1 KEY TERMS

This paper defines and explains the key terms in Chapter 1 of an introductory accounting course.

Mia Martinez
Contributor
4.1
43
6 months ago
Preview (2 of 3 Pages)
100%
Purchase to unlock

Page 1

ACCT 2121 CHAPTER 1 KEY TERMS - Page 1 preview image

Loading page ...

ACCT 2121 CHAPTER 1 KEY TERMSAccountingThe information system that identifies, records, and communicatesthe economic events of an organization to interested users.Annual reportA report prepared by corporate management that presents financialinformation including financial statements, a managementdiscussion and analysis section, notes, and an independent auditor'sreport.AssetsResources owned by a business.Auditor's reportA report prepared by an independent outside auditor stating theauditor's opinion as to the fairness of the presentation of thefinancial position and results of operations and their conformancewith generally accepted accounting principles.Balance sheetA financial statement that reports the assets and claims to thoseassets at a specific point in time.Basic accounting equationAssets=Liabilities+Stockholders' Equity.Certified public accountant (CPA)An individual who has met certain criteria and is thus allowed toperform audits of corporations.Common stockTerm used to describe the total amount paid in by stockholders forthe shares they purchase.Corporation

Page 2

Preview Mode

This document has 3 pages. Sign in to access the full document!

Study Now!

XY-Copilot AI
Unlimited Access
Secure Payment
Instant Access
24/7 Support
Document Chat

Document Details

University
Mount Royal University
Course
ACCT 2121
Subject
Accounting

Related Documents

View all
Class Notes

Accounting

what really is accounting?

5.0
Class Notes

Master Managerial Accounting Techniques

Honors Managerial Accounting course led by Dr. Michael Newman, focusing on cost analysis, ethics, communication, and real-world application through interactive discussions, case studies, and presentations.

Class Notes

Controlling and Reporting of Real Assets

Overview of asset impairment recognition in accounting: when an asset’s value declines due to damage, market loss, or legal issues, a journal entry records the loss to reflect the asset’s reduced value. Key for reporting real assets like PPE.

Solved Assignments

Sarbanes Oxley Act, GAAP and IFRS

Overview of the Sarbanes-Oxley Act and its impact on GAAP and IFRS compliance.

Solved Assignments

Team A Week 5 Problems

Problem-solving set from Week 5, covering various academic concepts.

Solved Assignments

Accounting Audit Final Exam MCQs 2015

Multiple-choice questions covering key auditing and accounting principles.

Solved Assignments

Understanding Internal Control and Audit Processes

An overview of internal control mechanisms and audit procedures in financial management.

Solved Assignments

Government wide statements and Fund statements

Comparison of government-wide financial statements with fund-based financial reporting.

Solved Assignments

Changing the Accounting Information System

Discusses changing accounting information systems.

Solved Assignments

IFRS or US GAAP Which is the Best Reporting Standard

A comparative analysis of IFRS and US GAAP reporting standards.