Unit 1: Computerized Accounting I
1. Accountant – a person who plans, summarizes, analyzes, and interprets accounting information
2. Accounting – planning, recording, analyzing, and interpreting financial information
3. Accounting concepts – commonly accepted concepts that guide accounting personnel in their work
4. Accounting period cycle – changes in financial information are reported for a specific period of time in the form of financial statements
5. Adequate disclosure concept – financial statements contain all information necessary to understand a business' financial condition
6. Bookkeeper – a person who does general accounting work plus some summarizing and analyzing of accounting information
7. Business entity – financial information is recorded and reported separately from the owner's personal financial information
8. Business ethics – the use of personal ethics in making business decisions
9. Certified Public Accountant (CPA) – designation by the American Institute of Certified Public Accountants for those who pass an exam and
meet work-experience requirements.
10. Consistent reporting – the same accounting procedures must be followed in the same way in each accounting period
11. Corporation – a legal entity that is separate and distinct from its owners
12. Ethics – the principles of right and wrong that guide an individual in making decisions
13. Ethical business practices – moral values and principles that determine our conduct in the business world
14. General office clerk – a person who does general kinds of office tasks, including some accounting tasks
15. Going concern concept – financial statements are prepared with the expectation that a business will remain in operation indefinitely
16. Historical cost – when the actual amount paid for merchandise or other items bought is recorded
17. Honesty – the quality or fact of being honest; truthfulness
18. Integrity – adherence to moral and ethical principles; soundness of moral character; honesty
19. Merchandising business – a business that purchases and sells goods
20. Objective evidence – a source document is prepared for each transaction
21. Partnership – a business in which two or more people combine their assets and skills
22. Privacy – freedom from unauthorized intrusion; state of being let alone and ability to keep personal matters confidential
23. Realization of revenue – revenue is recorded at the time goods or service are sold
24. Service business – a business that performs an activity for a fee
25. Sole proprietorship – a business owned by one person
26. Truthfulness – consistently telling the truth; honest
27. Unethical business practices – any activity that contradicts moral values and principles that determines our conduct in the business world
1. Accountant – a person who plans, summarizes, analyzes, and interprets accounting information
2. Accounting – planning, recording, analyzing, and interpreting financial information
3. Accounting concepts – commonly accepted concepts that guide accounting personnel in their work
4. Accounting period cycle – changes in financial information are reported for a specific period of time in the form of financial statements
5. Adequate disclosure concept – financial statements contain all information necessary to understand a business' financial condition
6. Bookkeeper – a person who does general accounting work plus some summarizing and analyzing of accounting information
7. Business entity – financial information is recorded and reported separately from the owner's personal financial information
8. Business ethics – the use of personal ethics in making business decisions
9. Certified Public Accountant (CPA) – designation by the American Institute of Certified Public Accountants for those who pass an exam and
meet work-experience requirements.
10. Consistent reporting – the same accounting procedures must be followed in the same way in each accounting period
11. Corporation – a legal entity that is separate and distinct from its owners
12. Ethics – the principles of right and wrong that guide an individual in making decisions
13. Ethical business practices – moral values and principles that determine our conduct in the business world
14. General office clerk – a person who does general kinds of office tasks, including some accounting tasks
15. Going concern concept – financial statements are prepared with the expectation that a business will remain in operation indefinitely
16. Historical cost – when the actual amount paid for merchandise or other items bought is recorded
17. Honesty – the quality or fact of being honest; truthfulness
18. Integrity – adherence to moral and ethical principles; soundness of moral character; honesty
19. Merchandising business – a business that purchases and sells goods
20. Objective evidence – a source document is prepared for each transaction
21. Partnership – a business in which two or more people combine their assets and skills
22. Privacy – freedom from unauthorized intrusion; state of being let alone and ability to keep personal matters confidential
23. Realization of revenue – revenue is recorded at the time goods or service are sold
24. Service business – a business that performs an activity for a fee
25. Sole proprietorship – a business owned by one person
26. Truthfulness – consistently telling the truth; honest
27. Unethical business practices – any activity that contradicts moral values and principles that determines our conduct in the business world