Symbols
10-column worksheet
4.5 Prepare Financial Statements Using the Adjusted Trial Balance
A
abnormal balance
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
accountants
1.1 Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting
Accounting
1.1 Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting
accounting cycle
3.3 Define and Describe the Initial Steps in the Accounting Cycle
accounting entity concept
14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
accounting equation
2.2 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses,
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
accounting information system
7.1 Define and Describe the Components of an Accounting Information System,
7.5 Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems
accounting information system (AIS)
7.1 Define and Describe the Components of an Accounting Information System
accounting period
4.1 Explain the Concepts and Guidelines Affecting Adjusting Entries
accounts payable
2.2 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses,
12.1 Identify and Describe Current Liabilities
accounts payable subsidiary ledger
7.2 Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders
accounts receivable
2.2 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses,
9.1 Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions,
9.3 Determine the Efficiency of Receivables Management Using Financial Ratios
accounts receivable control
7.2 Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders
accounts receivable subsidiary ledger
7.2 Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders
accounts receivable turnover ratio
9.3 Determine the Efficiency of Receivables Management Using Financial Ratios
accrual accounting
4.1 Explain the Concepts and Guidelines Affecting Adjusting Entries
accrual basis accounting
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
Accrual-basis accounting
5.3 Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity
Accrued expenses
4.2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries
Accrued revenues
4.2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries
accumulated depletion
11.3 Explain and Apply Depreciation Methods to Allocate Capitalized Costs
Accumulated depreciation
11.3 Explain and Apply Depreciation Methods to Allocate Capitalized Costs
additional medicare tax
12.5 Record Transactions Incurred in Preparing Payroll
Additional paid-in capital
14.2 Analyze and Record Transactions for the Issuance and Repurchase of Stock
adjusted trial balance
4.4 Use the Ledger Balances to Prepare an Adjusted Trial Balance
Adjusting entries
4.2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries
allowance for doubtful accounts
9.2 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
allowance method
9.2 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
amortization
11.3 Explain and Apply Depreciation Methods to Allocate Capitalized Costs,
13.2 Compute Amortization of Long-Term Liabilities Using the Effective-Interest Method
annual percentage rate
13.4 Appendix: Special Topics Related to Long-Term Liabilities
appropriated retained earnings
14.4 Compare and Contrast Owners’ Equity versus Retained Earnings
articles of incorporation
14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
artificial intelligence
7.5 Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems
B
Bad debts
9.2 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
balance sheet
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate,
4.5 Prepare Financial Statements Using the Adjusted Trial Balance
balance sheet aging of receivables method
9.2 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
balance sheet method
9.2 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
bank reconciliation
8.6 Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its Associated Journal Entries
bank service fee
8.6 Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its Associated Journal Entries
Bill-and-hold sales
8.7 Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements
bond certificate
13.1 Explain the Pricing of Long-Term Liabilities
bond indenture
13.1 Explain the Pricing of Long-Term Liabilities
bond retirement
13.3 Prepare Journal Entries to Reflect the Life Cycle of Bonds
book of original entry
3.3 Define and Describe the Initial Steps in the Accounting Cycle,
3.5 Use Journal Entries to Record Transactions and Post to T-Accounts
C
callable bond
13.1 Explain the Pricing of Long-Term Liabilities
Capital accounts
15.3 Compute and Allocate Partners’ Share of Income and Loss
Capitalization
11.2 Analyze and Classify Capitalized Costs versus Expenses
cash basis accounting
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
cash disbursements journal
7.2 Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders,
7.2 Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders,
7.3 Analyze and Journalize Transactions Using Special Journals
cash payments journal
7.3 Analyze and Journalize Transactions Using Special Journals
cash receipts journal
7.2 Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders,
7.2 Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders,
7.3 Analyze and Journalize Transactions Using Special Journals
Cash-basis accounting
5.3 Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity
Certified Financial Planner (CFP)
1.5 Describe the Varied Career Paths Open to Individuals with an Accounting Education
Certified Fraud Examiner (CFE)
1.5 Describe the Varied Career Paths Open to Individuals with an Accounting Education
Certified in Risk and Information System Controls (CRISC)
7.5 Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems
Certified Information Security Manager (CISM)
7.5 Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems
Certified Information Systems Auditor (CISA)
7.5 Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems
Certified Internal Auditor (CIA)
1.5 Describe the Varied Career Paths Open to Individuals with an Accounting Education
Certified Management Accountant (CMA)
1.5 Describe the Varied Career Paths Open to Individuals with an Accounting Education
Certified Public Accountant (CPA)
1.5 Describe the Varied Career Paths Open to Individuals with an Accounting Education
chart of accounts
3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions
Chartered Financial Analyst (CFA)
1.5 Describe the Varied Career Paths Open to Individuals with an Accounting Education
chief executive officer (CEO)
8.5 Discuss Management Responsibilities for Maintaining Internal Controls within an Organization
chief financial officer (CFO)
8.5 Discuss Management Responsibilities for Maintaining Internal Controls within an Organization
classified balance sheet
5.3 Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity
Closing entries
5.1 Describe and Prepare Closing Entries for a Business
Committee of Sponsoring Organizations (COSO)
8.2 Define and Explain Internal Controls and Their Purpose within an Organization
common stock
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate,
14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
completed contract method
9.5 Apply Revenue Recognition Principles to Long-Term Projects
Compound interest
13.1 Explain the Pricing of Long-Term Liabilities
Comprehensive income
2.3 Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet
conceptual framework
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
Conservatism
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements,
10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
Consigned goods
10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
consistency
10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
contingent liability
12.3 Define and Apply Accounting Treatment for Contingent Liabilities
contra account
3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions,
4.2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries,
9.2 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches,
11.3 Explain and Apply Depreciation Methods to Allocate Capitalized Costs
contributed capital
3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions,
14.4 Compare and Contrast Owners’ Equity versus Retained Earnings
control lapse
8.3 Describe Internal Controls within an Organization
convertible bond
13.1 Explain the Pricing of Long-Term Liabilities
corporation
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate,
14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
cost accounting
1.5 Describe the Varied Career Paths Open to Individuals with an Accounting Education
cost of goods sold (COGS)
6.1 Compare and Contrast Merchandising versus Service Activities and Transactions
cost principle
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
cryptocurrency
7.5 Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems
current asset
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate,
2.2 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses
current expense
11.2 Analyze and Classify Capitalized Costs versus Expenses
current liability
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate,
2.2 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses,
12.1 Identify and Describe Current Liabilities
current portion of a note payable
12.1 Identify and Describe Current Liabilities
D
data analytics
7.5 Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems
date of declaration
14.3 Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits
date of payment
14.3 Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits
debt-to-equity ratio
14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
deferred revenue
12.1 Identify and Describe Current Liabilities
deficit in retained earnings
14.4 Compare and Contrast Owners’ Equity versus Retained Earnings
defined contribution plan
12.5 Record Transactions Incurred in Preparing Payroll
deposit in transit
8.6 Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its Associated Journal Entries
direct method
16.1 Explain the Purpose of the Statement of Cash Flows,
16.6 Appendix: Prepare a Completed Statement of Cash Flows Using the Direct Method
direct write-off method
9.2 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
discount on bonds payable
13.3 Prepare Journal Entries to Reflect the Life Cycle of Bonds
Dissolution
15.1 Describe the Advantages and Disadvantages of Organizing as a Partnership,
15.5 Discuss and Record Entries for the Dissolution of a Partnership
distributions to owners
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
dividend smoothing
14.3 Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits
double-declining-balance depreciation method
11.3 Explain and Apply Depreciation Methods to Allocate Capitalized Costs
double-entry accounting system
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
E
Earnings management
9.4 Discuss the Role of Accounting for Receivables in Earnings Management
Earnings manipulation
9.4 Discuss the Role of Accounting for Receivables in Earnings Management
Earnings per share (EPS)
14.5 Discuss the Applicability of Earnings per Share as a Method to Measure Performance
effective-interest method
13.2 Compute Amortization of Long-Term Liabilities Using the Effective-Interest Method
Electronic Data Gathering, Analysis, and Retrieval System (EDGAR)
7.1 Define and Describe the Components of an Accounting Information System
electronic identifier
10.3 Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method
elements of the financial statements
2.3 Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet
ending account balance
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
enterprise resource planning (ERP)
7.1 Define and Describe the Components of an Accounting Information System,
7.5 Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems
equity
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate,
2.2 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses
equity financing
13.4 Appendix: Special Topics Related to Long-Term Liabilities
expanded accounting equation
3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions
expense recognition principle
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements,
9.1 Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions
expert system
7.5 Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems
external auditor
8.1 Analyze Fraud in the Accounting Workplace
F
federal income tax withholding
12.5 Record Transactions Incurred in Preparing Payroll
Federal Insurance Contribution Act (FICA) taxes
12.5 Record Transactions Incurred in Preparing Payroll
Federal Unemployment Tax Act (FUTA)
12.5 Record Transactions Incurred in Preparing Payroll
financial accounting
1.1 Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting
Financial Accounting Standards Board (FASB)
1.2 Identify Users of Accounting Information and How They Apply Information,
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
Financial statement fraud
8.7 Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements
Financial statements
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate,
4.5 Prepare Financial Statements Using the Adjusted Trial Balance
financing activities
16.2 Differentiate between Operating, Investing, and Financing Activities
first-in, first-out method (FIFO)
10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions,
10.2 Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method,
10.3 Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method
FOB destination
10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
FOB destination point
6.5 Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods
FOB shipping point
6.5 Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods,
10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
for-profit business
1.3 Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities
Forensic accounting
7.5 Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems
fraud triangle
8.1 Analyze Fraud in the Accounting Workplace
free cash flow
16.5 Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity and Solvency
free cash flow to assets ratio
16.5 Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity and Solvency
free cash flow to sales ratio
16.5 Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity and Solvency
full disclosure principle
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
fully amortized notes
13.2 Compute Amortization of Long-Term Liabilities Using the Effective-Interest Method
Functional obsolescence
11.5 Describe Some Special Issues in Accounting for Long-Term Assets
G
GAAP
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements,
9.2 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
general journal
3.3 Define and Describe the Initial Steps in the Accounting Cycle,
7.3 Analyze and Journalize Transactions Using Special Journals
general ledger
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
general partnership
15.1 Describe the Advantages and Disadvantages of Organizing as a Partnership
generally accepted accounting principles (GAAP)
1.2 Identify Users of Accounting Information and How They Apply Information,
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements,
16.5 Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity and Solvency
going concern assumption
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements,
14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
Goods available for sale
10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
Goods in transit
6.5 Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods
governmental accounting
1.5 Describe the Varied Career Paths Open to Individuals with an Accounting Education
Governmental Accounting Standards Board (GASB)
1.3 Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities
governmental entity
1.3 Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities
gross income (pay)
12.5 Record Transactions Incurred in Preparing Payroll
gross margin
6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies,
10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
gross profit margin ratio
6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies
H
I
IFRS for Small and Medium Sized Entities
15.1 Describe the Advantages and Disadvantages of Organizing as a Partnership
imprest account
8.4 Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries
income from operations
6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies
income statement
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate,
4.5 Prepare Financial Statements Using the Adjusted Trial Balance
income statement method
9.2 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
income summary
5.1 Describe and Prepare Closing Entries for a Business
indirect method
16.1 Explain the Purpose of the Statement of Cash Flows,
16.3 Prepare the Statement of Cash Flows Using the Indirect Method,
16.4 Prepare the Completed Statement of Cash Flows Using the Indirect Method
Information Systems Audit and Control Association (ISACA)
7.5 Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems
initial public offering (IPO)
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate,
14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
installment sale
9.5 Apply Revenue Recognition Principles to Long-Term Projects
intangible assets
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate,
5.3 Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity,
11.1 Distinguish between Tangible and Intangible Assets
Interest
9.6 Explain How Notes Receivable and Accounts Receivable Differ,
12.1 Identify and Describe Current Liabilities
interest-only loan
13.1 Explain the Pricing of Long-Term Liabilities
internal auditor
8.1 Analyze Fraud in the Accounting Workplace
internal control system
8.2 Define and Explain Internal Controls and Their Purpose within an Organization
Internal controls
8.2 Define and Explain Internal Controls and Their Purpose within an Organization,
8.2 Define and Explain Internal Controls and Their Purpose within an Organization
Internal Revenue Service
12.5 Record Transactions Incurred in Preparing Payroll
International Financial Reporting Standards (IFRS)
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements,
16.5 Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity and Solvency
inventory accounting
10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
Inventory turnover ratio
10.5 Examine the Efficiency of Inventory Management Using Financial Ratios
investing activities
16.2 Differentiate between Operating, Investing, and Financing Activities
investment bankers
14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
Investments by owners
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
Involuntary deductions
12.5 Record Transactions Incurred in Preparing Payroll
J
L
large stock dividend
14.3 Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits
last-in, first out method (LIFO)
10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
last-in, first-out method (LIFO)
10.2 Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method,
10.3 Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method
Liabilities
3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions
likelihood of occurrence
12.3 Define and Apply Accounting Treatment for Contingent Liabilities
limited liability
14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock,
15.1 Describe the Advantages and Disadvantages of Organizing as a Partnership
limited liability partnership (LLP)
15.1 Describe the Advantages and Disadvantages of Organizing as a Partnership
limited partnership (LP)
15.1 Describe the Advantages and Disadvantages of Organizing as a Partnership
Liquidity
2.3 Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet,
5.3 Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity
local income tax withholding
12.5 Record Transactions Incurred in Preparing Payroll
long-term asset
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
long-term assets
11.1 Distinguish between Tangible and Intangible Assets
long-term investment
5.3 Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity
long-term liability
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate,
5.3 Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity,
13.1 Explain the Pricing of Long-Term Liabilities
lower-of-cost-or-market (LCM)
10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
M
managerial accounting
1.1 Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting,
1.5 Describe the Varied Career Paths Open to Individuals with an Accounting Education
manufacturing business
1.3 Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities
market interest rate
13.1 Explain the Pricing of Long-Term Liabilities
market value of stock
14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
matching principle
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements,
6.1 Compare and Contrast Merchandising versus Service Activities and Transactions,
9.1 Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions
maturity date
9.6 Explain How Notes Receivable and Accounts Receivable Differ,
13.1 Explain the Pricing of Long-Term Liabilities
measurement requirement
12.3 Define and Apply Accounting Treatment for Contingent Liabilities
Medicare tax rate
12.5 Record Transactions Incurred in Preparing Payroll
merchandise inventory
10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
merchandising business
1.3 Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities
merchandising company
6.1 Compare and Contrast Merchandising versus Service Activities and Transactions
modified accrual accounting
4.1 Explain the Concepts and Guidelines Affecting Adjusting Entries
monetary measurement
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
multi-step income statement
6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies
Municipal bonds
13.3 Prepare Journal Entries to Reflect the Life Cycle of Bonds
N
net cash flows
16.1 Explain the Purpose of the Statement of Cash Flows
Net income
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate,
6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies
net income (pay)
12.5 Record Transactions Incurred in Preparing Payroll
Net Realizable Value
9.2 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
noncash expense
16.1 Explain the Purpose of the Statement of Cash Flows
noncurrent asset
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate,
2.2 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses
Noncurrent liabilities
12.1 Identify and Describe Current Liabilities
noncurrent liability
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate,
2.2 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses
nonprofit (not-for-profit) organization
1.3 Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities
nonsufficient funds (NSF) check
8.6 Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its Associated Journal Entries
normal balance
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
not-for-profit (NFP) accounting
1.5 Describe the Varied Career Paths Open to Individuals with an Accounting Education
note payable
12.1 Identify and Describe Current Liabilities,
13.1 Explain the Pricing of Long-Term Liabilities
notes receivable
2.2 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses,
9.6 Explain How Notes Receivable and Accounts Receivable Differ
Number of days’ sales in inventory ratio
10.5 Examine the Efficiency of Inventory Management Using Financial Ratios
number of days’ sales in receivables ratio
9.3 Determine the Efficiency of Receivables Management Using Financial Ratios
O
operating activities
16.2 Differentiate between Operating, Investing, and Financing Activities
operating cycle
5.3 Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity,
6.1 Compare and Contrast Merchandising versus Service Activities and Transactions
Operating expenses
6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies
organization costs
14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
other revenue and expenses
6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies
outstanding check
8.6 Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its Associated Journal Entries
outstanding shares
14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
Owners’ equity
14.4 Compare and Contrast Owners’ Equity versus Retained Earnings
Ownership of inventory
6.5 Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods
P
partnership
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate,
15.1 Describe the Advantages and Disadvantages of Organizing as a Partnership
partnership agreement
15.2 Describe How a Partnership Is Created, Including the Associated Journal Entries
Patriot Act
7.5 Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems
Perceived opportunity
8.1 Analyze Fraud in the Accounting Workplace
percentage of accounts receivable method
9.2 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
percentage of completion method
9.5 Apply Revenue Recognition Principles to Long-Term Projects
percentage of sales method
9.2 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
periodic inventory system
6.2 Compare and Contrast Perpetual versus Periodic Inventory Systems,
6.7 Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System,
10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
Permanent (real) accounts
5.1 Describe and Prepare Closing Entries for a Business
perpetual inventory
12.2 Analyze, Journalize, and Report Current Liabilities
perpetual inventory method
7.4 Prepare a Subsidiary Ledger
perpetual inventory system
6.2 Compare and Contrast Perpetual versus Periodic Inventory Systems,
6.3 Analyze and Record Transactions for Merchandise Purchases Using the Perpetual Inventory System,
6.4 Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System,
10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
petty cash fund
8.4 Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries
physical inventory count
6.2 Compare and Contrast Perpetual versus Periodic Inventory Systems
physical obsolescence
11.5 Describe Some Special Issues in Accounting for Long-Term Assets
point of transfer
6.5 Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods
point-of-sale system (POS)
7.1 Define and Describe the Components of an Accounting Information System,
7.1 Define and Describe the Components of an Accounting Information System
post-closing trial balance
5.1 Describe and Prepare Closing Entries for a Business
preemptive right
14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
premium on bonds payable
13.3 Prepare Journal Entries to Reflect the Life Cycle of Bonds
Prepaid expenses
3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions,
4.2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries
principal
9.6 Explain How Notes Receivable and Accounts Receivable Differ,
12.1 Identify and Describe Current Liabilities,
13.1 Explain the Pricing of Long-Term Liabilities
Prior period adjustments
14.4 Compare and Contrast Owners’ Equity versus Retained Earnings
private corporation
14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
privately held company
1.4 Explain Why Accounting Is Important to Business Stakeholders
probable and estimable
12.3 Define and Apply Accounting Treatment for Contingent Liabilities
probable and inestimable
12.3 Define and Apply Accounting Treatment for Contingent Liabilities
promissory note
13.1 Explain the Pricing of Long-Term Liabilities
property dividend
14.3 Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits
Property, plant, and equipment
5.3 Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity
Public Company Accounting Oversight Board (PCAOB)
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements,
8.2 Define and Explain Internal Controls and Their Purpose within an Organization
publicly traded company
1.4 Explain Why Accounting Is Important to Business Stakeholders,
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate,
8.2 Define and Explain Internal Controls and Their Purpose within an Organization,
14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
Purchase discounts
6.1 Compare and Contrast Merchandising versus Service Activities and Transactions
purchase returns and allowances
6.1 Compare and Contrast Merchandising versus Service Activities and Transactions
purchase transaction
6.1 Compare and Contrast Merchandising versus Service Activities and Transactions
purchases
10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
purchases journal
7.2 Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders,
7.3 Analyze and Journalize Transactions Using Special Journals
Putable bonds
13.1 Explain the Pricing of Long-Term Liabilities
R
Rationalization
8.1 Analyze Fraud in the Accounting Workplace
reasonably possible
12.3 Define and Apply Accounting Treatment for Contingent Liabilities
redeemable bond
13.1 Explain the Pricing of Long-Term Liabilities
Restricted retained earnings
14.4 Compare and Contrast Owners’ Equity versus Retained Earnings
retail business
1.3 Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities
retail inventory method
10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
retained earnings
2.2 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses
revenue recognition
8.7 Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements
revenue recognition principle
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements,
3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business Transactions on Financial Statements,
6.1 Compare and Contrast Merchandising versus Service Activities and Transactions
S
sales journal
7.2 Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders,
7.3 Analyze and Journalize Transactions Using Special Journals
sales returns and allowances
6.1 Compare and Contrast Merchandising versus Service Activities and Transactions
Sales taxes
12.1 Identify and Describe Current Liabilities
Salvage (residual) value
11.3 Explain and Apply Depreciation Methods to Allocate Capitalized Costs
Sarbanes-Oxley Act (SOX)
8.2 Define and Explain Internal Controls and Their Purpose within an Organization
secondary market
13.1 Explain the Pricing of Long-Term Liabilities,
14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
secured bond
13.1 Explain the Pricing of Long-Term Liabilities
Securities Act of 1933
14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
Securities and Exchange Commission (SEC)
1.4 Explain Why Accounting Is Important to Business Stakeholders,
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate,
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements,
7.5 Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems,
10.3 Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method,
14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
separate entity concept
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
serial bonds
13.1 Explain the Pricing of Long-Term Liabilities
service business
1.3 Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities
short-term asset
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
short-term liability
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
short-term note payable
12.4 Prepare Journal Entries to Record Short-Term Notes Payable
simple income statement
6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies
small stock dividend
14.3 Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits
Social Security tax rate
12.5 Record Transactions Incurred in Preparing Payroll
sole proprietorship
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
Sole proprietorships
14.4 Compare and Contrast Owners’ Equity versus Retained Earnings
special dividend
14.3 Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits
special journals
7.2 Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders
special purpose entities
8.7 Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements
specific identification
10.2 Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method,
10.3 Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method
specific identification method
10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
stakeholder
1.4 Explain Why Accounting Is Important to Business Stakeholders,
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
State income tax withholding
12.5 Record Transactions Incurred in Preparing Payroll
State Unemployment Tax Act (SUTA)
12.5 Record Transactions Incurred in Preparing Payroll
stated interest rate
13.1 Explain the Pricing of Long-Term Liabilities
statement of cash flows
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate,
16.1 Explain the Purpose of the Statement of Cash Flows,
16.3 Prepare the Statement of Cash Flows Using the Indirect Method
statement of owner’s equity
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
statement of retained earnings
4.5 Prepare Financial Statements Using the Adjusted Trial Balance
statement of stockholders’ equity
14.4 Compare and Contrast Owners’ Equity versus Retained Earnings
Stockholder’s equity
3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions
Straight-line depreciation
11.3 Explain and Apply Depreciation Methods to Allocate Capitalized Costs
straight-line method
13.2 Compute Amortization of Long-Term Liabilities Using the Effective-Interest Method
subsidiary ledger
7.4 Prepare a Subsidiary Ledger
T
tangible asset
11.1 Distinguish between Tangible and Intangible Assets
Tangible assets
2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
tax basis accounting
4.1 Explain the Concepts and Guidelines Affecting Adjusting Entries
Taxes payable
12.1 Identify and Describe Current Liabilities
Temporary (nominal) accounts
5.1 Describe and Prepare Closing Entries for a Business
time period assumption
3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
transaction
1.2 Identify Users of Accounting Information and How They Apply Information,
3.3 Define and Describe the Initial Steps in the Accounting Cycle
trial balance
3.6 Prepare a Trial Balance,
4.2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries
turn-around document
7.1 Define and Describe the Components of an Accounting Information System
U
unadjusted trial balance
3.6 Prepare a Trial Balance
Unearned revenue
3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions,
4.2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries,
12.1 Identify and Describe Current Liabilities
units-of-production depreciation method
11.3 Explain and Apply Depreciation Methods to Allocate Capitalized Costs
Unlimited liability
15.1 Describe the Advantages and Disadvantages of Organizing as a Partnership
V
vacation compensation
12.5 Record Transactions Incurred in Preparing Payroll
voluntary deductions
12.5 Record Transactions Incurred in Preparing Payroll
W
weighted-average (AVG)
10 Problem Set B
weighted-average cost method
10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
Z