Accounting at Hochschule Pforzheim | Flashcards & Summaries

Lernmaterialien für Accounting an der Hochschule Pforzheim

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TESTE DEIN WISSEN

A scheduled change from declining balance method to linear method is ___

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TESTE DEIN WISSEN

not a change in accounting methods.

> no violation of the principle of consistency!

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What is a Balance sheet (B/S)?

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It is a comparison of assets and liabilities/equity.

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What is an increase of net assets?

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Income

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TESTE DEIN WISSEN

Journalize a sale of products on credit, value 3,000.

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Debit receivables 3,000

           Credit revenue 3,000

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What is an Income statement (I/S)?

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Summary of income (value increases) and expenses (value decreases) resulting in net profit or loss.

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What are GAAP - Generally accepted accounting principles?

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Correctness and freedom of arbitrariness
Clarity (structure and content, living language)
Completeness
Consistency / comparability (formal and substantial)
 Individual measurement / No offsetting / netting
Periodization of income and expenses

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TESTE DEIN WISSEN

What is Stocktaking?

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TESTE DEIN WISSEN

It is physical proof of existence by counting, weighing and, estimating.

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What is the goal of an enterprise?

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To make profits.

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What is an Equity / Liability swap / change?

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It is an exchange between two equity / liability accounts.

Example: Paying off a trade payable by increasing our balance on our bank overdraft 500 eur

Debit Trade payable 500

           Credit bank 500

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TESTE DEIN WISSEN

What is an expense account?

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An expense account shows a decrease of net assets > a use of value

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TESTE DEIN WISSEN

What do you see on a Balance sheet?

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Debit side (Dr) - use of funds
Credit side (Cr) - source of funds

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What is bookkeeping?

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TESTE DEIN WISSEN

It is a quantitative recording of all business transactions of an enterprise.

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Q:

A scheduled change from declining balance method to linear method is ___

A:

not a change in accounting methods.

> no violation of the principle of consistency!

Q:

What is a Balance sheet (B/S)?

A:

It is a comparison of assets and liabilities/equity.

Q:

What is an increase of net assets?

A:

Income

Q:

Journalize a sale of products on credit, value 3,000.

A:

Debit receivables 3,000

           Credit revenue 3,000

Q:

What is an Income statement (I/S)?

A:

Summary of income (value increases) and expenses (value decreases) resulting in net profit or loss.

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Q:

What are GAAP - Generally accepted accounting principles?

A:

Correctness and freedom of arbitrariness
Clarity (structure and content, living language)
Completeness
Consistency / comparability (formal and substantial)
 Individual measurement / No offsetting / netting
Periodization of income and expenses

Q:

What is Stocktaking?

A:

It is physical proof of existence by counting, weighing and, estimating.

Q:

What is the goal of an enterprise?

A:

To make profits.

Q:

What is an Equity / Liability swap / change?

A:

It is an exchange between two equity / liability accounts.

Example: Paying off a trade payable by increasing our balance on our bank overdraft 500 eur

Debit Trade payable 500

           Credit bank 500

Q:

What is an expense account?

A:

An expense account shows a decrease of net assets > a use of value

Q:

What do you see on a Balance sheet?

A:

Debit side (Dr) - use of funds
Credit side (Cr) - source of funds

Q:

What is bookkeeping?

A:

It is a quantitative recording of all business transactions of an enterprise.

Accounting

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