ACC/290T Key Terms & Flashcards
Term → Definition review resource based on the provided ACC/290T notes
Independent student-created study resource
Not an official University of Phoenix publication, exam, answer key, or instructor-provided
material.
ACC/290T • Student Study Resource
, Cover the definition, recall it from memory, then check your answer. Terms are kept in the
wording and scope of the provided notes.
Account
An accounting record showing increases, decreases, and a balance for transactions.
Accounting
A system providing quantitative financial information useful for economic decisions.
Accounting (additional description)
Provides the means of recording and communicating business activities.
Accounting Cycle
Procedure for analyzing, recording, summarizing, and reporting business transactions.
Accounting Equation
Assets = Liabilities + Owners’ Equity.
Accounting System
Processes used to analyze transactions, handle bookkeeping, and structure information.
Accrual-basis Accounting
Revenues/expenses recorded when earned/incurred, not when cash moves.
Adjusting Entries
End-of-period entries recognizing revenues/expenses and updating accounts.
American Institute of Certified Public Accountants (AICPA)
National organization of CPAs.
Annual Report
Summarizes operations, financial status, and future plans for the year.
Articulation
Interrelationships among financial statements.
Asset Turnover
Sales ÷ total assets; measures efficiency.
Assets
ACC/290T • Student Study Resource
Term → Definition review resource based on the provided ACC/290T notes
Independent student-created study resource
Not an official University of Phoenix publication, exam, answer key, or instructor-provided
material.
ACC/290T • Student Study Resource
, Cover the definition, recall it from memory, then check your answer. Terms are kept in the
wording and scope of the provided notes.
Account
An accounting record showing increases, decreases, and a balance for transactions.
Accounting
A system providing quantitative financial information useful for economic decisions.
Accounting (additional description)
Provides the means of recording and communicating business activities.
Accounting Cycle
Procedure for analyzing, recording, summarizing, and reporting business transactions.
Accounting Equation
Assets = Liabilities + Owners’ Equity.
Accounting System
Processes used to analyze transactions, handle bookkeeping, and structure information.
Accrual-basis Accounting
Revenues/expenses recorded when earned/incurred, not when cash moves.
Adjusting Entries
End-of-period entries recognizing revenues/expenses and updating accounts.
American Institute of Certified Public Accountants (AICPA)
National organization of CPAs.
Annual Report
Summarizes operations, financial status, and future plans for the year.
Articulation
Interrelationships among financial statements.
Asset Turnover
Sales ÷ total assets; measures efficiency.
Assets
ACC/290T • Student Study Resource
