Accounting ****

cash – a cash account reflects a company's cash balance
The process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated to owners, managers, and other interested parties. – Accounting
handyman – One who repairs things in the house.
Gross Profit Ratio – gross profit/ net sales
Unearned Revenue – [also called deferred revenue] used when cash was paid to the company in a period BEFORE the goods or services were provided to the customer. The customer PREPAID and the company OWES the customer. Unearned Revenue is a LIABILITY
Statement Of Retained Earnings – Reports how the company retained earnings balance changed from the beginning to the end of the period
capital stock – total shares of ownership in a corporation
Measurement principle – Principle that prescribes financial statement information, and its underlying transactions and events, abe based on relevant measures of valuation; also called the cost principle
accounting equation – Assets = Liabilities + Equity

An equation showing the relationship among assets, liabilities, and owner's equity

PCAOB? – public company accounting oversight board
-approve auditing standards, known as generall accepted auditing standards
A freely falling object has a constant acceleration of 9.8 m/s2. This means that
Federal Unemployment Tax Act/F.U.T.A. – a federal act imposed upon each employer for financing the administration costs of the federal and state unemployment compensation programs.
The abbreviation for "credit" is – Cr
chart of accounts – A list of accounts used by a business
Withdrawals – the removal of cash or another asset from the business by owner for Personal use.
A freely fаlling оbject hаs а cоnstant acceleratiоn of 9.8 m/s2. This means that
capital – money invested in a business by an owner or shareholders; owner's equity in a business; the owner's claim or right to a business asset or assets
Partnership – 2 or more, both liable
accounting – planning, recording, analyzing, and interpreting financial information

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