C4 Classify Accounts

to outline – to give a general summary, abbozzare
Current Liabilities – Accounts payable
Salaries and wages payable
Income taxes payable
Interest payable
Earned revenue
Earnings per Share – Net Income / # of outstanding shares
Classifed B/s – In this class, we will be working with An algebraic equation,
continuity assumption – Also called "going-concern assumption". The quitting concern, or going out of business assumption.
Posting – transfer of information from a journal to the general ledger and any subsidiary ledgers
Payroll – The total amount earned by all employees for a paid period
financial accounting – the type of accounting that focuses on the reporting on information to external users
The choices below describe four hypothetical planets. Which one would you expect to have the hottest interior? (Assume the planets orbit a star just like the Sun and that they are all the same age as the planets in our solar system.)
Managers – They need to find out how well their business is progressing, what went wrong and how to improve.
accrual basis – some accounts need updating at end of accounting period because 1. some expenses not recorded daily 2. some revenues & expenses incurred as time passes rather than separate transactions 3. some revenues/expenses may be unrecorded
An internal auditor reconciling the bank statement monthly is an example of
A. segregation of duties.
B. independent internal verification.
C. establishment of responsibility.
D. documentation procedures. – B
income statements – summary of revenue and expense for a period of time
bull market – market where stocks are rising
estado de flujo de efectivo, estado de origen y aplicación de fondos – statement of cash flows
property, plant and equipment – land, equipment and depreciation
The chоices belоw describe fоur hypotheticаl plаnets. Which one would you expect to hаve the hottest interior? (Assume the planets orbit a star just like the Sun and that they are all the same age as the planets in our solar system.)
Revenue – The money that your business takes in from the sale of goods or services

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