Accounting Terminology

The financial statement that reports revenues and expenses is called the
A) Balance sheet
B) Income statement
C) Statement of cash flows
D) Statement of retained earnings – B) Income statement
When is revenue earned? – At the time goods or services are provided to the customer, EVEN if the company is not paid at the time the goods or service is provided to the customer.
Securities and Exchange Board – The federal agency with ultimate authority to determine rules used for preparing financial statements for companies whose stock is sold to the public
Mixed Attribute Measurement Model – Seeks to measure assets, liabilities, revenues, expenses, and other elements of the financial statements with the most relevant and faithful measurement available.
Management Accounting – Provides internal decision makers who are charged with achieving the goals of profitability and liquidity with information about operating, investing, and financing activities.
Revenue – increase in owner's equity due to business operations
A forecasting model with a lower MSE is ALWAYS the most appropriate model.
budget for – im Budget einplanen
Mark-up – The amount added to the cost of an article to determine the selling price of that article is the
A fоrecаsting mоdel with а lоwer MSE is ALWAYS the most аppropriate model.
Ending balance – Difference between the footings
long term liabilities – liabilities owed for more than a year
C.U.R.L.S – credit- unearned revenue, revenue, liabilities, stockholders equity
source document – evidence a transaction has occured

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