Accounting 1 Normal Balance

statement of cash flows – A statement intended to show how cash is generated and expended during a specific period of time.
sales invoice – a source document for recording a sale on account
b. – Know if a debit or credit increases or decrease the various accounts
Dividend – A distribution by a corporation to its stockholders on a pro rata (equal) basis.
Book Value – Purchasing Price for the Fixed Asset – Accumulated Depreciation
accounting – The information system that measures business activities, processes that information into reports and financial statements, and communicates the results to decision makers.
An internal service fund uses budgetary accounts? T/F – False
Big 4 – KPMG, PWC, Deliotte, Ernest & Young
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accounting records – organized summaries of a business's financial activities.
interest revenue – money received for interest
depreciation – process of systematically allocating the original cost of plant/ equipment to expense over the periods benefited
non cash expense
common stock = [type] – equity
balance sheet comparative forms – record the balance sheet data for two or more comparable periods on the same form so that the information can be readily compared
Current liabilty – those items owing that are expected to be repaid in the coming year. Eg bank overdraft, accounts payable.
Account – A record summarizing all the information pertaining to a single item on the accounting equation
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Differential cost – Difference in costs and benefits between alternatives
Items recorded that increase income when using the fair market value method are – dividends received
Financial Accounting Standards Board (FASB) – The private organization that oversees the creation and governance of accounting standards in the United States.

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