Principles Of Accounting Vyc1

General Amount Column – A journal amount column that is not headed with an account title.
Convertible Bonds – allows Bondholder (Individual) to "convert" bonds into common stock prior to maturity
The lack of agreement between the bank balance and the book balance is due to time lags and errors.
A. True
B. False – TRUE
net income – the difference between total revenue and total expenses when total revenue is
Closing Journal Entries – made at the end of each accounting period to transfer balances in temporary accounts to retained earnings and to establish a zero balance in each of the temporary accounts
FASB & IASB – Financial Accounting Standards Board (US)
International Accounting Standards Board (World)
a. – Contra account: an account linked with another account, having an opposite normal balance and reported as a subtraction from that other account's balance.
credit – Received a cash for services performed: _______ revenue
corporation – org. under state/fed. as separate legal taxable entity (20% of businesses)
In what type of societies does deviance exist?
Which statement is false?
A) Assets are increased by debits
B) Dividends are increased by credits
C) Revenues are increased by credits
D) Liabilities are decreased by debits – B) Dividends are increased by credits
monetary unit assumption – items not easily quantified in dollar terms are not reported in the financial statement
In whаt type оf sоcieties dоes deviаnce exist?
Past Dated Check – check with future date
Sole Proprietorship – a single owner business
Prepaid Expenses – Expenses that are paid for and recorded before they are used, such as rent or insurance.
Inventory – …Is a Debit balance account.
Explain Cash Flow – Cash flow is the record of the amount of cash the business is expected to collect and to pay out.

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