# 101 Understanding The Accounting Equation, Debit And Credits

Non-current asset – All assets other than current assets
Двойная бухгалтерия – Double-entry bookkeeping
Accounting system – A planned process for providing financial information that will be useful to management.
deudores de cobro dudoso – doubtful debts
companies accounting – şirketler muhasebesi
withdrawals – assets taken out of a business for the owner's personal use.
Credit Terms – The payment terms of purchases or sale as stated on the invoice.
depreciation – the loss in value of a fixed asset due to wear and tear and the passage of time;or a method of matching the cost of a fixed asset against the revenues that the fixed asset will help produce during its useful life
Boyle’s Law states that V1P1 = V2P2. If at first the volume is 2L and the pressure is 20 mm Hg, and then the volume decreases to 1L, what will be the new pressure?
temporary accounts – income statement accounts that are closed to retained earnings at the end of the accounting period
Financial statements and their components: – Income statement—describes a company's revenues and expenses along with the resulting net income or loss over a period of time due to earnings activities.
current maturities of long term debt – the portion of long term debt that will be repaid within 1 year or less
27.Expense recognition – is recognized in the period in which related revenue is recognized (Matching Principle).
Profit margin – Ratio of a company's net income to its net sales; the percent of income in each dollar of revenue; also called net profit margin
Bоyle’s Lаw stаtes thаt V1P1 = V2P2. If at first the vоlume is 2L and the pressure is 20 mm Hg, and then the vоlume decreases to 1L, what will be the new pressure?
What are the steps to correct an incorrect amount? – 1. Draw a line through the incorrect amount.
2. Write the correct amount just about the correction in the same space.
3. Re calculate the account balance, and correct the account balance on the worksheet
The account Unearned Revenue is a(n):
A) Liability
B) Revenue
C) Expense
D) Asset – A) Liability
Salvage Value – An estimate of the amount that could be received by selling or disposing of an asset at the end of its useful life.
Schedule of accounts receivable – A listing of customer accounts, account balances, and total amount due from all customers
Neither ownership not asset. Has its own category – Liability

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