Principles Of Accounting Vyc1

Postdated check – a check with a future date on it
FASB Technical Bulletins

A. were recently discontinued by the FASB because they dealt with specialized topics having little impact on financial reporting in general.

B. are similar to FASB Interpretations in that they establish enforceable standards under the AICPA's Code of Professional Ethics.

C. are issued monthly by the FASB to deal with current topics.

D. are not expected to have a significant impact on financial reporting in general and provide guidance when it does not conflict with any broad fundamental accounting principle. – D. are not expected to have a significant impact on financial reporting in general and provide guidance when it does not conflict with any broad fundamental accounting principle.

Insurance Premium – The amount paid for insurance protection
Bond Issuing Procedures – company sells to investors, sells to trustee
Principal – the face value of a promissory note upon which interest is computed.
service business – a business that does a service for customers
money measure – all business transaction could be measure in term of money
Which of the following is an example of a deferral – Resources have been been purchased for cash but not yet used
Accounts receivable – Money owed to a company by its debtors
Scientists use existing fossils to predict what the transitional forms between organisms might look like. Why might it be so hard for scientists to find fossils of these transitional forms?
Types of Shares – Authorized, issued, outstanding, treasury
journalizing – the procedure of entering data in the journal
accounting standarts – muhasebe standartlar─▒
usefullness of the income statement – evaluate the past performance of the company
provide a basis for predicting future performance
help assess the risk or uncertainty of achieving future cash flows
Debit – Left side of account (normal balance for assets)
Corporation – -most common form of ownership
-ownership of the corporation is divided into shares or stocks
-profits are distributed by dividends
-LIMITED LIABILITY-assets are limited to corporation
account title – the name given to an account.
Scientists use existing fоssils tо predict whаt the trаnsitiоnаl forms between organisms might look like. Why might it be so hard for scientists to find fossils of these transitional forms?
Temporary accounts – Accounts used to accumulate information until it is transferred to the owners capital account

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