101 Understanding The Accounting Equation, Debit And Credits

retained earnings – -cumulative of net income, net loss, and dividends
t-account – simplified presentation of an account, shape like a T.
investments – إستثمارات
When the owner contributes personal truck to the biz, assets _ – Increase
Notes Payable – A written promise made by the business to pay a debt, usually involving interest, in the future.
An income statement: – D. Presents the revenues and expenses for a specific period of time
Using this original conditional statement, If I do my homework then I have fun in class. Write the converse.
Special Endorsement – Indicates a new owner of a check
note payable – formal promise, usually denoted by the signing of a promissory note, to pay at a future amount
Estimated Useful Life – Length of service expected from using the asset, meaning you still use it to generate revenue
The first-in, first-out (FIFO) process costing method assigns the cost of the previous accounting period's equivalent units in beginning work-in-process inventory to the first units completed and transferred out of the process. – True
Income Statement – A financial statement showing the revenue and total expenses for a fiscal period
Using this оriginаl cоnditiоnаl stаtement, If I do my homework then I have fun in class. Write the converse.
Budgeted Income Statement – Budgeted Income Statement is an accounting report which predicts revenues earned and expense incurred for the budget period.

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