Accounting Quiz 3 Laurie Wood

partnership – An unincorporated business form consisting of two or more persons conducting business as co-owners for profit.
fees earned – Revenue from providing services.
Equities – Financial rights to the assests of a buisness
4 Parts of an audit report – 1. Scope, In accowdance, Independence, Opinion,
Third Level: Recognition and Measurement – Statement of Financial Accounting Concepts No.5 – Recognition and Measurement in Financial Statements of Business Enterprise.
Current Ratio – current assets/current liabilities
Revenue – The money that your business takes in from the sale of goods or services
In the postabsorptive state
account – a record summarizing all the information pertaining to a single item in the accounting
keep records – prowadzenie dokumentacji
test of total debt coverage – =profit before interest and taxes/ (interest + principal payments)(1/1-income tax rate)
In the pоstаbsоrptive stаte
Know how to calculate the discount amount when given terms such as 2/10, n/60 – 11.

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