Leaving Cert Accounting Ratios

SEC (security) – Reviewing for compliance of all required information
Accrued Revenues – Are previously unrecorded revenues that need to be adjusted at the end of the accounting period to reflect the amount earned and the related receivable account. Example, cash will be received:

Receivable xxx
Revenue xxx

Accounting Equation – An equation showing the relationship among assets, liabilities, and owner's equity. Assets = Liabilities + Owner's Equity.
Accumulated Deficit – When a company has a debit balance in retained earnings since its start
T-Account – Is a tool for summarizing transaction effects for each account, determining balances, and drawing inferences about a company's activities.
The ultimate objective of accounting information – Decision Usefullness
retained earnings – earnings that are kept in a firm for reinvestment
What aspects of your teen life do you predict will be beneficial to your heart's health?
There are more steps involved in preparing a worksheet for a merchandising company than for a service company.
A. True
B. False – FALSE
How to Increase Vehicle Adjustment? – • Selling our cars better
• Pulling faster
Whаt аspects оf yоur teen life dо you predict will be beneficiаl to your heart's health?
Benefits of international accounting standards – * Standardise financial statements internationally
* Reduce variations of accounting treatments
* Allow users of FS to make inter-firm comparisons
Prepaid insurance – This is a type of short term asset used to keep track of cash paid for insurance coverage that has not been expensed.
financial accounting – the area of accounting concerned with preparing financial information for users outside the organization
Corporation – Separate legal entity for which evidence of ownership is provided by shares of stock

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